What are some good books that actually gives you good and helpful information/insight on business and finance?
youngster wanting to learn
What are some good books that actually gives you good and helpful information/insight on business and finance?
youngster wanting to learn
THink and grow rich.
Rich dad poor dad
(Haven't read this but heard good things)
I really recommend "trump style negotiations". It saved me 30k the weekend I read it. No lie.
Will look into them!
Depends on your approach. Are you interested in real estate? Stock market speculation? Long term investing stock/bond investing? Forex? Owning your own business?
Millionaire by thirty
And fucking get to work. Idc what you do just get to it. Nothing gives the perspective of business and finance like actually working your balls off at job you have some inkling of interest.
For stocks, one of them is for conservatively investing (Low returns, low risks) other one is just a generally good read.
College Textbooks is where the real information is at if you want technical information. For non-technical books, you will want to see books written by successful Investors (Real Estate, Stocks, Entrepreneurs), I'd recommend books from Buffet, Soros, Graham, Lynch.
Also for a mix of both + fluff, Hedge Fund letters to investors, Banks' letters to investors, and conglomerate letters to investors.
Other than that, just analyze charts, try and communicate with someone at a bank (If need be, pretend you're a student at X university in order to talk to them, say it's for university), but try and have a meaningful conversation and try and keep contact with them using a non-annoying way, like eMails.
I need stuff to point me in the direction i wanna go.
Its all interesting to me.
You seem to be in a part of your life where you 'need' to choose what you want to do (My guess is 16-22 years old). If you really do like this entire business world, working a ton, and making a ton of money. (Virtually no free time). you should look into corporate investing, for banks and funds. Any 'job' that isn't this, or running your own company, is a waste of your time since your performance relatively don't affect your salary.
If you work for a Fund or an Investment Bank, you will climb based 100% on your performance, and your salary will be 100% based on your performance. If you bring in 50% a year in a 10 Million Portfolio (a starter-level portfolio), that's 5 Million dollars, you will get approximately 5-15% of that home. Though bringing in 50% is quite hard because of the rules set on you, and liquidity, as you climb your portfolios will be larger and you will be making exponentially more money. They usually recalibrate the positions every semester (Increase or Decrease your pay/portfolio size based on performance)
When I started, my 10 Million portfolio brought in 18% in my first semester, beating the S&P by 10%, so my boss sat with me, asked me a bunch of questions about dedication, strategy, really everything, then he told me that I had a meeting with a higher up, talked to him, same questions-ish, then they gave me a much larger portfolio (100 Million), and told me that they would keep an eye out for me. This is my second year in the company and my portfolio is 500 Million, Im making around 1mil a month, which is still low compared to some other people, with a bonus at the end of the year.
So if you're willing to go nights sleepless trying to find stocks, estate (My Hedge Fund invests in real estate, curiously), have tons of meetings, undergo a shitload of stress, and be essentially forced to use cognitive enchancement drugs, you will love this.
Also, Since I wrote this entire thing, I feel the need to say what I plan on doing with the money.
Right now about 950k go unused every month from my pay, I put all of the 950k in a brokerage account every month, and gain an extra ~5-10% per month of my pay, also exponential. Plan on investing all of my savings (Currently ~15 Million) in real estate whenever the real estate market goes boom again.
And after I reach a certain level of money (A LOT) I plan on starting my own Lab where I will direct my crew to research whatever I want to try and achieve immortality (Which might sound dumb, but has been my dream since my teenage existentialist years)
And before you ask, I'm 26.
This sounds interesting.
Is there anything specifically i should read or hear about coporate investing?
How do you qualify for this kind of job?
And what did you do to get to this job and how did you get the information to go through with the job?
Yeah this can't be true. Even the top HYP graduates who went from top banking programs to top PE are pulling in 400K/yr at most.
There would be WSJ and Bloomberg articles about you if you were telling the truth.
Paypal me $10 I'll give you my login to my online finance class.
When I was 14 years old I started asking my dad about the stock market and whatnot, always found it interesting. Fifteen I started playing around with those internet simulators, made a load of money on my first few months, so I got interested in it for real since the salaries were great back then.
16 years old I got an Internship at UBS (The bank), where I did great, out of all Unpaid Interns I was clearly the most eager the learn and the most involved, so they kept my contacts and some higher-ups even talked to my parents (Who were friends with one of the higher ups, in fact) and wrote me recommendation letters.
17 years old I did another internship, but this time at a hedge fund that was turning a lot of money at the time (Don't want to name it because they had very few internships for high schoolers), I was recommended to them by UBS people who knew I wanted to get into the Hedge Fund world. Again, internship went great, I got even more connections, including the Hedge Fund manager, who had a friend who recruited for multiple ivy leagues that accepted me without I even apply.
I chose to go to Upenn for Wharton, graduated top 5% of my year, went back to that hedge fund, which had suffered because of the recession (That's 2 years ago), and then they kept me, and gave me what I think was a standard portfolio 10m, and then the rest is written above.
I went to Wharton, and don't work for a bank, work for a hedge fund.
You CLEARLY don't know how salary in funds work, your salary is based strictly off of your performance. If my portfolio is 1 Billion and I turn that into 10 Billion by the end of the year, I will get A LOT of 'bonus' pay, which is essentially a pay based on my performance. Everyone had these.
Just look up 2 and 20, it's not exactly that, but it's close. Basically, investors put their money on the fund, 2% is automatically owned by the hedge fund, service fee. After the hedge fund breaks a set return (Say, 8% in a year)
20% of every profit goes to the hedge fund. Some hedge funds keep more, others keep less.
Out of this 20%, it's the pay, rent, utilities, etc. Manager keeps X%, Each portfolio manager keeps a fraction of that, based on their performance. Say that my portfolio returned 100% this year, and I'm the only portfolio in the fund. 100-8 (The set return) is 92, so 20% out of 92 will go as fees to the fund, so 18.2% of the total gain will go back to the fund, around 25-50% is taxes, so fund keeps 9%, around 2-3% is utilities, 6% left, goes to pay and infrastructure. around 2% to infrastructure, 4% to pay, for the sake of math, say that each % is 1 Billion, that's 4 Billion USD dedicated to pay.
Manager keeps, say, 10% of that 4 Billion, still 3.6% left, which is distributed among the people who manage the portfolios depending on their performance. Assume that I was the best performance, I will keep obviously less than the manager, but still a shitload, in this scale I'd be keeping ~50 Million
Now my fund has MANY traders, and way less of our revenue goes to pay, but in a way, that's what happens. I know of multiple people who get much more than 50 Mil a year who work here, actually. And our manager actually had a 9 Digit income last year from the fund alone, not counting his outside capital gains.
It's very common for lower-level people (People who manage portfolios) to get 8 Digits. Most of the people who live in my neighborhood work for hedge funds, actually, and make around the same as me.
Nothing out of the ordinary. Too bad there's no way of seeing this information online, but if you want to talk to a hedge fund person through the phone, feel free to do so and they will confirm that it is possible to bring in high 7 digits as a portfolio manager.
That's what REALLY made me want to get into hedge funds and not investment banking to be honest. I was shocked when someone told me their numbers.
I went to UPenn too and graduated last year, but studied math. Now I'm an actuary learning to invest but I was always jealous of you finance Wharton guys that got hired into huge firms in OCR and started making a ton of money. I never got into the quant firm because I didn't know enough about finance, only math.
Would you mind mentioning which firm you work with? Or is that too personal?
Lastly, do you have any specific advice for someone who is 22, actuarial and mathematical background, who might want to get into investing and has connections to the Penn alumni network? I should probably reach out to them first if I seriously considered a career change but I'm curious regardless.
I've spent the last four years surrounded by guys who would kill to get into those top investment firms and the ones that do all come out with the same story like you.
Just looked it up even though it's late as shit and I'm fucked up on multiple shit.
This industry has an entry level salary of $335,000
Portfolio managers at large hedge funds should also be grinning right now, given that average salaries have reached $2.2 million, the 2014 Glocap Hedge Fund Compensation report, released Thursday found.
2.2 Million is the average, ok? So if you make 2 Million a year, you're worse than most other people who work there. Essentially.
And since it's a meritocracy, whoever's best, will have the highest pay.
Thank you for you help man!
I will most definitely look more into this.
look up college curriculum at decent business schools. find out what classes are offered. go find out what books they will need for that semester.
now make me proud user.
there are dudes who have posted real verifiable shit of their own portfolios on stocktwits backed by their brokers who were clearing 30 - 90 grand A WEEK. hedgefunds are a fucking scam to work for. those who can do. those who can, wage cucks hft firms now hire programmers, actuarial science majors.. then find some fucking kike with a couple million and start firms that litterally make hedgefunds look like a joke.
If I say the firm, along with all of this other information I'd probably be giving doxable information. But basically, it's a very profitable hedge fund.
After you're in, either because of nepotism or because of your actual merits, you need to carry your own weight, and as you do it, the company promotes or demotes you. I haven't been here through a recession yet, but it must be hell.
If you manage to get into an investment firm, just remember. The suckers will end work when they leave work, the winners don't stop working.
The typical wall street man goes to parties, does drugs, fucks tens of bitches, the real wallstreet money man usually sits at their home analyzing stocks and markets over the weekend.
At leas tin my fund we have this 'group' of people who the manager really like (me included), during weekends we just usually go to formal parties (Freemasonry for some, charitable galas others, romantic dinner, events, etc.), and analyze stocks. I've had about 3 GirlFriends in the past 3 years, all of them complained that I worked too much, but they obviously had no clue of my paycheck since I live modestly (20k/mo apartment, drive a 170k car). But basically, I have no free time, my free time is analyzing stock and venting off in Veeky Forums/Reddit, giving tips to people. I heard someone say once "It's not hard to be rich if you put your mind to it", he was talking about people who work 14 hours a day, even after work is done, over the weekends, etc. That really stuck to 13 year old me.
Good luck! Try to read a lot on the topic, then tr and get contacts with investment companies, friends of friends, word of mouth, internships, really anything that will put you in their field of view, if you're dedicated enough someone will realize. It's all about money, if you're good, you will be seen as a Golden-eggs Chicken and we will take you in.
Good thing I was able to sway your opinion! Best choice of my life was choosing this career. I am able to help anyone of my family if they ever need (They don't but I'm here as a safety net and they know it). Feels good to be looked up to by people.
Oh well, this is the stupidest mentality people have about the stock market. "Some people are pulling 30-100k a week!". Yes, they are, on top of a 1 Million initial investment, when we're talking over 500Mil in each position, there is no liquidity, along with that, hedge funds are heavily regulated, we can't do certain things that are very profitable because we need to provide safety to the customer's money.
Along with that, Taxes. If you're making 100k a week with day trades/week trades, you will pay 40% in taxes, if you're making it throughout a period of over 365 days with each position, you just pay 15% taxes. See the difference?
Trust me, it's much more complex than you think. If we're talking about low values, up to 1 Million, there MIGHT be liquidity, now if we're talking 9 digits, there definitely isn't enough liquidity, or supply, for certain companies.
Just the other week I looked at a graph and thought "This will skyrocket" decided to put a 50 Million dollar position on them, looked at their market cap, they are WORTH 25 Million. Since we can only own up to 10% of a company with no paperwork, my biggest possible position would have been 2.5Mil, but there's not enough liquidity for that, nor people willing to sell.
It's not as simple.
Unless you have a family with connections like the dude you replied to, don't bother. Unless you're prepared to wrap your lips around some dudes cock.
this, anything else glorifies it without really teaching you anything
which colege textbooks for short
Cool thing called google/Internet
literally pick a topic and type it into computer. Everything you could possibly need to know about pulls up
What cognitive enhancement drugs do you recommend or do you use yourself ?
The typical wall street man goes to parties, does drugs, fucks tens of bitches
Help me get there
Join a frat goy
Leave the cash to the big boys
How is that living modestly?
Thats literally two different mansions in downtown LA.
I mean maybe if you lived in san fran then that would be chump change.
Recommends books from Buffet and Soros.
Fuck off you shill.
Please help me.
What textbooks should I read? I like textbooks a lot, don't really need to get anything out of it.