I visited New York City recently where I met with an prospective institutional client that is interested in my new hedge fund. Following the meeting, I met up with an old acquaintance, whom I will mention as "Harry", for supper.
Harry's title is, Sales Trader, thus he carries out orders for institutional investors such as hedge funds and mutual funds. I was one of his accounts, in my Ron Pollack Bulldog Days", he had an extremely successful career, and used to cover me. He retired or took a break from trading around the same time I did in 2004, but we continued to stay in touch with one another.
Harry had various business adventures after leaving Wall Street as did I, some were unrewarding, others were outright unprofitable. After a while, Harry started to miss the game and asked me if Id ever go back to trading. I missed it as well. In early 2008 I informed him I would return to managing money; he was thrilled and was eager to get back into it also.
The launch of my new fund was postponed as a result of the market upheavals in the latter part of the year. In the fall of the last year, Harry looked stressed out, which is not normal for someone who is used to handling million share orders in volatile stocks like a machine. Firms were closing down everywhere, and he was relying on my account for his own return but that was not there.
Shortly after I saw Harry, I met "Doug", a gentleman that runs a small firm catering to hedge funds. I immediately thought of Harry and I put the two of them together. It went well because Doug gave Harry a trial run, and Harry did very well. After placing a few phone calls to some old accounts, he nabbed a big order and things only went up from there.
Harry has become one of the top producers for Doug and he has only been on the job for four months. It wasn't surprising that Harry was beaming when we met him for dinner. He is earning money, pretty good money and having a good time. I was elated. Then Harry announced that dinner would be his treat, in fact he said, Ron Pollack I am going to treat you every time you come to NYC! We were at one of the Citys best steakhouses so I was doubly pleased.
,Every day weve been hearing stories of doom and gloom like the end of Wall Street, the end of hedge funds, the end of the world as we know it, toward the end of the evening, I asked Harry this question. Obviously things are messed up but Id like your perspective on all of that changed in light of your recent success. Ron, there are a lot of people hurting right now and I truly feel for them, but I am living proof that if youre good at what you do, have the willingness to work hard and apply yourself and are realistic in your expectations, you can make it and even flourish in times like these, His answer was refreshing and went something like this, he said. While my paycheck has shrunk, I really can not complain. were survivors and theres business to be done. There will always be business to be done for those who find a way to be productive. Here is to you, Harry, my dear friend and confidant. Continue to show us how to achieve it. Signing off for now. - 22871
Harry's title is, Sales Trader, thus he carries out orders for institutional investors such as hedge funds and mutual funds. I was one of his accounts, in my Ron Pollack Bulldog Days", he had an extremely successful career, and used to cover me. He retired or took a break from trading around the same time I did in 2004, but we continued to stay in touch with one another.
Harry had various business adventures after leaving Wall Street as did I, some were unrewarding, others were outright unprofitable. After a while, Harry started to miss the game and asked me if Id ever go back to trading. I missed it as well. In early 2008 I informed him I would return to managing money; he was thrilled and was eager to get back into it also.
The launch of my new fund was postponed as a result of the market upheavals in the latter part of the year. In the fall of the last year, Harry looked stressed out, which is not normal for someone who is used to handling million share orders in volatile stocks like a machine. Firms were closing down everywhere, and he was relying on my account for his own return but that was not there.
Shortly after I saw Harry, I met "Doug", a gentleman that runs a small firm catering to hedge funds. I immediately thought of Harry and I put the two of them together. It went well because Doug gave Harry a trial run, and Harry did very well. After placing a few phone calls to some old accounts, he nabbed a big order and things only went up from there.
Harry has become one of the top producers for Doug and he has only been on the job for four months. It wasn't surprising that Harry was beaming when we met him for dinner. He is earning money, pretty good money and having a good time. I was elated. Then Harry announced that dinner would be his treat, in fact he said, Ron Pollack I am going to treat you every time you come to NYC! We were at one of the Citys best steakhouses so I was doubly pleased.
,Every day weve been hearing stories of doom and gloom like the end of Wall Street, the end of hedge funds, the end of the world as we know it, toward the end of the evening, I asked Harry this question. Obviously things are messed up but Id like your perspective on all of that changed in light of your recent success. Ron, there are a lot of people hurting right now and I truly feel for them, but I am living proof that if youre good at what you do, have the willingness to work hard and apply yourself and are realistic in your expectations, you can make it and even flourish in times like these, His answer was refreshing and went something like this, he said. While my paycheck has shrunk, I really can not complain. were survivors and theres business to be done. There will always be business to be done for those who find a way to be productive. Here is to you, Harry, my dear friend and confidant. Continue to show us how to achieve it. Signing off for now. - 22871
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