Happy Quarter-Century B-Day To NT's #1 Essayist!!! (Rexanglorum)

craftsy21

craftsy21

6,597
10
Joined
Jan 13, 2001
Happy Birthday Rex... you're halfway to 50 man
eek.gif
eek.gif



laugh.gif
Still younger than dirty though, so don't feel too bad about it.

Have a great one bud!!
pimp.gif
pimp.gif
pimp.gif
 
Rex, Happy Birthday! The dearth of posts in this thread is a signal of the decline of the Grammar Police on this board. We used to own this place.
 
HBD...I was gonna sit here and write a verbose parody birthday thing, but...I'm blazed and dont feel like it...HBD neway tho
laugh.gif
 
Rex, Happy Birthday! The dearth of posts in this thread is a signal of the decline of the Grammar Police on this board. We used to own this place.
Click to expand...

No kidding. Happy birthday, Rex.
 
Originally Posted by potus2028

HBD...I was gonna sit here and write a verbose parody birthday thing, but...I'm blazed lazy and dont feel like it...HBD neway tho
laugh.gif
Click to expand...
Fixed
laugh.gif


Happy Birthday, always insightful and well-thought out, I look forward to reading your posts.

And by reading, I mean skimming through the first of eight paragraphs, then quoting and agreeing with you.

Kidding, I do read all of your stuff.... most of the time, HBD
 
pimp.gif


I've always enjoyed your posts.
I wouldn't mind getting inebriated with this guy. ( Only alcohol for me though
laugh.gif
)
 
Happy Birthday, I miss some of our old discussions on Econ policies with others in here. Now I usually avoid general, just not worth it. Have a good birthday
 
HBD Rex, hope all is well. Don't think I forgot about that PM man! Thanks for helping an ambitious kid out, it really means a lot. I haven't gottennearly the same in depth and realistic advice talking to an advisor, people at career fairs, etc...

For those that are curious, I asked if he had any tips/advice on breaking into the financial industry and what books he recommends and this is the response Igot... Thank you Rex.



I never thought the day would come that I would have enough education and life experience to be in a position to hopefully give some helpful advice toanother educated adult. A few years ago I would sometimes be asked by highschoolers for advice but they were kids. Now that I am 24 years old, I am in thesurreal position of imparting wisdom gained through my occasional triumphs and frequent mistakes in undergrad.

Let me first address your first point about how certain parts of the financial services industry seem restricted only to those who went to Harvard, Yale,McGill, Oxford and half dozen or so other universities. It a few cases it is pretty much true that you can only get certain positions at certain firms if youhave impeccable credentials, among them an MBA from the Harvard B-school or from Wharton School of Business. In other cases, it is very helpful to have gone toa top five or top ten university but there as people whose educational credentials are less than perfect and that deficiency is offset by very impressive pastperformances. Beyond that is sort of the "second tier" of finance and it is only second tier because the incomes pale in comparison to what hedgefund and ibanking bosses make but compared to the average American or Canadian worker a stoke broker, financial analyst, mutual fund VP, mutual fund manager,small bank officer or VP and even financial planning partner are very lucrative. I know this world of second tier finance because of my family and because ofwhere I live.

In Los Angeles, we have a large and thrivin gfinancial sector but with New York as the center of finance in the US, we are in good position, far from theculture of 90 hour work weeks, exotic securities and delusional megalomaniacs (we have them in LA, they just work in Hoolywood instead of our financialdistrict) but we are close enough to the action that six figure jobs are common, exotic cars zip through down town on the way to Staples Center, managers andtheir relatively well compensated worker bees are busy but still tend to find time to get in some surfing before work or a few hours of drinks after work. Ihave many older relatives and family friends whose bonuses (which makes up the lion's share of most financial professional's income) are six figuresand a few whose manage to crack the seven figure barrier.
These lower stress but still well compensated jobs tend to be managing wealth, over the long haul.Generally the more long run type of finance, the lower the stress and the more numerous the jobs and opportunities for someone to get started in finance. Thesame holds true for the number of hands one is from the orgin of the financial products. The people, who make the financial products by creating or combiningassembling assets, tend to have more stress and are in a more competitive environment compared to those who deal in secondary markets, tertierary marketsand/or retail sale of assets. Some of these second tier financial jobs that are very remunerative include, stock broker, VP of sales for a financial firms,manager of a bank branch, an executive position for a small, regional bank (I know that Canada does not have nearly the same number Banks but in the Us we haveover 8,000 banks so while the CEOs of BofA or Citi group may have a Wharton MBA, someone who heads up a local credit union or a small regional bnak will ahveless education, less income but will also be making far more than almost all other workers in that same community), owner/partner of a wealth management firm,financial analyst for a mutual fund, VP for a mutual fund, fund manager and compliance officer.

The job and niche of the industry I understand the most where I am currently working. My second cousin has his own wealth management firm and what they do istalk to their high cap clients (most of them are institutional funds and others are simply just rich individuals), consult with what the clients want and thenwe loo kat securities and try to find the optimal stragey for the investment horizon and risk tolerance they give us. My cousin started his firm just fiveyears after getting his first job as an in house corporate analyst (he worked for a large compnay that was not i nfinancial services but all large companieswant people who can be on top of the compny's finances and who can project the future of the firm's finances. In 1989, my cousin started this businessof his and now he lives very well and was able to get me a job.

Another position may be taking this year is as a stock borker. This job is somewaht risky and involves sales but much of the job is based on analyzingsecurities, knowing the array of option that your firm can provide and when you can combine a knowledge of various securities along ith salesmanship and theability to listen to clients' wishes and desires, you can make a great deal of money. Also, being a broker sets the satge for moving into anothet jobanalyst.

Financial analyst was the job I wanted to get after college. The pay is not impressive in the first two years and the hours are even worse. In Los Angeles andother financial centers that are not New York, the hours are not 80 to 100 but 45 t 60 hours of work per week is very common. The good thing about being ananalyst is it prepares you to be able to do many things. If you are an in house analyst, you are in good position to move within the company and to become partof senior managemnt and maybe even CFO or CEO. If you are an analyst for an investment house or mutual fund, you are in position to become a VP and eventuallya fund manager. Jobs like VP and fund manager pay very little next to hedge funds and investment banks but they still can often times be high six figures orlow seven figures.

There are numerous other jobs in finance that I know almost nothing about beyond its name so look around more but remember the positions that I named becausethose are very common in finance. In the meanwhile, just get as good of GPA as possible and after graduating, try to find the toughest financial jobs possible(working in a big four accounting firm can also under grid a rise in finance later on just as well as being an analyst can) and if you are a good worker andget the attention of management, they can recommend you to a top business school and that is how many people get into elite business schools. Even if it is notan elite business school, getting an MBA is a smart decision, especially because your employer will likely wholly or partially subsidize your education.

One things to remember is that the financial sector is very fluid and the nature of jobs changes in faster then in other sectors so by the time you havegraduated and have worked a few years thing could very different, especially right now with so many things being restructured and firms trying change how theyare organized, how they compensate employees and almost all other aspects to how their businesses are presently constituted. Good luck with all that and feelfree to ask me any further question or to ask for any clarifications on what I already have said.


When it comes to Austrian economics, I would recommend a few books. The Road to Serfdom and The Fatal Conceit by Hayek and a Conflict of Visions by ThomasSowell are some of my favorites. When it comes to Austrian economics reading though, the best source are probably blogs. Go to Cafehayek.com and read the newpost and archived posts and also click around the links section and you will get a ton of information, including up to date Austrian critiques of current orputative policy.

The main points of Austrian economics is that it is incredulous of mathematical models and prefers using empirical evidence and rigorous but organic reasoning.The lack of math means that it is not great for getting a very precious predict of short term interest rates a month from now. What Austrian Economics doeswell is to let you see a general picture of the future, to understand why we as humans do what we do and it provides the most reasoned and potent critique ofGovernment ownership, central banks and other forms of government controls of an economy. At its heart Austrian Economics is a philosophy and an art and isbased on the understand that there are some micro economic ideas that are immutable and universal to every type of human action. The concepts of subjectivityand marginalism make up the fulcrum of this school of thought.

In addition to reading and thinking about it, Austrian Economic skills can be enhanced by applying it to any situations you see involving people. Look at howthey reacted and think about why. The practice of applying economic to all sorts of seemingly trivial and/or everyday topics is very good for developing aneconomic way of thinking. If you are always looking at human action, you will begin to see the economic at work, the economic at work controlling the outcomeand eventually this becomes almost like a sixth sense.

The weakness in Austrian economics is the same as its strength, it functions as a philosophy and an art instead of as science. Using Austrian economic alonewill generally not be good for investing because it is not going to help you deal with the numbers that help you in spotting good assets to buy and bad assetsto pass up on or to sell. Austrian Economics can tell you the general direction of a market and can be the foundation of your overall strategy but you need touse a more math heavy school of though to make money day to day.

I was lucky because my school's economics department was very Austrian and taught most of economics as an art and philosophy but we also got a couple ofmath heavy classes and when you combine the scientific and mathematical and have make up your tactics and you have AE to hell you design your strategy, you arein as good of position as any to take advantage of a market or other business endeavors, no matter what is happening in the economy as a whole.

Get to reading, get to thinking and get to watching and letting the understanding come to you. AS with the financial industry, feel free to message me back forany clarifications or further question.


If you want to talk on AIM, go ahead, my name is " "


Take care,




" "
 
I actually appreciate his point of view more than 95% of NT due to the way in which he presents and provides reasoning for them.

Happy Born Day Good Man
pimp.gif
 
You must log in or register to reply here.

The ultimate sneaker enthusiast community.

NikeTalk was created as a way of giving back to both the sneaker enthusiast community and to the greater global community of which we are all a part.

NikeTalk is NOT affiliated with Nike Inc. in any way, shape, or form. All opinions expressed herein do not necessarily reflect those of Nike, Inc.

© 1999-2024 NikeTalk.com

Share this page

Back
Top Bottom