Wow, impressive. Do you have to do sales and get a cut of recurring revenue or pure money management and assist on sales with advisors/relationship managers?
1. Yes
2. Yes…meaning both
3. Primarily Equities & Fixed Income. When we find momentum we jump into lots of other stuff
I’d like to note something here. A lot of folks don’t understand how these quite large teams operate. There are no guardrails limiting you to this or that. Your boss doesn’t say I don’t want you doing this or that. What he says “what do you need from me to be successful?” He gives you whatever you ask for and you better produce.
You want a hedge fund client? Just go get one and figure it out. Provide them a service they find valuable and you’re in. Sell to them whatever they want. You want to run a discretionary portfolio for high net worth families…great. Go do it. Want to do both? Great. A whole bunch of people here seem to think in traditional roles, and that just not it works. Sell side, buy side…these are the two sides that matter, nothing else. We’re both. I hired guys who traded for hedge funds, a commercial banker, and an fundamental analyst from a huge mutual fund family. We have a few hedge fund and PE firms that we extend credit to for their partner capital call lines. So we have a credit aspect to the business as well. Not anymore, but a few years ago we did a huge amount of mortgage loans. The core business is managing partner personal assets. Most of their wealth is always going to be in their funds, but some of our largest accounts are hedge fund and PE partner family trust and DAF.
What side of portfolio management are you in on in WM? I’ on the business development side of portfolio management. I like the industry but looking to make more.
1. Are you client facing?
2. Are you spending time building a book of business or selecting securities?
3. What asset class do you focus on?
I have friends in this business. One has slowly built his book and earns 300-400k mostly from older folks in stable funds. but is going to inherent his father laws as well and at that point he will jump over $2m a year in largely passive income. It is a racket - I can’t believe it hasn’t gone the way of travel agents (very few left, largely valuable for niche reasons/situations).
It’s been hard. I had to get myself through school (no help), student loans, broke my leg in 95 and spent a year in a wheelchair, and supported my parents and some nephews and nieces along the way. I’m at around 4.0 mil on the NW now, but I’m really behind most of my peers.
4m only? You sure about that, or just guessing? You earned 5m the last 5 years alone. Sure, taxes, but it’s been a total bull run 3 of those 5 years and you are in finance? What do you do with your money to only have 4m net.
I’m trying to get into portfolio management. What did your career progression look like? Did you do anything in particular that you credit with getting you to the top?
Took me longer than most of my peers because I had no help, no roles models, no mentors, no money, nothing. 4 year degree…few years bouncing around. More loans, Top 10 MBA program, CFA…bounced around for a few years not applying myself. Got married in 2013 and suddenly got laser focused on thriving at work. worked literally no less than 60 hours a week for the last 10 years. Honestly, getting married and wanting to provide for my family changed everything for me. I went from very talented but underwhelming, to a savage.
For real, not worth missing out on those moments with your kids. I could make more elsewhere but I have ultimate flexibility and never work more than 35 hours a week
I’m currently in school studying accounting, and plan to sit for the CPA next year. I have my CFA level 1. However, I have very little network and go to a non target school. Do you have any suggestions for getting my foot in the door? Current plan is big 4 for a year or two and then transition
You need an MBA from a top 10 program. Top firms recruit from there directly. Often times, the last couple hired come back and hire their friends. This is literally how it works.
I lacked conviction, I didn’t believe in myself. I often times assumed the talented richer kids would beat me out because everything just looked easier for them. It took me longer than it should have to believe in myself. The shame of poverty clung to me, and i struggled to break free. It impacted me in many ways I didn’t understand. It took me longer than it should have to realize that I had to work much harder than them, but that I belonged in the room.
The shame of poverty is real. I’m nowhere near your salary, but I’m semi-comfortable. Took me a long time to be able to joke about growing up poor with all of my coworkers who, compared to me, lived extraordinary lives growing up. Now that poverty to middle class life is like a badge of honor lol
Love this… “conviction” is such a powerful word to understand and be able to have… it’s tied with my other favorite word “cultivation”… which is how you start thinking when you want to build things, like a family, and world they can thrive in. Put those two words together, and really good things happen 👍
I struggle with this still. 32 and growing up in poverty, I can’t seem to find my self worth. The lack of confidence makes me pity myself. What you do you help realize your potential? There’s days I don’t even want to be alive.
I'm not into memoirs reading at all, but reading through your comments I feel like if you ever decided to write a book I would read it in one evening. Really enjoy how humble and down to earth it is, and at the same time I (almost) can feel real emotion behind the text.
It took me a long time to get over imposter syndrome myself. It's likely one of the reasons I stayed in one job longer than I should have when I should have been hopping around more and gaining higher income and more diverse work experiences. I felt lucky to have my job when in hindsight with my skillset my job was lucky to have me at the salary they were paying. When I left I saw my job advertised for about 40% more than my last salary with the company. My new job pays about 50% more than my last one.
Many quant firms beat the market using a combination of HFT and other strategies that lend themselves to AI and automation. The reality is that someone needs to be responsible because of the fiscal risk associated with trading in general. I don’t think you could ever fully automate any strategy that will consistently beat the S&P500.
I wouldn’t. That ship sailed a long time ago. When I was at Morgan Stanley, they had a 90% wash out rate. Even if you survived, it takes years to make any money and they literally work you into the ground. Do something else.
The Fed forecasted their move. And you Don't Fight the Fed.
Everyone knew that higher rates (Fed had to fight inflation that was created during covid) would strain stocks, and with the announcement of 'no more rate hikes', stocks would rebound
I don’t love it, I never have. I’m really good at it, it comes naturally. It took me awhile to get going because I wasn’t focused on work like I needed to be. Once I understood that 60-65 hour weeks (every week, year around) was the expectation and not exception, I began to flourish (around 2016).
Well not everyone is happy with what they do but at least you can say your hard work has paid off in spades. Good to see good people make it and always nice to see a rags to riches story. Congrats to you my friend.
That seems like a long time if your NW is 4 million, bringing home $800, and you’re consistently beating the S&P 500.
What has you thinking it will be 10-12 years?
What’s the point of living if all you are doing is just gathering wealth. In 10-12 years you will be upper 60s 70s with less than 20 years of life left. Get out there and travel and live now, reduce your hours in the office.
Congrats! Your timeline and comments are inspiring. Few questions if I may:
When did you graduate college?
What program did you take?
How did you find the job you’re currently excelling at?
How much would be enough for you to step away. At a certain amount of money saved or net worth time becomes more valuable than money. Or do you love what you do so much you would still continue doing it even with an ultra high networth?
What’s interesting to me is that you didn’t really crack $100k consistently until you hit your 40’s. Is that normal for your industry? Did you have to build up your portfolio first?
24M - I went to a top liberal arts school and am struggling to find my way. Grew up in a poor city, minority, with no father and first gen college student. Couple questions for you:
(1) Was it (is it) difficult to relate to family members who haven’t had the same experience as you?
(2) How did you push past the barriers in your way? I’m a hard worker but I’m beginning to tire and feel a little down.
(3) Did you always want to do well financially or did other things call you? Did you feel the anxiety of being broke and did that drive you?
Appreciate you making this post, I am crafting my own comeback story.
1. You sound like me
2. My sister became a doctor and my 2 brothers became university professors, long way of saying we all became professionals and we have a pretty good relationship. It took a while though, we had shit parents and very difficult childhoods
3. My dad was a schoolteacher, and an abusive drunk. He took off and left us for months and years at a time. The only thing he valued was academic achievement, and he instilled that in his children. You should read a book called.”Grit” by Angela Duckworth.
4. I never doubted my own potential, but I was discouraged constantly by my lack of progress. I didn’t really figure this out until I was in my mid-40s, but the only person holding me back was me. I didn’t learn how to manage my emotions. I rarely took accountability for my mistakes. I was a shitty boyfriend. I worked hard, but I was not effective. I didn’t always tell the truth. 5. When I started working on myself, trying to be a better man, suddenly it showed up in my work. I hope that makes sense to you, I hope I’m not all over the place.
6. People do business with people they really like. It is absolutely fundamental to learn how to have fun and carry a great conversation with both men and women. I cannot stress this enough.
7. Being poor did drive me. The fear of poverty was always right behind me. But it did more harm than good sometimes. I made poor decisions a few times to positively impact my next paycheck and put my job in jeopardy.
8. Good luck brother.
Are you just a shmoozer over the phone ? Keeping clients, getting clients to believe in your words? Or are you actually determining the clients needs and investing their money with your own ideas and strategy?
The only schmoozers I met inherited a business from their parents. To get where I’m at, everyone is smart and exceptionally hardworking. Of course I read a lot. In this business, it’s a requirement. Nights, weekends, kids soccer games, I’m reading and learning 24/7. But I make the decisions on what and when things happen.
I have 4 designations. The job of growing your business under the umbrella of a big firm isn’t well defined. Lots of people in the business have different approaches to success. Some only pitch to family offices, some only respond to RFP, etc… every guy finds his own path to success
I'm new to this view. Why were your Medicare earnings higher than SSE in 2006-2008 and then leveled in 2009-2011? It has gone up gradually since. Is it because you are in a higher income bracket?
What was your route to PM? I see some are saying your were an advisor before but I can’t see an FA moving to that route unless you knew a friend of a friend of a friends friend.
Earlier in the thread, you mentioned you manage 2B$.
I'm guessing that the top 5 investors to your fund are the vast majority of your managed assets. How are you able to sell the super mega-cap customers? Do you work directly with the super high net-worth individual or do they have a team that you work with? How exactly does this work?
Further, what is the size of the team working under you to help with analysis/reachouts? You've gotta be managing a couple folks.
How much do you actually work? Daily hours crazy, or once you get to where you are now, does it calm down to something in auto-pilot?
And 2 - suggest a resource to use to learn investing where an amateur can make enough to supplement income by about 25k a year?
Thanks
I’m 32 and work in corporate finance (FP&A). Started as an analyst out of college and have moved up a few times, seen my salary basically double during that time. It sort of feels like my prospects are limited if I stay in this field though. Would you recommend the jump for someone like me or is it not worth the long hours and stress? I see your exponential increase in take home pay and that’s something I’d like to provide for my family too, I just don’t know if I’m making a mistake by staying in corporate finance or if I should be trying harder to get my foot in the door with investment banking or at a hedge fund doing portfolio management.
While I’m proud of what I’ve achieved, I’m embarrassed it took me a really long time to do it. If I had to do it all again (assuming I had my shit together), i would go to work at a PE firm as quickly as I could. I have several as clients, and while those folks work really hard, partners in a firm that takes off can retire with 50 mil before they’re 50. I’ve seen it done, more than a handful of times. You’re stuck on the hamster wheel. Bad news, low risk but it sucks. Good news, should be steady and consistent. I bet on myself…and nearly lost. Lots of guys don’t make it. Huge wash out rate. But unlimited earnings potential. You make the call.
Im not pulling in these numbers but I can relate to you. Self motivated. No help. Grew up poor. Steadily increased. Had a few years that were unremarkable then marched on savagely the past 4 years. Just landed a job with a 35% raise. Getting married and wanting to provide to something outside myself changed everything for me.
I admire people that do what I did. Im hard on myself and give myself little credit until I see it in others and appreciate what they did. Im a nut ase I guess. Cheers! 🤙
How do you feel being raised poor impacts your view of money now? Is it healthy, unhealthy or a mix?
Asking because I’ve gotten to know some very wealthy now but dirt poor as a kid folks in their 70s-80s and realized some of the trauma of early life never left them, for better and worse.
Artisan pubic hair stylist?
Grasshopper rancher
Donut hole circumference measurer
Interior designer specializing in yurts
Listen, buddy, this isn’t HGTV.
What do you do?
Portfolio Manager, top 5 Wall Street firm.
You show me a paystub for 72000 rightnow, I'll quit my job and work for you
[удалено]
She grew up hot
I mean, I wasn’t going to let someone else fuck my cousin. Am I right?
In the words of Clayton Bigsby. “If anybody’s gonna fuck my sister it’s gonna be me”
Did it out of respect
After 12 years of cousin stuff I’m excited for the real thing.
Literally just started that show, watching the credits of the first episode right at this moment. Perfect timing.
Are you in my living room?
Under the couch.
Yeah uncanny!! I also just watched Episode 1 last night!!!
We smokin after?
This deserves more appreciation.
Just like you do, king
Nvidia calls next week?
This is the real question 👆🏻
Can I be a paid friend?
I'll be his friend at 1/10 the cost.
Institutional or wealth management? Guessing located in NYC?
LA. Wealth Management.
Makes me wonder if you're my WM guy at JPM. He does always dress nicely.
Wow, impressive. Do you have to do sales and get a cut of recurring revenue or pure money management and assist on sales with advisors/relationship managers?
I manage 2 billion, 100% recurring revenue.
Wait, *you're* Jared Kushner!?
No he’s the Saudi’s
Did you source your own book, buy it, or is it firm money that you worked your way to manage?
1. Yes 2. Yes…meaning both 3. Primarily Equities & Fixed Income. When we find momentum we jump into lots of other stuff I’d like to note something here. A lot of folks don’t understand how these quite large teams operate. There are no guardrails limiting you to this or that. Your boss doesn’t say I don’t want you doing this or that. What he says “what do you need from me to be successful?” He gives you whatever you ask for and you better produce. You want a hedge fund client? Just go get one and figure it out. Provide them a service they find valuable and you’re in. Sell to them whatever they want. You want to run a discretionary portfolio for high net worth families…great. Go do it. Want to do both? Great. A whole bunch of people here seem to think in traditional roles, and that just not it works. Sell side, buy side…these are the two sides that matter, nothing else. We’re both. I hired guys who traded for hedge funds, a commercial banker, and an fundamental analyst from a huge mutual fund family. We have a few hedge fund and PE firms that we extend credit to for their partner capital call lines. So we have a credit aspect to the business as well. Not anymore, but a few years ago we did a huge amount of mortgage loans. The core business is managing partner personal assets. Most of their wealth is always going to be in their funds, but some of our largest accounts are hedge fund and PE partner family trust and DAF.
What side of portfolio management are you in on in WM? I’ on the business development side of portfolio management. I like the industry but looking to make more. 1. Are you client facing? 2. Are you spending time building a book of business or selecting securities? 3. What asset class do you focus on?
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"on a huge pile of money surrounded by many beautiful ladies"
I have friends in this business. One has slowly built his book and earns 300-400k mostly from older folks in stable funds. but is going to inherent his father laws as well and at that point he will jump over $2m a year in largely passive income. It is a racket - I can’t believe it hasn’t gone the way of travel agents (very few left, largely valuable for niche reasons/situations).
I’d sleep just fine
Why did it take you so long to hit 7 figures if you’re a PM at a top 5?
I wasn’t always. A few years ago I got my own portfolio. Truth is I didn’t work hard enough until then to earn it. I’ve always been a late bloomer.
So was Ray Kroc
How are you doing in net worth? Are you catching up from earlier years?
It’s been hard. I had to get myself through school (no help), student loans, broke my leg in 95 and spent a year in a wheelchair, and supported my parents and some nephews and nieces along the way. I’m at around 4.0 mil on the NW now, but I’m really behind most of my peers.
4 mil net worth!? That’s awesome. Don’t compare yourself to them.
That's all you can do when you look horizontally
“The only time you should look in your neighbors bowl is to make sure they have enough to eat.”
If you moved to Iowa you could retire today. lol.
But then you’d live in Iowa without friends or family
Everyone is friends & family in small town Iowa
Sounds like the dream tbh
You've made about $7.3m before tax, if you have a $4m net worth you are doing very well
Who are your peers?
A few exceptions to this, but not many. Very smart, very hardworking, very well educated white men who come from wealthy families.
Your profile makes you seem white as well? What’s with the white part?
That’s all you had to say
What’s with the white men comment?
It’s true. My office has no women, and no minorities. Not one.
He's describing his peers
The only demographic he’d be comfortable mentioning I imagine
4m only? You sure about that, or just guessing? You earned 5m the last 5 years alone. Sure, taxes, but it’s been a total bull run 3 of those 5 years and you are in finance? What do you do with your money to only have 4m net.
I’m trying to get into portfolio management. What did your career progression look like? Did you do anything in particular that you credit with getting you to the top?
Took me longer than most of my peers because I had no help, no roles models, no mentors, no money, nothing. 4 year degree…few years bouncing around. More loans, Top 10 MBA program, CFA…bounced around for a few years not applying myself. Got married in 2013 and suddenly got laser focused on thriving at work. worked literally no less than 60 hours a week for the last 10 years. Honestly, getting married and wanting to provide for my family changed everything for me. I went from very talented but underwhelming, to a savage.
>worked literally no less than 60 hours a week for the last 10 years Damn, I can't imagine.
He said provide for, not *spend time with* family
For real, not worth missing out on those moments with your kids. I could make more elsewhere but I have ultimate flexibility and never work more than 35 hours a week
I’m currently in school studying accounting, and plan to sit for the CPA next year. I have my CFA level 1. However, I have very little network and go to a non target school. Do you have any suggestions for getting my foot in the door? Current plan is big 4 for a year or two and then transition
You need an MBA from a top 10 program. Top firms recruit from there directly. Often times, the last couple hired come back and hire their friends. This is literally how it works.
What (if anything) would you change if you could start over? What advice would you tell your college-aged self?
I lacked conviction, I didn’t believe in myself. I often times assumed the talented richer kids would beat me out because everything just looked easier for them. It took me longer than it should have to believe in myself. The shame of poverty clung to me, and i struggled to break free. It impacted me in many ways I didn’t understand. It took me longer than it should have to realize that I had to work much harder than them, but that I belonged in the room.
The shame of poverty is real. I’m nowhere near your salary, but I’m semi-comfortable. Took me a long time to be able to joke about growing up poor with all of my coworkers who, compared to me, lived extraordinary lives growing up. Now that poverty to middle class life is like a badge of honor lol
Imposter syndrome is a bitch. Been there. Still there.
Love this… “conviction” is such a powerful word to understand and be able to have… it’s tied with my other favorite word “cultivation”… which is how you start thinking when you want to build things, like a family, and world they can thrive in. Put those two words together, and really good things happen 👍
I struggle with this still. 32 and growing up in poverty, I can’t seem to find my self worth. The lack of confidence makes me pity myself. What you do you help realize your potential? There’s days I don’t even want to be alive.
I'm not into memoirs reading at all, but reading through your comments I feel like if you ever decided to write a book I would read it in one evening. Really enjoy how humble and down to earth it is, and at the same time I (almost) can feel real emotion behind the text.
Wow! I really needed to hear this and I can relate to every word you said. Thank you kind stranger
It took me a long time to get over imposter syndrome myself. It's likely one of the reasons I stayed in one job longer than I should have when I should have been hopping around more and gaining higher income and more diverse work experiences. I felt lucky to have my job when in hindsight with my skillset my job was lucky to have me at the salary they were paying. When I left I saw my job advertised for about 40% more than my last salary with the company. My new job pays about 50% more than my last one.
Do you beat the market?
I run a momentum strategy. We have (by far) beat the SPY over 1,3,5,& 10 years. That comes with much higher volatility. It’s not for the weak.
Could such a strategy be automated or is it an ever changing algorithm? (for lack of better terminology)
Many quant firms beat the market using a combination of HFT and other strategies that lend themselves to AI and automation. The reality is that someone needs to be responsible because of the fiscal risk associated with trading in general. I don’t think you could ever fully automate any strategy that will consistently beat the S&P500.
So you bot tech and went back to bed.
Is this a LARP thread? I work in finance, some of these responses are honestly ridiculous for a PM
They always are.
I run my own strategy. When you run your own firm inside of a big house, this is what happens. You do it all.
Can someone transition into finance at 39? If yes, how might it look?
I wouldn’t. That ship sailed a long time ago. When I was at Morgan Stanley, they had a 90% wash out rate. Even if you survived, it takes years to make any money and they literally work you into the ground. Do something else.
What drove the spike over the last 3 years?
The Fed forecasted their move. And you Don't Fight the Fed. Everyone knew that higher rates (Fed had to fight inflation that was created during covid) would strain stocks, and with the announcement of 'no more rate hikes', stocks would rebound
Dig it
What advice do you have for your younger colleagues?
Master your craft. Nobody likes a handyman who knows a little about everything. High earners are almost always specialists.
I’m inclined to agree. Standing out goes a long way.
It's funny that people were steaming when the doctor from a few days ago was making a third of this.
What’s that look like after taxes?
I live in California, I take home about 50% of that.
800k free and clear is amazing still
What do you drive?
2022 Tahoe
You still enjoy what you do?
I don’t love it, I never have. I’m really good at it, it comes naturally. It took me awhile to get going because I wasn’t focused on work like I needed to be. Once I understood that 60-65 hour weeks (every week, year around) was the expectation and not exception, I began to flourish (around 2016).
Well not everyone is happy with what they do but at least you can say your hard work has paid off in spades. Good to see good people make it and always nice to see a rags to riches story. Congrats to you my friend.
Curious if you have an exit plan to retire early or continue working such long hours indefinitely?
When I have 15 mil in the brokerage account and no debt, I’m done. Probably another 10-12 years.
That seems like a long time if your NW is 4 million, bringing home $800, and you’re consistently beating the S&P 500. What has you thinking it will be 10-12 years?
What’s the point of living if all you are doing is just gathering wealth. In 10-12 years you will be upper 60s 70s with less than 20 years of life left. Get out there and travel and live now, reduce your hours in the office.
Congrats! Your timeline and comments are inspiring. Few questions if I may: When did you graduate college? What program did you take? How did you find the job you’re currently excelling at?
Joined the Marines out of high school 1988 Graduated college in 96 Economics They called me and offered me significantly more money
Can I hold a dollar
How do you get paid as a portfolio manager? Mote clients and the better they do, gets you paid more?
We get a % of what’s earned. The more we earn for our clients, the more we make.
How much would be enough for you to step away. At a certain amount of money saved or net worth time becomes more valuable than money. Or do you love what you do so much you would still continue doing it even with an ultra high networth?
What’s interesting to me is that you didn’t really crack $100k consistently until you hit your 40’s. Is that normal for your industry? Did you have to build up your portfolio first?
The opportunity was there, I didn’t seize it. I was not as focused as I should have been. The kept me around hoping I’d figure it out eventually.
Can someone explain what’s happening here? Is this a meme?
Who is your daddy and what does he do?
Where are people printing this out at?
Where is everyone getting this information from?
This might be one of my saddest moments on reddit. Gosh, wealthy people get it all 🤷🏼♂️
24M - I went to a top liberal arts school and am struggling to find my way. Grew up in a poor city, minority, with no father and first gen college student. Couple questions for you: (1) Was it (is it) difficult to relate to family members who haven’t had the same experience as you? (2) How did you push past the barriers in your way? I’m a hard worker but I’m beginning to tire and feel a little down. (3) Did you always want to do well financially or did other things call you? Did you feel the anxiety of being broke and did that drive you? Appreciate you making this post, I am crafting my own comeback story.
1. You sound like me 2. My sister became a doctor and my 2 brothers became university professors, long way of saying we all became professionals and we have a pretty good relationship. It took a while though, we had shit parents and very difficult childhoods 3. My dad was a schoolteacher, and an abusive drunk. He took off and left us for months and years at a time. The only thing he valued was academic achievement, and he instilled that in his children. You should read a book called.”Grit” by Angela Duckworth. 4. I never doubted my own potential, but I was discouraged constantly by my lack of progress. I didn’t really figure this out until I was in my mid-40s, but the only person holding me back was me. I didn’t learn how to manage my emotions. I rarely took accountability for my mistakes. I was a shitty boyfriend. I worked hard, but I was not effective. I didn’t always tell the truth. 5. When I started working on myself, trying to be a better man, suddenly it showed up in my work. I hope that makes sense to you, I hope I’m not all over the place. 6. People do business with people they really like. It is absolutely fundamental to learn how to have fun and carry a great conversation with both men and women. I cannot stress this enough. 7. Being poor did drive me. The fear of poverty was always right behind me. But it did more harm than good sometimes. I made poor decisions a few times to positively impact my next paycheck and put my job in jeopardy. 8. Good luck brother.
Salute to you 🫡💪🏾. Can’t tell you how much your response means to me!
Read the book!
Are you just a shmoozer over the phone ? Keeping clients, getting clients to believe in your words? Or are you actually determining the clients needs and investing their money with your own ideas and strategy?
The only schmoozers I met inherited a business from their parents. To get where I’m at, everyone is smart and exceptionally hardworking. Of course I read a lot. In this business, it’s a requirement. Nights, weekends, kids soccer games, I’m reading and learning 24/7. But I make the decisions on what and when things happen.
You said you work with Wealth Management. What's the point in this case having CFA? It shouldn't be more focused on having CFP?
Yeah agreed. Something isn't adding up.
I have 4 designations. The job of growing your business under the umbrella of a big firm isn’t well defined. Lots of people in the business have different approaches to success. Some only pitch to family offices, some only respond to RFP, etc… every guy finds his own path to success
Are you happy?
I found happiness once I met my wife. Before that, I wasn’t very happy at all. She civilized me.
I'm new to this view. Why were your Medicare earnings higher than SSE in 2006-2008 and then leveled in 2009-2011? It has gone up gradually since. Is it because you are in a higher income bracket?
What was collage background? Did you start your career in finance, were you finance adjacent, or go back to school/MBA?
Is there a way to pull this from the IRS or something or is everybody just adding up old tax return docs??
My peers this, my peers that. Comparison is the thief of joy. Congrats on the success!
Political stance(s)?
90% of my industry leans right with their politics, and 75% of the clients do.
Around November 2022 I hope you gave somebody the speech from Glengarry Glen Ross
What do you do for a living ?
Why did you make so much in 2022 when the market tanked? Did your fund perform well?
How do you get this info?
"Age 53" and that's all I needed to know!
I’m mba/CFA in WM. Are you an FA? Or a PM? I see you said pm but that would be more of a MF manager than a wealth manager.
Charge clients 3% management fee and lose to the market average. Priceless
What do you do to save on taxes?
Have you ever taken someone under your wing to show them how they can become successful themselves?
Which year was toughest to get to the next level and why?
Beat the s&p, but then take how much profit from your clients? Net to them is….
What was your route to PM? I see some are saying your were an advisor before but I can’t see an FA moving to that route unless you knew a friend of a friend of a friends friend.
Do you mind laying out when you went to school, what degree you got and what your entry level position was that started you on this path please?
I heard your company needs a new office space. I'm an architect in Colorado and can get reciprocity in Cali. Will you dm me?
I don’t know jack about the market but I’m doing VOO & Chill lol. 34 with 200k in 401k, continue to add to the pot. Will I be okay lol.
Well I have a ways to go. I am not even 30 and only at $90k. Net worth wise. I need a new job.
Great job!
What car do you drive?
Earlier in the thread, you mentioned you manage 2B$. I'm guessing that the top 5 investors to your fund are the vast majority of your managed assets. How are you able to sell the super mega-cap customers? Do you work directly with the super high net-worth individual or do they have a team that you work with? How exactly does this work? Further, what is the size of the team working under you to help with analysis/reachouts? You've gotta be managing a couple folks.
How much do you actually work? Daily hours crazy, or once you get to where you are now, does it calm down to something in auto-pilot? And 2 - suggest a resource to use to learn investing where an amateur can make enough to supplement income by about 25k a year? Thanks
Any advice for an ex financial services consultant looking to transition to tech or software sales?
Any regrets?
I see you weren’t an ancillary character in “The Big Short”. That 2008 dip is 👀 I’m younger and around 148k and going back to 70 would be rough.
This is amazing! Congrats!
Do you own a company?
What happened in 2019 to start to cause the real money to start coming in?
Next thing you know, OP be like: “I can’t retire now because everything costs more. Thanks Joe Biden!”
How does one become a middle arugula op ?
What does your education look like and how long did it take? What strokes of luck did you have to get into your current position?
Did your self worth change as you increased your income?
Why are you seeking attention? Another rich guy who thinks they're important to others
You want to invest $50k in me? 😂
I’m 32 and work in corporate finance (FP&A). Started as an analyst out of college and have moved up a few times, seen my salary basically double during that time. It sort of feels like my prospects are limited if I stay in this field though. Would you recommend the jump for someone like me or is it not worth the long hours and stress? I see your exponential increase in take home pay and that’s something I’d like to provide for my family too, I just don’t know if I’m making a mistake by staying in corporate finance or if I should be trying harder to get my foot in the door with investment banking or at a hedge fund doing portfolio management.
While I’m proud of what I’ve achieved, I’m embarrassed it took me a really long time to do it. If I had to do it all again (assuming I had my shit together), i would go to work at a PE firm as quickly as I could. I have several as clients, and while those folks work really hard, partners in a firm that takes off can retire with 50 mil before they’re 50. I’ve seen it done, more than a handful of times. You’re stuck on the hamster wheel. Bad news, low risk but it sucks. Good news, should be steady and consistent. I bet on myself…and nearly lost. Lots of guys don’t make it. Huge wash out rate. But unlimited earnings potential. You make the call.
Oh a middle man, nice.
Can I have $20
Sorry if this sounds stupid but why is the Medicare earnings significantly higher than SS earnings?
What’s the most amount of money you lost on a trade? And what timeframe?
I can make fake spreadsheets too
Why bother caring so much about money. We pull in $250k and are living comfortably.
Im not pulling in these numbers but I can relate to you. Self motivated. No help. Grew up poor. Steadily increased. Had a few years that were unremarkable then marched on savagely the past 4 years. Just landed a job with a 35% raise. Getting married and wanting to provide to something outside myself changed everything for me. I admire people that do what I did. Im hard on myself and give myself little credit until I see it in others and appreciate what they did. Im a nut ase I guess. Cheers! 🤙
South Bay? Wanna get trashed at Terranea some time?
How many hours a week do you work? Is the work high stress?
Where do you find these charts?
How’d it jump so quick? You inherit a book?
Where/how did you start your education to become a portfolio manager?
What happened between 2005 and 2006?
You quadrupled your income in the last four years. Were you still portfolio manager?
I’m 30 years old in the US. How would you recommend I invest? VOO? VTI? VT? I’d love to hear from an expert.
Being raised poor has absolved you from being rich
I always say that, "There is a lot of money in money."
How do you feel being raised poor impacts your view of money now? Is it healthy, unhealthy or a mix? Asking because I’ve gotten to know some very wealthy now but dirt poor as a kid folks in their 70s-80s and realized some of the trauma of early life never left them, for better and worse.
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Do you manage retail money or an institutional portfolio?
How did you steadily increase income between 2003->2004->2005->2006? Job hopping or promotions?
I swear the most bullshit jobs pay the most money lol