The Reformed Trader

From that moment on, I started to see Wall Street with new eyes. I noticed the vitriol that traders directed at the government for limiting bonuses after the crash. I heard the fury in their voices at the mention of higher taxes. These traders despised anything or anyone that threatened their bonuses. Ever see what a drug addict is like when he’s used up his junk? He’ll do anything — walk 20 miles in the snow, rob a grandma — to get a fix. Wall Street was like that. In the months before bonuses were handed out, the trading floor started to feel like a neighborhood in “The Wire” when the heroin runs out.

I’d always looked enviously at the people who earned more than I did; now, for the first time, I was embarrassed for them, and for me.

The above is from an insane New York Times op-ed by an ex-Wall Street / hedge fund trader willing to discuss the culture of unmitigated greed he’s seen. I actually don’t agree with all of the sentiments he expresses here – the truth is that some of these jobs pretty much suck more than life itself, so of course the people doing them should be greedy!

If you’re going to have to spend every second of every day, from 7am til 7pm, under pressure and lying to others about your actual ability as well as lying to yourself about what role you’re playing in society, well then, goddamn it, you’d better be getting paid! 

The question is whether or not you want this life for yourself, and if you do, then of course you should be focused on how much money you can rip out of it – why the hell else would you be doing it? Some traders are really happy with their career and have found both success and fulfillment. They do not spend every waking second under the gun, looking over their shoulders.

Many others are just the opposite. And for them, I can understand the obsession with monetary compensation. It’s basically all they have.

Anyway, I applaud Sam Polk for having the courage to write it, he bleeds all over the page. Head over…

Source:

For the Love of Money (NYT)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. https://eatverts.com commented on Sep 21

    … [Trackback]

    […] Find More Information here to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  2. immediate edge review commented on Sep 22

    … [Trackback]

    […] Read More here on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  3. thenaturalpenguin.com commented on Sep 22

    … [Trackback]

    […] Read More here on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  4. 메이저사이트 commented on Oct 03

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  5. cum sa faci commented on Oct 30

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  6. bmo online business commented on Nov 24

    … [Trackback]

    […] Find More to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  7. best cbd reddit commented on Nov 28

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  8. td easy web commented on Nov 29

    … [Trackback]

    […] There you will find 33729 more Information on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  9. sign in tangerine commented on Nov 29

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  10. www.bestroofguy.com commented on Dec 06

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  11. fake rolex commented on Dec 15

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  12. cheap sex doll commented on Jan 01

    … [Trackback]

    […] Find More on to that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  13. buy oxycontin online paypal commented on Jan 07

    … [Trackback]

    […] Here you will find 47949 additional Information on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]

  14. lace front wigs commented on Jan 14

    … [Trackback]

    […] There you can find 55680 additional Information on that Topic: thereformedbroker.com/2014/01/20/the-reformed-trader/ […]