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Friday, November 25, 2016

Friday Feature Book Review: "The Buy Side" : Turney Duff バイサイド : ターニー ダフ (ニューヨークヘッジファンドのインサイダーストーリー)

This book is a buy side voyeur's guilty pleasure. The end game for many on Wall Street, is to end up "on the buy side". It is where the asset size is huge and the people running that big pile of cash, make a nice pile for themselves. That is the myth, the fantasy, but some have lived it, and seen it from the inside. This is one such story. 

All grass is greener on the other side of the fence, at least in theory. The reality is often less green or clean. Before Lehman Shock, "the white house" was known as a New York luxury apartment full of big money players with a lot of white cocaine. When buy side clients "ordered in", it often was for high end exotic escorts. This is a true life story about sex, drugs, stress and money, all pursued to spectacular excess. 

Sometimes you fly too close to the sun. You have waxed feathers, they melt and you fall. That is this book's core story. It is a modern twist on the famous Greek fable. Turney Duff starts off in Morgan Stanley, after intros from his only family relative in finance. "Uncle Tucker" opens the door for him, and he walks into Wall Street. The book works, because Turney was a journalism graduate. The book's writing is really excellent, perfectly fitting into documentary style, and that makes all the difference.

Uncle Tucker trades in his Corvette for a Mercedes Benz. He does so due to commissions he earns from a top client, Ivan Boesky, and calls it the "Boesky Benz". Boesky later goes to jail for insider trading. In fact, it was his unique personality that was used as the core base for Gordon Gekko. Also known as Mr "greed is good" made famous on the big screen in the Charlie Sheen movie Wall Street in 1987. Finance is about connecting with people, not always numbers. The female MD at Morgan Stanley that hired him, had a common interest in a US TV drama "Melrose Place", and sure enough, he got his first opening into finance. Ultimately finance is about relationships, very personal relationships.


Our hero has no MBA, no economic views of any sort, just soft skills and a hunger. This is a personality that works well in a world of professionals that wants more. We learn that Turney Duff, is not like his father, not the hard working man from Kennebunk, Maine, who shovels snow in fluid motion. 
His father is a man who thinks life is "not full of short cuts". Yet young Turney tries his own path, and finds every short cut possible while enjoying more sex, drugs and porn than the average rock star. 

He marries a model, wants to be on the cover of GQ magazine in a Prada suit with Dolce & Gabbana jewelry. In the end, he finds out that his search is really empty. Like driving by a car accident, you want to look away, but you can't. It is too compelling. It is too real. All of the Wall Street client patronage rumors that you heard about are explained or rather confessed to, in amazingly candid "too real for TV" detail to ignore.


Reading all of the examples of excess is like gorging on a giant bag of potato chips, and 2 liters of Coke. Not a good thing, but it's so good then, that you cannot stop. His personal life story does not end well, but that is not the point. What you want out of this book is clear confirmation of "how it really was" in the middle of a possible insider trading shop like the now infamous Galleon hedge fund, whose founder is now serving 11 years in prison. 


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to be successful buy side trader. You have to learn about the key market players, and adapt to them constantly.

2) The best buy side traders know how to make money and keep doing what they do best where they have an edge, hopefully legal. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.

3) Becoming a successful buy side trader, a true long-term moneymaker is never fast or easy. Short cuts catch up with you, and can lead to your downfall. A market diary always helps. The more trading notes you take, the more profits you make. 

If you want to read in glorious detail what world got him there, and about what the peak was like from "an insider" then this book is for you. You will learn during the go-go New York pre-Lehman years of 2002-2007, what took place and get your belly full of over-excess satisfaction. It really did happen, and every story you ever heard about the wild night side of Wall Street is documented in this very honest with no self pity confession. Warning: not to be shared with your grandmother in any book exchange. Highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業45,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, November 18, 2016

Friday Feature Book Review: "Inside the House of Money" by Steven Drobny 市場成功者たちの内幕物語 :スティーブン ドロブニー (ヘッジファンドインタビュー )

If you could have in-depth interviews with top hedge fund "masters of the universe" what would you ask? I suspect it would be the very same questions that Steven Drobny, the author, asks in this book. I love the format and the direct answers, that are always clear and concise. This book was an instant knowledge widener for many of the best hedge fund fundamentals needed as an overview. It served the right purpose for me at the right time. It certainly reminds me of the "Market Wizards" series in its style and format. In a similar way, it has high quality insight with every chapter.

It is a series of one on one interviews that gives a great wrap up of which strategies have been able to take the best advantage of world markets at different times, and most importantly, why. I am a big Steven Drobny, fan as he is able to deeply research a subject matter, and explain it in a very smooth and logical rhythm that matches my mental intake pattern almost perfectly. Like a well tailored suit, this writing style fits me perfectly and feels like a second skin, very natural.


The in-depth chapters and subject matters are wide ranging from on how family offices see the world, in total contrast to Yra Harris, floor trader, Christian Siva-Jothy, from Goldman prop (later SemperMacro) or Dwight Anderson, from Ospraie on commodities. Each was a rare combination of feedback sources for me. It was presented really well, and I felt that I received my full money's worth when I finished this fine collection of conversations. 

I get a sense that these are the kind of people who have an edge. Partly unique talent but always worked at and sharpened by long hours and hard work and dedication. There is no easy path to success. It is an insight that many investors or Managing Directors are always looking for in financial markets.


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to be successful hedge fund trader. You have to learn how and when markets may move in your favor, and adapt constantly.

2) The best traders know how to make money and keep doing what they do best where they have an edge. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.

3) Becoming a successful trader, a true long-term moneymaker is never fast or easy. Losses are a part of profits and cannot be avoided, by noted them, you seek to minimize them in future. The more trading notes you take, the more profits you make. 

At 356 pages this book is dense quality and no fluff - just great, high quality interviews asking the same kind of questions to legends in the hedge fund world. They are the kinds of questions I would have asked myself, maybe even over drinks in a New York bar, to get the full color. This book is a keeper and is Highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業45,000以上のフォロワーが既に持っています!クリックしてください



For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, November 11, 2016

Friday Feature Book Review: My Billion Dollar Education by Toshihide Iguchi 告白 (大和10億ドルの損失) : 井口 俊英

This is a true tell all "Rogue Trader" confession story, with no detail left out. In the beginning, I expected another trader story where things go well, a wild life is had, a mistake is made, and then snow balls. I was only half right. Things never went well, a simple US$70,000 mistake was made early, back when the trader was making only US$45,000 a year in salary. He worried about keeping his job, and pushed the limits to cover it up at first. It proved to be a very slippery slope, with nowhere to go but down, not just for one career, but for a whole bank.

There are no excesses in his life style, no glitz and no glamour. When things go wrong, it really does so in size. A loss in the end, of over US$1billion is the biggest single little snowball that I have ever come across. It was not overnight, and did take 12 years to grow. It was a slow motion train wreck, not any crisis that popped up over a few days. In many ways it is just a classic style tragedy, with no happy ending or savior event near the end. There is no "feel good factor" after the first few chapters. It reads more as a kind of personal documentary recall of events.

In many ways, you could say that the main character is a wonderful multi-cultural ideal. The Japanese kid who goes to the US at a young age. He learns English, stays to study at university, marries a college sweetheart, and all starts off well. He becomes a father, moves to the big city, and lands a job with Daiwa, a Japanese bank in New York. He begins his financial career there, but it is not long after before reality hits.  Financial markets like life, go up and down.


You realize several things while reading this tale. Culturally, the trader does not know what cultural value systems to choose daily. He finds it difficult to balance the two, and his private life suffers. The second is that with double cultural wiring, he had a lot more ways to look at a problem, and gets creative. Sadly, this creativity is about how to cover up a mistake and hide a huge loss. In many ways, you wish he could have used his talent for a much better use within the bank. 

What do you learn from this book? You certainly learn many aspects of Japanese banking and jail life in New York City. These are things you really are glad to learn second hand. The politics around finding a big target like Daiwa bank, and bringing it down has some very unfortunate casualties. The bank is now known as Resona Bank, and is independent.


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to be successful within any bank. You have to learn how management think.

2) The best traders know how to make money and keep doing what they do best. You need to be consistent and keep a constant ability to adapt to trends and changes.


3) Becoming a successful trader, a true long-term moneymaker is never fast or easy, but can sometimes appear to be to outsiders. Mistakes are made, and you have to fix them fast.

As somebody who has worked with Japanese, all of the personality types ring very true. There are patterns of behavior within a Japanese corporate that seem very realistic. Sadly, with so many millions gone. You almost wish he stored a little for himself, as a hedge. He clearly had talent, but not enough to see the bigger picture that he was in. You certainly gain a worthwhile perspective.  Highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業45,000以上のフォロワーが既に持っています!クリックしてください


For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com

Friday, November 4, 2016

Friday Feature Book Review: “How to Become a Rainmaker” by Jeffrey J. Fox めざせ!レインメーカー! : ジェフリー・J・フォックス

Many can open, but few can close. Are you a closer? If not, do you want to be? If you want to perform in any business at a higher level, this will help. How do Investment Bankers find M&A deals? How do FinTech investors keep finding start-up winners? Why do Asset Managers continually find strong returns? You will increase your skills with top client prospects no matter what the area. Results count in a "show me the money" world today.

If continuous self-driven improvement is what drives you, then you will also understand that you never know enough for very long. There is always something new, and always something to adapt to, for more profits in a fast moving business world. 

Being a Rainmaker is a mindset. You wake up and go to sleep 6+ days a week thinking about revenue for clients. This is not a curse, it is a vocation. How to find new clients, how to help old ones, and how to increase revenues from existing clients is constant. Client thoughts are always going on in the background. How can a Rainmaker think of ways to improve a client's businesses, and ultimately one's own, is what drives a Rainmaker every day. 


This way or living & working often requires long term thinking and perspective, but in a short term results environment. Sadly, it confirms that you are only as good as your last deal, your last close, your last impact on a client's business in added value. You have to keep reinventing what you see in any market. Give before you take. If you do not plant many seeds constantly, you will not benefit from the few deals that may come about as a result.

If you share this "long term greedy" outlook, and are driven to review solid productive business habits, then this book is for you. Rainmaking closers want to add to a bottom line everyday, and this is a worthwhile investment of time for that. Anybody successful will recognize some of the habits inside right away, but never all of them. Even if you find one new tip to improve your performance, it is time and money well spent. A true investment in your career. This is a great review and reminder for any level in your career. 


The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to be successful with clients. It is about giving first, and taking second. Rainmakers are often "long-term greedy".

2) The best Rainmakers know how to close yet evolve. They keep doing what they do best, but keep a constant ability to adapt to trends and changes.


3) Becoming a successful closer, a true Rainmaker is never fast or easy, but can sometimes appear to be to outsiders. There is often a reason, and that reason is often a key rare talent mixed with hard work that is hard to replicate.

This book is for any closer to keep up a profitable career going strong. In fact, it is this discovery of something new or forgotten, that may spark a new angle on a deal or opportunity, and makes this book worthwhile. Perfect for a short flight, but make sure a note pad is ready for the new ideas that this creates! Highly recommended for any level in your business career. In January 2015, a re-release of this great book came out with even better updated material.  Highly recommended!


Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Twitter, the world's #1 recruiter on Twitter, over 45,000+ followers already have! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズTwitterでフォローしてください 世界中のTwitter第1位の採用企業45,000以上のフォロワーが既に持っています!クリックしてください


For more Buy-Side or Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team in Tokyo.
                  
                              Mark  Pink                                             Shinichi Nagasawa
                      Tel + 81 3 3505 3891                                    Tel  +81 3 3505 3891
          Email pinkmark@tmjpartners.com                 Email nagasawa@tmjpartners.com