Post: #26

@munich I don't really follow what you mean on the second paragraph? Not an insult legitimately don't, are you saying they are bad or good filters?

The questions are pretty legit. You say in the second paragraph the top guys admit to not being stellar at math. This is true. Which is why I said if a guy thinks math is key to Wall Street he has never worked in the industry before and is likely spitting out bullshit.

Basically, I don't talk about topics I don't know. I apply this across everything in life, I don't give people advice on law for example because I don't know shit compared to a lawyer and would never comment on life as an attorney.

But for one reason or another everyone has an opinion on Wall Street life/comp but have never worked in it.

The most annoying one is the prestige whoring particularly from people who haven't worked in the space.

Anyone who has worked for a major bank knows that Goldman Sachs does NOT pay lower employees well on a compensation basis relative to the Street because you're there for future job prospects (lower level - not generating revenue).

Anyone who works in the industry would rather work for say DB M&A than go work for GS ECM since your exit opps to PE are better. (If you want to go the PE route)

We're getting in the weeds at this point though. I use those same 5 filters every time.

If you really want a single question to filter out the bullshitters just go with this one: "Why would a high performing Managing Director at a bulge bracket fail on a smaller platform?"

Most won't even know what you're talking about and it forces them to explain how the business runs.

For the buyside you can ask: "Can you explain the different strategies at a hedge fund and what skillsets would better position you for each one?

You'll get another flat one out of that.

Post: #27

(11-06-2013 09:03 AM)WestCoast Wrote:  Mainstream media's job is to make you hate Wall Street and think that people who work in the industry are dumb. Throw out a couple of insider trading cases like SAC and others and of course average joe will label them all as crooks.

LOL at this, mainstream media doesn't need to make us hate on Wall St., Wall St.'s actions pretty much guarantee that we are going to hate on them.

I'm not some bleeding heart, but the fact of the matter is that a lot of the top execs are pretty shitty people who are morally corrupt. I know a few of these guys personally and they are huge assholes in their personal lives as well.

Post: #28

^ this is true across all businesses at the top. I have stated that several times before.

The C level at any biz is a crook but people believe that "everyone" on Wall Street is a crook. This is the difference I am referring to.

Your average director/managing director is no different than your average higher up in say accounting. If you're talking C level they are all crooks.

Post: #29

(11-06-2013 12:21 PM)WestCoast Wrote:  ^ this is true across all businesses at the top. I have stated that several times before.

The C level at any biz is a crook but people believe that "everyone" on Wall Street is a crook. This is the difference I am referring to.

Yeah I agree with that distinction, people who think 2nd year associates are scheming to "destroy the middle class/whatever conspiracy is currently popular" are clowns and shouldn't be taken seriously.

Post: #30

^ you can take that range up even your average director/md isn't really doing shit.

Once you get to your top end like managing $1B plus or becoming the head of IB USA at a bulge bracket yeah... Those guys are just bastards born into it.

Guy I used to work with is 27 he makes $3M a year already... No surprise his dad is the head of investment banking.

That shit is just crook level.

You see that in all industries though, if your dad is the CEO of google you're not gonna have a hard time making $.

Post: #31

Lloyd Blankfein comes across as quite a cool guy, David Einhorn of Greenlight Capital is downright sweet.
And Ken Griffin ... read for yourself : http://money.cnn.com/magazines/fortune/f.../index.htm

Post: #32

it sounds like average salary for new major leage players is $$$