tag:blogger.com,1999:blog-9458120225277065982024-03-14T15:33:04.912+09:00TMJ Partners 金融ニュースブログTMJ Partners 金融関連人材紹介業 TopMoneyJobs.com
Financial News Blog 金融ニュースブログTMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.comBlogger172125tag:blogger.com,1999:blog-945812022527706598.post-85636118935923796372022-07-15T18:30:00.000+09:002022-07-15T18:30:02.072+09:00Friday Feature Book Review: “Cityboy” by Geraint Anderson (Beer & Loathing in the Square Mile) 英国のトレーダー(ロンドンの金融ノムニケーション)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJlp-IjFC7r6QQxRXUmuxcf8o_kXUm_Gjhae3bN3mY8SYQMwyc3bMEDboZ-NkV5HzEf0aYvHhndN2GYFNJdtyMhSEVZgNq_DkquVbkyMBbU9IUIxbNV8VfIyuzqRl9iQOs9JDj9TzFSXq9/s1600/aaaCityboy.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="570" data-original-width="380" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJlp-IjFC7r6QQxRXUmuxcf8o_kXUm_Gjhae3bN3mY8SYQMwyc3bMEDboZ-NkV5HzEf0aYvHhndN2GYFNJdtyMhSEVZgNq_DkquVbkyMBbU9IUIxbNV8VfIyuzqRl9iQOs9JDj9TzFSXq9/s400/aaaCityboy.jpeg" width="266" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Unbelievable! In a word, is the only way I can describe what you can get away with in the London markets. Cityboy started out as just a pen name for a real equity securities analyst who would spill the beans on the finance industry within London's City district. Many wanted to know who this insider was for a very long time. The stories were very popular and outrageous, but often too true in detail to be made up by anyone not in the industry. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">In the end, after retiring from finance, the cat was out of the bag. Geraint Anderson, the author, was indeed the former equity research analyst at Societe Generale and Commerzbank. He finally joined Dresdner Kleinwort, where he was a top stock picker two years running. As a star analyst, he has seen the extremes of the glory years, and has overcome his drug addiction and other lifestyle choices to live and tell the tale. It is quite a fantastic tale and worth hearing. You get a sense that it is fiction, but you accept that it all could really be true. </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">I cannot tell you how many times while reading this I laughed out loud, had to stop, and take a break because it was constantly outrageous, and oh so true. How did such a guy even get into finance in the first place? His brother and connections. When your older brother is a fund manager and he "suggests" to a sell-side client to interview him, he gets the job. All this despite just being back from a hippie tour of India, and not owning a proper suit. </span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">I know many others who dream about finance early on, and study very hard to learn about markets, yet have trouble breaking in. Life can be unfair, but such is in fact life. I think and also wonder what many new MBA types who read this book may learn or refuse to believe. Many parts of the front office are about output, not input as far as education. Even school leavers who "get it" will succeed, while the multiple degree types who lack vision, will still be left behind. At least that was the case until the more recent code kings with algos and AI skills took over.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">The work has to get done, and the clients have to be serviced, no excuses. Geraint Anderson, certainly pulls no punches on his behaviour to excess with cocaine and boozing in the pub, but he certainly also warns of the imbalance in finance. There are too many scenes that can only be called hilarious needing full belly laughs. The amount of face time needed to justify your bonus is eye opening for many. It also rings very true when you recognize how close to reality many of these antics are everywhere in financial markets. </span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is no limit to how badly men in finance can drink and treat one another. Hazing culture increases when more cash or cocaine is added.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) There is no escape from bad habits by your colleagues. Going overboard with excessive drinking while entertaining clients in particular, will be found out no matter how big your P/L.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) There is a great culture of acceptance of faults within finance. How many times will you wake up wondering why did you do this or that? Typically, it was a good idea at the time, or so your client said. In the end, it is all fun and games if the P/L stays in the black.</b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is an easy reading guilty pleasure to enjoy on a train or over the weekend at the beach. It is satisfying mind candy that is very amusing and fills a need to hear about how crazy it has been for some other dealers out there. Money often just magnifies what you are. Just because you have a big bonus, does not mean that you can handle it, or even absorb the delusion of power too many suffer from in many top investment banks. In fact, it can hurt your moral compass when you least expect it. I think the author has made the right move to leave the markets when he did. Not many can get out of the game with such solid timing in real life. This great book is really worth a read and a beer at the same time.</span><span style="color: #222222; font-family: "arial" , sans-serif; font-size: large;"> </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Highly recommended!</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a><br />
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-71005776884901951192022-06-03T14:52:00.002+09:002022-06-03T14:52:22.943+09:00Friday Feature Book Review: Wall Street Myths: Traders' Tales by Ron Insana ウォール街の興味深い財政物語、神話、物語 (面白い金融のストーリー): ロン・インサナ<div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Author Ron Insana, is a CNBC journalist and former hedge fund professional, who has gathered a wide assortment of great stories about how traders, act, react, and let off steam in a high stress environment. </span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Take break, get a beer (or three) and enjoy this great collection of true (or maybe untrue) legendary stories of how traders in the markets have done well or very badly.</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> Many men behave badly while drinking to excess, and it is very funny on many occasions.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">There are wonderfully funny recalls of stories involving a $90,000 mix up on stock about Coke, not cocaine. CPR messages for help, not any listed stock, hangovers & heart attacks with the wrong victim, and of course the $2,500 cockroach challenge! It is outrageous behavior mainly by men and a few women, who have much more money than brains after drinks. It fills a guilty curious need to read about the mistakes of others. All of these tales are worth hearing in detail, and certainly worth the price of this book. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">T</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">his is not about how to make more money in finance, but more about how others in the markets have acted while trying to do that "big trade". The bunny suit story, about a night with a lady who was not his wife, stealing his wallet, and all his clothes, may give you pause for similar drunken action. Another great tale about the trader with a missing glass eye and the hundreds of super ball eyes that were bounced around the trading floor when the one eyed trade lost his glass eye is also very memorable.</span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is no limit to how badly men in finance tease and treat one another. Hazing culture increases when more cash in added.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) There is no escape from bad habits by your colleagues. Going overboard with excessive drinking in particular, will be found out.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) There is a great culture of acceptance of faults within finance. That does not mean you are not victimized for it. In the end, it is all fun and games after hours.</b></span></div>
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: transparent; color: #222222;">This is an easy to read guilty pleasure to read on the train home, or over a weekend at the beach. Satisfying mind candy that is very amusing and fills a need to hear about how bad it has been for some other traders out there. Every story is different, and this is a never dull or repeated. It is amazing how traders are people, and they get into trouble like everybody else. Perfect for the weekend or holiday time away.</span><span style="color: #222222; font-family: "arial" , sans-serif;">business. </span>Highly recommended!</span><br />
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a><br />
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-63776438674611954482022-05-19T21:12:00.000+09:002022-05-19T21:12:05.527+09:00Friday Feature Book Review: Classic Leadership "The Prince" by Niccolo Machiavelli 古典的なリーダーシップ : 君主論ニッコロ・マキャベリ <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-JsIwJhZj300acg40m7M4dVQDwCm3keAJ3hYRCbhyKTK-iUpj0wGD1AjIAL7vA1nyklmHBif7s_CG57W_ryyFWSvf54dAW0pCmokOb-2fcazmFDzy7vw9O2BbjF0A7onbjNoyO5HIwRtk/s1600/Prince.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="256" data-original-width="192" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-JsIwJhZj300acg40m7M4dVQDwCm3keAJ3hYRCbhyKTK-iUpj0wGD1AjIAL7vA1nyklmHBif7s_CG57W_ryyFWSvf54dAW0pCmokOb-2fcazmFDzy7vw9O2BbjF0A7onbjNoyO5HIwRtk/s400/Prince.jpg" width="300" /></a></div>
<span style="color: #222222; font-family: arial, sans-serif; font-size: large;">"The Prince" is must reading for any entrepreneur, hedge fund founder or CEO. It is the secret "how to" book for many corporate politicians, especially within investment banking. It was written in 1513, in Florence, Italy, by one of the most innovative thinkers of his time. The author Niccolo Machiavelli, opened the eyes of many rulers then and since. Every James Bond villain or ambitious person has often learned many of these aggressive power lessons. They were first laid out so clearly when small kingdoms ruled the world. This template of power centered around a castle and ruled from Europe to Japan. Although famous today, the title "The Prince" was only created by the publishers 5 years after his death. This is not widely known. It is another case of a great artist never knowing how deeply his work could spread in wide influence until centuries after his death. My only satisfaction is that Machiavelli himself, would relish the appreciation of his findings. They were wonderfully explained and ultimately followed by many all around the world.</span><br />
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<span style="font-size: large;">Few know that he was arrested by the Medici family and tortured with a "strappado". A device used to slowly and painfully dislocate one's shoulders over time. A counter-coup in Florence, was discovered and Machiavelli's name was found among others in the group. Luckily he was released after an amnesty was given following a family member then a cardinal, became elected pope in Rome. Bribery would have been more widely acceptable in elections then (if not now). Machiavelli was restricted to house arrest, and during his free time, he wrote this book as a way of showing his thoughts on power for the Medici court. </span><br />
<span style="font-size: large;"><br /></span><span style="font-size: large;">It was no small estate, according to a tax census in 1498, it was 150 acres or 60 hectares (sqm 600,000). It is now run by a local winemaker that has restored the original house where this fine and timeless book was written. The literal translation of the name means crossed nails, from the same cross Jesus Christ died upon. After 14 years of previous experience, this is basically a job application. Many of the best accepted lessons are now widely known like "the end justifies the means". Other pearls of wisdom have also spread far and wide. It is best to remember that there were no European nation states like </span><span style="font-size: large;">today, only principalities. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_NXc3gym6fP1d9pwiMUSsg0bIiEMbW_PpIR5Gr4MCND0hhGF5D-oj52lbYdCWrxubvtrx65b6XlEnfHyvDXzC7h1DEKyYBwJ2y906a5KMWEQT291j9UMgFv-l3d8oeW0haRi2yM1Kgyg8/s1600/aaaaPrinceJP.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="293" data-original-width="208" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_NXc3gym6fP1d9pwiMUSsg0bIiEMbW_PpIR5Gr4MCND0hhGF5D-oj52lbYdCWrxubvtrx65b6XlEnfHyvDXzC7h1DEKyYBwJ2y906a5KMWEQT291j9UMgFv-l3d8oeW0haRi2yM1Kgyg8/s400/aaaaPrinceJP.jpg" width="283" /></a></div>
<span style="font-size: large;">One noble family with a large land holding would dominate an area. </span><span style="font-size: large;">Rivals were</span><span style="font-size: large; text-align: center;"> everywhere and borders were very impermanent. As families intermarried or went to war, these borders expanded or contracted. </span><span style="font-size: large; text-align: center;">Politics were at best very basic. You could say anything you wanted, or do anything you wanted, but only if you had the ability to back it up with violence. You needed military backing in order to enforce your rule and helpful ideas. </span><span style="font-size: large; text-align: center;">Having a local home grown military was not always expected. If you had the money back then, then hardened mercenaries, especially from Swiss cantons were often hired for enforcement duties. Leaders were free to rule as long as they had they might to make their own rules known. The top 10 lessons for any leader today in any nation are in fact timeless, and can be adjusted to today's modern world be it economic or political. My personal favorites are listed below:</span><br />
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<span style="font-size: large;"><br /></span><span style="font-size: large;"><b style="font-family: arial, helvetica, sans-serif;">The Top 10 Takeaways from this book that really impact any reader are:</b></span></div>
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<span style="font-size: large;"><br /></span><span style="font-size: large;"><b>1) Power is about the ability to change, power unused is power wasted. (Do not talk about a plan, just get it done)</b></span></div>
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<span style="font-size: large;"><b>2) Once in power, make change immediately without delay. (Fire everybody you hate in the first day, then everybody left will feel better and more focused once they know they will survive)</b></span></div>
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<span style="font-size: large;"><b>3) You win power because you are in the right place at the right time. (Never think you are just better and deserving)</b></span></div>
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<span style="font-size: large;"><b>4) It is better to be feared and respected than loved. Unpopular decisions force this to happen (Get used to it)</b></span></div>
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<span style="font-size: large;"><b>5) Dress like a leader, look the part everyday, not just occasionally. (Presentation is a major part of power)</b></span></div>
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<span style="font-size: large;"><b>6) Confrontation is a part of power. Keep an eye out for fights with your enemies. (The loser may become your friend)</b></span></div>
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<span style="font-size: large;"><b>7) Being in power means you tell your own story your own way, in your own time, the way you want.(No need for any filters)</b></span></div>
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<span style="font-size: large;"><b>8) When powerful leaders make a mistake, fix it quickly without delay, never let it linger. (You solidify loyalty faster)</b></span></div>
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<span style="font-size: large;"><b>9) Never expect the best forever, do not trust luck. Luck will always run out. (You never keep power over time just because you are lucky)</b></span></div>
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<span style="font-size: large;"><b>10) Never change your mind. Make decisions early, never sit on the fence. (Power needs to be projected clearly and constantly)</b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="color: #222222; font-family: "arial" , sans-serif;">These are just a small list of favorites. The whole book gives many more and illustrates the contexts around them. The mental mind set of true power is very key. It is amazing to think that leaders over time, have had to figure out so many basics on their own, when this author figured them out and explained them so well 500+ years ago. Well worth a read, and worth many more reviews in the years to follow. Kingdoms that do not change and adapt, wither and die. (Companies seem to be similar) All are words to remember by a great thinker and observer. </span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Highly recommended!</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a><br />
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-38683375691441601242022-04-09T16:06:00.001+09:002022-04-09T16:06:12.443+09:00Friday Feature Book Review: Rich Dad Poor Dad (Millionaire Mindset) by Robert Kiyosaki 金持ち父さん貧乏父さん: ロバート・キヨサキ ( 起業家になる方法 )<div style="color: #222222; font-family: arial, sans-serif;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFvog2G0y9DiqGYs4D7F2NZVujXKegfc5euy9DWmIr_OlOvCkmg2SzsBcmoKf0FpVrBy6XNVlTvm0wAhWzvE3tsMW9b0jL2dDcyxEzxW9oxd2VSyBQmBx2tVDgfg2ehJZzCcdyXZG2UjUx/s1600/aaaRichDad.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="287" data-original-width="176" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFvog2G0y9DiqGYs4D7F2NZVujXKegfc5euy9DWmIr_OlOvCkmg2SzsBcmoKf0FpVrBy6XNVlTvm0wAhWzvE3tsMW9b0jL2dDcyxEzxW9oxd2VSyBQmBx2tVDgfg2ehJZzCcdyXZG2UjUx/s400/aaaRichDad.jpg" width="245" /></a></div>
<span style="font-size: large;">This book explains the winning mental attitude needed towards wealth & opportunity. It explains how to think in order to be a true entrepreneur. Set in Hawaii in the 1950s & 60s, it is the true story of 2 influences from the author's past. His own father is a well respected teacher. A union loving man of the government system. His alter ego father is a private investor and risk taker who never went to college. This long time best selling book is about the mindset needed for a comfortable future with money. It explains the entrepreneurial view needed to see opportunities all around you everyday, no matter where you are. </span></div>
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<span style="font-size: large;"><br /></span><span style="font-size: large;">An important part of the story is about how "a nobody" in Hawaii's establishment, without a university education, can save, invest and become "a player" when the timing presents itself. This is his "Rich Dad" influence, a best friend's father. His real father or "Poor Dad" is unhappy with the economic system he has been educated by. He feels cheated by his lack of wealth despite a university PhD education. He does not take risks, yet feels that he should have these risk rewards. It is a mindset that he is trapped by. The main character tries to see both as being worth understanding. They represent the many and the few, and he tries to figure out why. Ultimately, he is trying to decide which career path to take himself.</span></div>
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<span style="font-size: large;"><br /></span><span style="font-size: large;">Some of the concepts that he tries to pick apart includes housing ownership. If you buy a house, is it really an investment? His Poor Dad thinks so. We then learn from Rich Dad that it can be if you pay in cash, but if you fail to pay the mortgage, it is not. He boils down many complex concepts into very simple observations. My favorite is so seemingly simple. Rich Dad states, "an asset puts money in your pocket, a debt takes some money out". With this simple definition, is a private house really an investment? If you rent it out, it puts money in your pocket, if you rent out a room, that would too. However, if you just pay your mortgage, loose your job, and then the house, how can you best view that same house? Is it really still an asset then or just a debt?</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGA95F2As6LTTh5c-X8-pYb1yyZgkIVyLlpnLOlKaYgzBrnvj1-z3cnu7U7OO5LhyphenhyphenlEfskUtyXx_GmfB0aJlyn0xFSSTRnSXssMJJN-kRGnfxKTQDuLfwn0TgqS0M-gvX5xgW2A6PiOQTK/s1600/aaaaRichDadjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="276" data-original-width="182" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGA95F2As6LTTh5c-X8-pYb1yyZgkIVyLlpnLOlKaYgzBrnvj1-z3cnu7U7OO5LhyphenhyphenlEfskUtyXx_GmfB0aJlyn0xFSSTRnSXssMJJN-kRGnfxKTQDuLfwn0TgqS0M-gvX5xgW2A6PiOQTK/s400/aaaaRichDadjp.jpg" width="263" /></a></div>
<span style="font-size: large;">The whole book makes you question a number of assumed truths that may be worth questioning. As young kids growing up in Hawaii, any kind of entrepreneurship is rare. It needs a way of seeing opportunities sometimes right in front of you, that needs to be explored. It is a skill that needs to be learned and relearned constantly. Just because you have eyes, not mean that you can see, and in this case it means profitable opportunities are all around you. </span></div>
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: transparent; color: #222222; font-family: "arial" , sans-serif;">The two best friends like comic books, and always hang out in the local drugstore reading them. When Rich Dad tells them to keep their eyes open for opportunities, they finally "see" new business opportunities that cannot be shown by others. They discover that unsold comics get the cover ripped off, returned for a cash refund, and the rest is discarded as waste. This is the base of a new idea. A possible business.</span></span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a very easy way of figuring out an asset or a liability. An asset puts money in your pocket, a liability takes it out. By that simple definition, a home you live in, and pay a mortgage for, is not an asset. It may be more of a speculative option.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The education you have is only a basic starting point. Lifelong learning needs to continue. There is always something new to learn. You are never an expert forever.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The classic fable of the tortoise and the hare can be found in business. Long term savers and investors can build great wealth over time. Reinvesting profits and not "living the life" is what can get you rich more often than not.</b></span></div>
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: transparent; color: #222222; font-family: "arial" , sans-serif;">To the two boys, finally they see that these coverless comics could be rented to other boys for a fee, who just want to read the stories, so they think about opening a comic lounge. </span></span><span style="color: #222222; font-family: "arial" , sans-serif; font-size: large;">By renting out space for young readers, for a fee, while using "the free inventory" of discarded comics, they create a new business opportunity. They become entrepreneurs even though both are less than 10. This way of seeing the world is what they discover. As a reader, you learn to observe and finally see business opportunities all around you. It is well written and well explained. Many ages can all benefit from this great best seller. </span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Highly recommended!</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-16759525672586590632022-03-25T21:46:00.008+09:002022-03-25T21:54:07.832+09:00Friday Feature Book Review: Ugly Americans (Ivy Leaguer Dealers Making Millions) : Ben Mezrich 東京ゴールド・ラッシュ: ベン メズリック (バブル時代の物語)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbDZ7bHqcZW1Pqap3EaKNVLJVG1pBc4XBqjdNF8tpFrHbXoBtewpdbBSZDAYLbJuIJ54_VF5-oXeXQ4EZH9GjLgwbO-C5RiI8oPIDaTrJ2N9fUHcL975XDL-TwSe7Zo2XYQh-DEiqM7h6X/s1600/aaaUglyAmericans.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="277" data-original-width="182" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbDZ7bHqcZW1Pqap3EaKNVLJVG1pBc4XBqjdNF8tpFrHbXoBtewpdbBSZDAYLbJuIJ54_VF5-oXeXQ4EZH9GjLgwbO-C5RiI8oPIDaTrJ2N9fUHcL975XDL-TwSe7Zo2XYQh-DEiqM7h6X/s400/aaaUglyAmericans.jpg" width="262" /></a></div>
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The bubble days of Japan, had a winner, in fact, a very big one. Back in the mid 1990s Japan's economy was just past its peak, and a few could still make a fortune from the Nikkei Index 225. One of these new traders is our hero. John Malcolm is an Ivy League US football hero who went to Princeton free on scholarship for his athletic abilities. He made it as far as an NFL pro team try out with the New York Giants, but was too small to make the final cut. What do you do when your football dreams end? If you come from an Ivy league college, you find new dreams, as in "mounds of money" dreams only found on Wall Street. New York Times Bestseller Ben Mezrich, certainly knows how to spin a fascinating tale.</span><br />
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">At least our hero had one real shot. It is often who you know, not what you know. As part of a special football exhibition game in Japan, he runs into a fellow Princeton alumni now working in finance, doing "derivatives" in Tokyo. "Give me a call if you football journey does not work out". A year later, after graduation, that call takes place. How is "Friday for you?" As it was Wednesday in New York, he said "fine". Great, there will be a plane ticket waiting for you at JFK airport. Just like that, no real harcore interview, he was on his way to Osaka, not Tokyo, for a career in financial derivatives. If only financial careers were that easy for all.</span><br />
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Tokyo & Osaka back then, were pretty wild and fueled by bubble times money. Jason Akari, a fellow graduate from Princeton, meets John at Itami airport, and shows him the ways of Index Arbitrage for Nikkei 225. This is before high frequency trading and the cloud. If you wanted to deal, you got on the phone. Margins were "truck wide" and the biggest price differences between Osaka and Singapore which also ran Nikkei futures, were a gold mine for traders arounds the world. The futures pit however, was hardly easy, even in Osaka. He needed his athletic background to make it in the Nikkei pit, just to survive. Concentration and focus from his football days came very handy indeed.</span><br />
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6dngqZ3nZbmT3zeURAupKJdBWdXwgS3iEBD9mvzg9rLjMXk37Mp7Z7rM9aCap8ZTbypylyhaK9QOihmbW-7-EKxIRNPgEzclOx8vxwF5QzZko_BQFaczeU9gsDUj9zzGSAncGEMM4PBD4/s1600/aaaaUglyAmericansJP.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="276" data-original-width="183" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6dngqZ3nZbmT3zeURAupKJdBWdXwgS3iEBD9mvzg9rLjMXk37Mp7Z7rM9aCap8ZTbypylyhaK9QOihmbW-7-EKxIRNPgEzclOx8vxwF5QzZko_BQFaczeU9gsDUj9zzGSAncGEMM4PBD4/s400/aaaaUglyAmericansJP.jpg" width="265" /></a><br />
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The fun never ends after market where big deals, big bonuses, and big hangovers are all usual daily hurdles. This is the same timing of Nick Leeson, formerly of Barings Securities, made famous when the Nikkei was a major market mover and few wanted to get in the way of any major move. The first day on the job, has our hero putting on a USD4 million dollar trade on his first time out. More money than he could ever need, enough money to retire on, he thinks. That was the thought of a newcomer to the markets. </span><br />
<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The market continues to change and evolve. Today's traders in 2017 may find the software changed and faster, but the basics remain the same. The story goes on to amazing opportunities in an amazing market of financial excess. All is realistic and all sounds so attractive, if you share that cowboy mentality of a young dealer willing to take on the world as it was then.The learning curve is steep and full of difficult to understand twists that make no sense to those used to a New York mind set. Such is life far away in a land called Japan. All of these stories are in large part true, with the names changed to protect the innocent or many more less so.</span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot of economic history in Japan when it comes to commerce. Osaka, not just Tokyo, has had a long history of businesses making a lot of money over time</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The value of the Japanese yen is high for many countries. The nightlife in major cities is a large portion of the economic GNP of any nation like Japan.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The gangster element of Japan has many tentacles in many businesses. This was more the case in the past but still the case now. It may not be seen, but is still clearly there.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">Any reader of this great novel will find it nostalgic in many ways. It is a time when yesterday's PCs had a lot less speed, just when Windows 95 was rolling out. Mobiles were just coming out and were not smart. This is even before Blackberry. The nightlife of Japan with its bars, strip clubs, massage parlors and brothels are still around, but now less vital today compared to the past. The worklife & nightlife scenes are all very authentic for its time. Tokyo & Osaka certainly had some crazy wild times in the heyday, but so did New York or London. Nothing has changed or everything has changed depending on your point of view. The hero is a real life hedge fund manager today, but what parts are true and which are less so? Many love to speculate. No matter if you lived it or not, it all rings very true and is a great relaxing fun read. Highly recommended!</span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-36422536464555968342022-02-04T23:46:00.003+09:002022-02-04T23:46:29.260+09:00Friday Feature Book Review: The Indian Renaissance by Mr. Sanjeev Sanyal インド経済のルネッサンス: サンジーブ・サンヤル<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEM2RKB_Z3isaT8ExTo3TEa2JozC1ugk9KFdlbHm5aU8VOAzCjeMOtj2zFJHzbtMNdB3CpSuHjwE8Q7hRTdzaSWkuu69GrkG6RBnzsJ5l86ED7SBRsyOpST2eno1MVRj1ltqaF0BOm5OXt/s1600/aaaaIndianRenaissance.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="278" data-original-width="182" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEM2RKB_Z3isaT8ExTo3TEa2JozC1ugk9KFdlbHm5aU8VOAzCjeMOtj2zFJHzbtMNdB3CpSuHjwE8Q7hRTdzaSWkuu69GrkG6RBnzsJ5l86ED7SBRsyOpST2eno1MVRj1ltqaF0BOm5OXt/s400/aaaaIndianRenaissance.jpg" width="261" /></a><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Recent economic summit events involving the US, Europe and China dominate global news. India used to be a player, and now seeks to regain its former lost ground economically. This is a deeply researched book equal to the Economist Magazine, The History Channel or Wall Street Journal. Foolishly, I have only read about the "IT rise of India" type stories. It would be better to describe these same headlines as "the return of Indian economic power". I did not know much about Indian history before British rule, and I learned very critical insight about its roots. For example, at the time of Jesus Christ 2000+ year ago, India's economy made up 33% of global GDP, China was only 26% and Europe just 21%. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">At that time, the Roman Empire was just consolidating and spreading far and wide. The world's dominant economic superpower was India. Ships and trade made up a lot of this wealth, and gold was a key currency of exchange. The power of Indian traders was extreme, and the amount of gold that it brought into India was so huge, that it worried the Roman Emperor. The outflow of gold was so high, that they had to discourage the import of many Indian luxuries in order to <i>stem the outflow</i> of their Roman gold! I had never read that ever before, and it opened my eyes to India's economic power in the past. I have been historically ignorant with past market economies. I should add, it is not the first time. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">I find the learning of such a currency crisis in gold, true capital flight from Rome into India over 2000 years ago, to be amazing. Economics have been around for a long time, and the author Sanjeev Sanyal, does a great job of bringing a very clear view of how strong India was, and remained so for 1000 years. He later explains how it went inward in direction, and declined for the following 1000 years. He makes a firm case that two dates in recent memory are turning points. 1947, India's independence from the British Empire and 1991, when it began long overdue and badly needed financial & economic reforms. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The year 1991, was fortunate as it came about at the same time as the internet itself. India's entire global dominance of overseas call centres, and other outsourcing functions would never have happened if these economic reforms were not in place. It was never a case of the internet spreading freely within India, and being allowed to take off all on its own, as if something purely by chance. It was planned and fully supported once key Indian entrepreneurs were allowed to do so. They were encouraged to take risk, and build global businesses never seen before, using a new internet backbone for various new online products and services. </span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot of economic history in India that goes back over thousands of years. The long coastline of India has been at the core of commercial trading. This has often run in parallel with China trade over centuries.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The value of gold in India has been greatly valued for over 3000 years. The Roman Empire was in fact in fear of the economic power of India. It caused a gold currency crisis, and suffered huge capital outflows.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The capital markets are always driven by innovation, and India and been both a victim and a protagonist. Political change has been open, then inward, and now more open again in recent years. The Internet boom really aided this recent renaissance style with IT outsourcing.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , sans-serif;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">Any reader of this great book will be more sensitive to the current leader Prime Minister Modi's impact. Going forward, it will help any reader to anticipate many new directions. It was well worth the read, and gave me a foundation of comfort that sees a bright economic future in India's new renaissance. Perhaps it signals a new cycle of dominance for another 1000 years? Time will of course tell, as history often repeats itself. </span>This book was very eye opening and very engaging in both economic and historic senses. </span></span>Highly recommended!</span></span></div>
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</div>TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-38950361513565263502022-01-28T23:58:00.003+09:002022-01-29T00:10:54.106+09:00Friday Feature Review: The Quants by Scott Patterson (Math Algo Geniuses) ザ・クオンツ: スコット・パタースン 世界経済を破壊した天才たち (数学アルゴ天才)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk48SZM4CxFB_AsLLVcdbxztXzO6-JjDLIhxUUvPayNJDyNkBhmpiE-fr18Emq1Da8jrq9ORzVhP7zVmynbRnVIvS0ZqhSs1iqHLs5TLcdCBjHJw0U6lLVoQQTybbsqO4dt-E3-PPJqtMS/s1600/aaaTheQuants.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="266" data-original-width="189" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk48SZM4CxFB_AsLLVcdbxztXzO6-JjDLIhxUUvPayNJDyNkBhmpiE-fr18Emq1Da8jrq9ORzVhP7zVmynbRnVIvS0ZqhSs1iqHLs5TLcdCBjHJw0U6lLVoQQTybbsqO4dt-E3-PPJqtMS/s400/aaaTheQuants.jpg" width="284" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">I first thought this book would be dry, but I was very wrong. It reads like a mystery thriller in many ways. It is a great quantitative finance backgrounder for anybody wanting to know how hedge funds and investment banks moved into the quant space. Citadel, Renaissance, Morgan Stanley's PDT team or the Global Alpha team at Goldman Sachs, are all explained in great detail. You get to know who the key people have been who have driven trading to new levels. They have extraodinary stories and very unique personal backgrounds. Curiously, poker seems to be a theme that is repeated, and ties many of them all together. Clearly numbers are a passion to many of the key quant traders. I do not think this is a learned habit, but comes to a few very naturally. </span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The true titans of quant trading are real human beings and they are all driven to succeed in various ways. Edward Thorp is a key early figure who may have started this new computerised money stream. He began by playing poker and counting cards with the mathematical accuracy of odds making. While at MIT he created a poker betting system that worked and later wrote a book on it. It was called "Beat the Dealer" and has inspired many other quants who have a similar dual interest in quant mathematics and poker. Many other inspiring quant backgrounds are also profiled all throughout the book. </span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">They include Peter Muller, a California boy who created PDT (Process Driven Trading). This was the internal quant hedge fund team within Morgan Stanley that generated billions is P/L for the firm. Cliff Asness worked at Goldman Sachs in the Global Alpha team, but left to start his own quant firm called AQR that now runs over USD180BN in AUM. Boaz Weinstein started as a credit derivatives trader within Deutsche Bank and was blessed with being in the right place at the right time. Although he always was focused on finance and had an internship even in high school at age 17. He started young and created Saba Capital after he left Deutsche Bank. It now runs over USD1BN in AUM.</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNfWwvOS6qCT-DIERRIVoEq5YCuhqS9jc0dhHAMPm2tYedxLC4AoET_Txrudi08a7nThYCf3AuVvkZFbPKCI5gcxnaLCGqi12Z-u23TixJpSW36r2-_NpbnM3BUXSoRcSFyPiG9NbKnEf2/s1600/aaaaTheQuantsjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNfWwvOS6qCT-DIERRIVoEq5YCuhqS9jc0dhHAMPm2tYedxLC4AoET_Txrudi08a7nThYCf3AuVvkZFbPKCI5gcxnaLCGqi12Z-u23TixJpSW36r2-_NpbnM3BUXSoRcSFyPiG9NbKnEf2/s400/aaaaTheQuantsjp.jpg" width="281" /></a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Jim Simons, the code cracker from the US government left academia and started his own firm Renaissance Technologies with a very unique style with over USD100BN in AUM. Unlike many others, he prefers PhD staffers with NO financial background. Why teach great minds to "unlearn" any financial viewpoint, just start them fresh with an open mind. Ken Griffin, wanted to learn about the stock market as a child at age 12. He traded from his dorm room at Harvard and created Citadel Investment Group straight out of college. This was due to his ability to figure out convertible bond arbitrage and the profits waiting to be made. He now runs over USD26BN in AUM. Clearly there is no shortage of variety in the personalities of these quant entrepreneurs.</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;">There is no secret to making money in the end. The pure quant goal of finding "the truth" or ultimate money making program is like a mirage, and is forever on the horizon. A lot of work is needed to think of, conceptualize, plan, practice and test before going live. It is a never ending process that never ends. Markets themselves change, so no perfect quant program can ever exist. The individuals who started quant trading and those who continue today are driven people. They are outliers and can never be considered ordinary in attitude. They need to find the number. It is in their nature. They do not seem to compromise or just leave it until later, whenever that could be. </span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot of history to the quant space going back to the 1960s when computers first began to spread widely. There also seems to be a direct link between poker and the motivations of many of the key quant founders. </b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The value of quant trading brings together the power of a single computer program instead of a dozen trader minds. The leverage of this potential only gets higher with every new more powerful computer. There is no limit to its improvement over time.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The capital markets are always driven by innovation, and quant trading has already found its place. From now on, how much of any manual trading will be left in the hands of humans, is the only real unanswered question. The power of trading algos can only refine itself over time.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , sans-serif;">The main point that needs to be understood is that quant trading has its place, but is imperfect by its very nature. Past behavior may repeat itself, but not always in ways that seem logical. Accepting the imperfect is needed by even the best quants. Perfect storms do exist within financial markets. Black swans are a reality. Never, is a very long time for many, but so called "one in a million events" seem to happen more frequently than may quants can sometimes accept. Two of the biggest worries that the author makes in 2010 are about the future. Would crashes happen quickly, as in within 5 minutes? Well, flash crashes and the end of Knight Ridder proved that would be true. The second was about the ETF liquidity crunch. Is this the next bubble that will pop from leverage? Time will tell. Quant finance has its place and serves its function well most of the time. Overall 99% is a pretty good number to me, even if it is not 100%. I see and fully accept any quant market P/L value, and do not worry about the missing fraction, but then again, I am not a quant. This book was very eye opening and very engaging. </span></span>Highly recommended!</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-26853773949798426132022-01-07T23:19:00.002+09:002022-01-07T23:19:18.933+09:00Friday Feature Book Review: " Money Mavericks" (Hedge Fund Startup Story) by Lars Kroijer マネー・マーヴェリック―あるヘッジファンド・マネジャーの告白 (ヘッジファンドのスタートアップストーリー): ラース クロイヤー<div style="font-family: meiryo;">
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxf8IZ9ygQZOmHN4BkqNj2kB_JHrbxNpunLR42W0sFdzdAVwBgDJLrENx-3VqkBKvi5WaZCUUMY361PbCiTTC6mm0u4MJWRWbpOxlFf-1dkcQG-GvMhMm2lTVsvcbh8CxK4msj4XpUkQNv/s1600/aaaMoneyMaverick.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="475" data-original-width="317" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxf8IZ9ygQZOmHN4BkqNj2kB_JHrbxNpunLR42W0sFdzdAVwBgDJLrENx-3VqkBKvi5WaZCUUMY361PbCiTTC6mm0u4MJWRWbpOxlFf-1dkcQG-GvMhMm2lTVsvcbh8CxK4msj4XpUkQNv/s400/aaaMoneyMaverick.jpg" width="266" /></a></span></span></div>
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;">This is just pure gold. This is a truly awesome hedge fund diary. Without doubt, this is the most honest "true confession" of how to build a hedge fund, ever written. It is a warts and all explanation of the drive, hassle, envy, self doubt, family stress, vindication, satisfaction and acceptance in defeat, of a full roller coaster of emotions that any entrepreneur faces. The book reads as a step by step how to manual of all of the steps needed to set up a hedge fund from scratch in London. It would fit any hedge fund, but also any FinTech style startup so popular now as well.</span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;">It explains in extremely clear and professional detail, every aspect of a start to finish hedge fund creation. </span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">"If you can do it surely, anybody can" was the one quote that the author's friend said that I will never forget. Not the comment of a winner or a closer in my view, just a critic. That kind of friend would not be on my Christmas card list, ever again.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">I only wish there was such a book in existence 15+ years ago, when I first entered the industry, I could have saved a lot of time getting up to speed. Such is life, and that is where we are. At least we have this great "how to" hedge fund manual now for other startups to follow. There may be a few differences in the setup procedures between a hedge fund in Europe vs the US, or even Asia, but they seem minor by comparison. With the amount of offshore legal structures out there, there are more similarities than differences. As someone similar who has built and maintained a business, there were many aspects explained that I also agonized about. I could share business building experiences with many of the events written. </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD5Aj4KHhyphenhyphenogKLMqxR3L1eskMeK66vIQ8D7c292AepX2x09GVg1XB9TlOAlMzqRBIUfYzlh62K_pBR3EFOeZcRGfL86W7nxCZRA2A-oHIWpcuXBwYR8YH191wYWeM5Ts1PIf1BB_stD_rn/s1600/aaaaMoneyMavaricksjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD5Aj4KHhyphenhyphenogKLMqxR3L1eskMeK66vIQ8D7c292AepX2x09GVg1XB9TlOAlMzqRBIUfYzlh62K_pBR3EFOeZcRGfL86W7nxCZRA2A-oHIWpcuXBwYR8YH191wYWeM5Ts1PIf1BB_stD_rn/s400/aaaaMoneyMavaricksjp.jpg" width="280" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;">There was a time window when many with the right abilities at the right time, were lucky enough to succeed quickly. However, as we adapted to the post Lehman crisis world of hedge funds, top tier returns have suffered, so where is the next step forward? Redemptions and inflows have moved on to the larger names, not the new startups of late. Would Ken Griffin be able to start Citadel today? Would George Soros? My bigger question is what qualities will be needed to succeed in the coming wave of hedge funds in this post China peak, and Abenomics world of rising Federal Reserve interest rates? </span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-size: large;">Risk appetite from investment banks must go somewhere, and this is a great insight into what any new aspiring hedge fund manager needs to review before winning in the next wave. This is extremely satisfying for the entrepreneur wanting to start a fund in the US, Europe or Asia. All of the lessons are spot on and so clear. I could not put it down due to the very candid, and openly revealed truth in every page. These are the author's insights that are often kept secret for too long, and shared only with a few trusted professionals.</span></span></div>
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about setting up a hedge fund. Legal details never seem to end. Service providers may seem complicated, but it comes down to a solid foundation at the start. Operational risk is a key part of hedge funds today. </b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The integrity of hedge fund returns being higher than market average has been suspect recently, but gets more clear when explained by an expert. The grey zone seen by outsiders can be easily removed once you read this book.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The capital markets are always driven by many factors. Hedge funds serve a need and have a place. Investors seek out those returns, but these flows go in cycles. Right now large size firms seem to dominate. However, like any market, this could change, and fast.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , sans-serif;">There is no secret though, luck has to be behind you. If the market is able to get traction and is in "risk on" mode, you can succeed. If not, you just have to wait until the market window is ready, no matter how good you are or how high your personal alpha is. </span>Market prices in London, where this is set, or anywhere else, can actually replace difficult thinking or debate about more difficult questions. The reality of markets leaves it mark on the global economy with any hedge fund set up in London or elsewhere.</span> Highly recommended!</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-76269022164295728012021-12-30T19:28:00.000+09:002021-12-30T19:28:32.094+09:00Friday Feature Movie Review: Arbitrage: Richard Gere (Hedge Fund Thriller!) キング・オブ・マンハッタン : リチャード・ギア (ヘッジファンドのスリラー!)<div style="font-family: "ms pgothic";">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzUMGVBLpaqgPXro5fb54f15d70YyPsO-b9h6TL1xhlAup0PPEjv8NyYM_LGAa_SvSAFDKV3Mx8piIuqvjvTDWfUcSNHblxPeegN14eKu2yZO6xkQ3YLYlqLUqquq68YoPwINsljlCjn4O/s1600/Arbitrage.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1143" data-original-width="800" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzUMGVBLpaqgPXro5fb54f15d70YyPsO-b9h6TL1xhlAup0PPEjv8NyYM_LGAa_SvSAFDKV3Mx8piIuqvjvTDWfUcSNHblxPeegN14eKu2yZO6xkQ3YLYlqLUqquq68YoPwINsljlCjn4O/s400/Arbitrage.jpg" width="278" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Money, Sex and Power are all here. Our hero is a hedge fund manager wanting to sell his business. Nothing wrong with that, but he <i>has</i> to sell. That is never an easy place to be. Life is good at the top, but when a mistress ends up dead, and the police start asking questions, life even at the top of finance, gets complicated.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Richard Gere plays the patriarch of a family owned investment firm. It is large and well established like the Gabelli Funds, but without the brightness of a younger generation. We first see the public face on CNBC and other channels, but his life behind the scenes is not for public viewing. Manhattan is full of flash and affluence, but the people serving the rich, are also part of the same world. Good people you need to rely on. Loyalty from long-term staff can never be overestimated. It can even be life saving.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">There seems to be a hole in the balance sheet, not a stolen money hole like Madoff, but more a funding hole caused by Russian markets. It is a big gap that needs to be filled by a Ultra HNWI loan. Help that gets frustrated when the 2 week period takes longer longer than expected to repay. When trying to pass a final audit, that kind of loan is the type that is best not found.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGK9C9y2-7Mp4Lilk1mToO45Ur0rFSD7-deRWsZfOnj6lDikOzjw4D-HiYDZjeFJY6x7mUDdwpN59PACKwE-YDNjskYYWLziV4hBVNVcbTTUKhZBfmXnVFZsMnLGzpIiBcJhAj-BzfLxAY/s1600/arbitragejp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGK9C9y2-7Mp4Lilk1mToO45Ur0rFSD7-deRWsZfOnj6lDikOzjw4D-HiYDZjeFJY6x7mUDdwpN59PACKwE-YDNjskYYWLziV4hBVNVcbTTUKhZBfmXnVFZsMnLGzpIiBcJhAj-BzfLxAY/s400/arbitragejp.jpg" width="282" /></a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">How can you sell after an audit investigation when the accounting books are questionable? Drama and tension continue all through this story, and never seems to let up much. It may look wonderful from the outside, but the life of this hedge fund manager, at the center of the story, is far from comfortable, and never easy.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Susan Sarandon plays the wife, poor in the early days like her equally hungry husband, but monetary success came ultimately. She was tolerant of affairs as the money came, but everything has a limit. When cash flow trouble over a medical charity donation gets delayed, a backup plan begins. </span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">It is every money manager's worst nightmare, a divorce lawyer, with no pre-nup, enters the story. That is true fear when you are over 60, a founder trying to sell, looking at a retirement exit, and not getting much room to maneuver. Major markets can be scary when you need to make money, not just desire to do so. Emerging markets can also be the most scary due to unexpected events. Every experienced market player knows those risks, and often has the scars to prove it.</span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be a long-term successful rainmaker, and no single profit stream with last forever.There is no single way to success, so keep open to every new trading opportunity.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best rainmakers know how to make money and keep doing what they do best by observing key decision makers and possible patterns. Knowing what buttons to press to close a deal at the best price is the EQ magic that many lack, not IQ, that only gets you to the table.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) When becoming a successful rainmaker, your emotional strength from family at home, may help you perform on deals at work. Every person has a personal life, so the more empty or fulfilling it is, the more that can creep into personal performance. It cannot be denied.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;">The police detective played by Tim Roth, is spot on. He brings the most raw and tasty character to this big screen movie. There are many curious moments in this New York financial story when he is on camera. The old style face to face sale of the firm and how it goes down, is classic and very much old school. If you get a chance to watch it, it is worthwhile viewing. </span>Highly recommended for all staff at an investment bank, hedge fund or asset manager. It is all realistic, and portrayed wonderfully by an excellent cast</span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">An amazing movie that is perfect for the holidays, highly recommended!</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, </span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">services and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance!</span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-88221706884258913352021-12-24T18:04:00.001+09:002021-12-24T18:04:34.524+09:00Friday Feature Film Review: The Family Man (Finance Christmas Special!) : Nicholas Cage 天使のくれた時間 (金融のクリスマススペシャル!) : ニコラス・ケイジ<div style="color: #222222; font-family: arial, sans-serif;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtSIM3TibC1aQiwy_c71bI5iUGutDOh6VdGiZ5Ua4FirybKSce4QZAwixPN2CQCRLDjFKTl0sYXSzHtdcnQNzXVpqMBu7yqej_lprv5q0aUvr6cD2eoiPeqGndt5KN1fWwjxpiiqsZ-l1u/s1600/aaaFamilyman.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="746" data-original-width="535" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtSIM3TibC1aQiwy_c71bI5iUGutDOh6VdGiZ5Ua4FirybKSce4QZAwixPN2CQCRLDjFKTl0sYXSzHtdcnQNzXVpqMBu7yqej_lprv5q0aUvr6cD2eoiPeqGndt5KN1fWwjxpiiqsZ-l1u/s400/aaaFamilyman.jpg" width="286" /></a></div>
<span style="font-size: large;">It is Christmas eve, and the M&A transaction must still get done, a deal close meeting is set on Christmas day, but the staff are not happy. Nicholas Cage plays Jack Campbell, a Wall Street Rainmaker with everything that money can buy, except love from a family of his own. If only he made a different choice, his life may be different. A former girlfriend calls his office out of the blue, and a new twist in his normal life begins.</span></div>
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<span style="font-size: large;">He soon wakes up in suburban New Jersey, not New York City. He is in bed with Tea Leoni, his former flame and current wife with screaming children running around. How is that possible? A parallel universe shows him what could have been. He cannot believe he is now married with 2 kids and working as a tire salesman, but that is the life he now has. </span></div>
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<span style="font-size: large;"><br /></span><span style="font-size: large;">This is really a movie that questions the morality challenge of money & career vs family fulfillment. It is a fun film that tries to bring a mirror to the materialism that keeps many within finance happy in their possessions, despite the emptiness of a surrounding growing family and the ties that bind. Is this attraction to things just a temporary part of any human's emotional evolution? It is a timeless question with no clear answer.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje-oHGMdc2J3rNUPpsyp0_dLB1zoUC0dRBQzqsmjnqUABRJvi_86Gi2fYURB29YRgmxMPl4PSIXxYcFX0q8zPgZYtzxW5F0Mlt3IM9NyggNwClYgKacDJ3X1fl5Cb_hXqJ10zaJpFPzrlL/s1600/aafamilymanjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje-oHGMdc2J3rNUPpsyp0_dLB1zoUC0dRBQzqsmjnqUABRJvi_86Gi2fYURB29YRgmxMPl4PSIXxYcFX0q8zPgZYtzxW5F0Mlt3IM9NyggNwClYgKacDJ3X1fl5Cb_hXqJ10zaJpFPzrlL/s400/aafamilymanjp.jpg" width="282" /></a></div>
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<span style="font-size: large;">For many early in their financial career, yet to marry and yet to start a family, you will find the story basic. Those more senior than 30 or even 40, with the internal need to breed, will see this story in a very different light. It may make one uncomfortable with the lack of depth that money can bring in a career. You question what wealth is worth without the family love and bonding that grounds many in the world today. It may be a movie to avoid for those not quite sure on their life choice. Those who wonder if they have sacrificed personal relationships for careers of cash, may wonder if they still have made the best choice. </span></div>
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<span style="font-size: large;">The opening of this movie is around the Christmas holiday and the work vs life balance around deals at this time. All members may want the deal to happen, but not all have as much to lose at home. The emotional price that each member pays to work on that day varies enormously. The younger the member, the lower that price when single. Time is money shows itself to have another price tag for those with families at home. It can be a very high price.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be a long-term successful rainmaker, and no one answer will do. The more motivations you can find to close deals, the better. There is no single way to success, there are many, so learn them all.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best rainmakers know how to make money and keep doing what they do best by observing key decision makers and possible patterns. Knowing what buttons to press to get a decision is the EQ magic that many lack, not IQ, that only gets you to the table.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) When becoming a successful rainmaker, your emotional strength from family at home, may help you perform on deals at work. Every person has a personal life, so the more empty or fulfilling it is, the more that can creep into personal performance. It cannot be denied.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="color: #222222; font-family: "arial" , sans-serif; font-size: large;">Much of course depends on your personal definition of financial success, and the drive or core reason to pursue it in the first place. Beware to all those who may look at a financial career with less interest and more longing for the basics of life. Be warned of what you could really be feeling! A perfect movie choice for the Christmas holiday season. Highly recommended for all of the typical staff at an investment bank portrayed wonderfully by an excellent cast, and </span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">deservedly so. Made back in 2000, is holds up well, and is still a</span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">n amazing movie that is perfect for the holidays, highly recommended!</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-84602130342133157962021-09-17T23:46:00.002+09:002021-09-17T23:46:29.147+09:00Friday Feature Book Review: Billion Dollar Whale (1MDB Scandal):Tom Wright & Bradley Hope 10億ドルクジラ (1MDBスキャンダル) トムライト + ブラッドリーホープ<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi31DDedsa7j4Xsw5RN7gmOwQQ2d76Dlkso8_756H9qSPfuz5-rTp7T4Y_kI06GLcn-oeVxq8ZMN6e3NcWTRQcPR0nUgIaQZSnZbjiFbMifmiFaYgIEeRJWoHobwTpTvrb2KFH-eVTB-YjC/s1600/aaaBillionDollarWhale.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="300" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi31DDedsa7j4Xsw5RN7gmOwQQ2d76Dlkso8_756H9qSPfuz5-rTp7T4Y_kI06GLcn-oeVxq8ZMN6e3NcWTRQcPR0nUgIaQZSnZbjiFbMifmiFaYgIEeRJWoHobwTpTvrb2KFH-eVTB-YjC/s400/aaaBillionDollarWhale.jpg" width="300" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Successful Entrepreneurs and self-made Billionaires often have something to prove. The Billion Dollar Whale is the story of one such person Jho Low. Originally from Penang, Malaysia, the son of a local millionaire, he certainly had something to prove. Due to his father's wealth after a family owned business sale, Jho Low was given a top class boarding school education in Europe, and then Wharton for his MBA. This is where the story really begins. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">There is always another level of wealth once you see it from the inside. Unlike first generation wealth, multiple generation wealth & royalty have widely varying levels of wealth that millionaires will never reach. This gap is what Jho Low discovered at school. The main driver seems to be how can I grow not just better than my father, but well beyond to a Billionaire class? When some people say they are willing to do anything to reach their goals, they sometimes mean exactly that. Moral judgments have no value compared to some goals, and Jho Low shared this attitude. Everything was on the table, even fraud to get that level of wealth.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC-36Pw1eJVVmvjFpFdl30R6xZpQeb5Qxyd2jGOnmfhmVm28g6QnRMznjUv2bzQmDNO8SSrQ67N_FnCyyOiwV4Xacm6ketpdeIW3Rdf1MVKCa1YBDD5FoQZyU7ECi8ym3vjpzz9RinyPkq/s1600/JholowDiCaprio.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="750" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC-36Pw1eJVVmvjFpFdl30R6xZpQeb5Qxyd2jGOnmfhmVm28g6QnRMznjUv2bzQmDNO8SSrQ67N_FnCyyOiwV4Xacm6ketpdeIW3Rdf1MVKCa1YBDD5FoQZyU7ECi8ym3vjpzz9RinyPkq/s400/JholowDiCaprio.jpg" width="400" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is not the book I expected. Jho Low, is a wannabe billionaire. He lacks the core foundation or direct business experience needed to be a real founder. He did not build a business or have an innovative idea for a new product or service. What he lacks though, he makes up for with an unbelievable drive. He has an ability to see the big picture and execute on how greed can override reason. That ability to understand human nature and be laser focused on this weakness, is his genius. He grew up exposed to billionaire families via his international school education. Many others have done the same, but only he saw the potential to leverage who he knew, in ways that most of us could not fathom. He had a rare ability to both connect the dots and to do so with key people who could close a deal. He could always make those dots line up straight. He fabricated a heist, and then laundered the cash my mastering the weaknesses of the offshore banking system.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">By starting with a connection that knew the Prime Minister of Malaysia, he started his plan. By getting the backing of the PM for a new sovereign wealth fund called 1MDB, he began his journey. Goldman Sachs, via Tim Leissner, a top MD in Asia, helped raised further capital via bond sales. The total amount of debt from 1MDB totaled over US$7 Billion in the end! Most of it has since disappeared. Goldman Sachs were overpaid by many multiples in agent fees. This whole fiasco will soon be in US court and a large fine to the US SEC is expected. When the police raided prime minister Najib Razak's home, they found $274 Million worth of items. This included $28 Million in cash, 567 handbags, 423 watches, and 12,000+ pieces of jewelry. This certainly makes it easier to understand how $681 Million sent into the personal account of Malaysia's Prime Minister was not "a mistake" or even a "charity donation" from Saudi Arabia. This unbelievable story is a slow motion train wreck. It is fascinating, but revolting at the same time. Greed & corruption at this level is almost repulsive to the reader.</span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is no limit to ambition, even legal guidelines and moral judgments are self imposed. If you do not have a solid foundation of judgement, you will be lost over time.</b></span></span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) Even if you have the cash, being accepted as a Billionaire takes time and trust, not just money. Old money never accepts new money quickly, no matter how much.</b></span></span><br />
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>3) Making short term decisions quickly under stress, that will impact you long-term, are not helpful in life. Any large amount of cash you need to manage, should not be rushed.</b></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Hollywood can seem to paid for if you can afford the price. By bankrolling the "Wolf of Wall Street", Jho Low was able to break into the Hollywood movie seen pretty quickly. However, when you do not ask many basic questions as a producer, directors lose professional respect pretty fast. During the movie, they needed to buy and then crash a US$300K+ Lamborghini Countach in a scene. Jho Low said fine, but no experienced movie producer would allow that. They would force the director to use a replica and save on cost. Jho Low was never that savvy on such details, nor did he care. </span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">He showed this pattern in many similar ways.</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> </span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Curiously, when Jordan Belmont attended one of Jho Low's parties, he looked around at the spending and said"this guy stole the cash, nobody who made money would spend it like this" Strange coming from a fraudster who would know. Leonardo DiCaprio, Benicio Del Toro, Alicia Keys, her husband Swizz Beats, Jamie Foxx, Paris Hilton, Miranda Kerr, Britney Spears, Nelly, Ne-Yo and many others all pop into the story. It is amazing how big spending can open up doors in Hollywood.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-14970658966273609772021-08-14T18:23:00.000+09:002021-08-14T18:23:04.394+09:00Friday Feature Book Review: The Oracle Speaks: Warren Buffett in his Own Words by David Andrews ウォーレン・バフェット: 億万長者の助言の言葉<div style="color: #222222;">
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<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">This book is a great insight into the man, and to the point. Unlike Snowball</span><span style="font-family: "arial" , "helvetica" , sans-serif;">, </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Warren Buffett's recent </span><span style="font-family: "arial" , "helvetica" , sans-serif;">authorized biography published in 2008, this is a set of highlights. This book is just core hard facts, thoughts</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><span style="font-family: "arial" , "helvetica" , sans-serif;">and observations by the great investor himself. It comes across not </span><span style="font-family: "arial" , "helvetica" , sans-serif;">so much as a book, but a </span><span style="font-family: "arial" , "helvetica" , sans-serif;">collection </span><span style="font-family: "arial" , "helvetica" , sans-serif;">of important financial notes</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><span style="font-family: "arial" , "helvetica" , sans-serif;">or</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><span style="font-family: "arial" , "helvetica" , sans-serif;">guides from the world's richest man. They just serve as a great reminder to stick to the core basics, and maintain your investment principles no matter how much markets change in front of you.</span></span></div>
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<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">I really enjoyed the very simple text, and it's very easy to read writing style. In fact, I liked it almost as much as the pearls of wisdom shared on each page. </span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">In many ways, it is a collection of "the best of Buffett" quotes or observations. If you respect the "Oracle of Omaha", also known as the "Sage of Omaha" or the "Wizard of Omaha", then this is for you. You may also wonder if his personal code of conduct is also a core element to his investment success and proven time intensive process. </span></div>
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<span style="font-size: large;"><br /></span><span style="font-size: large;">He often seems to be judged by <span style="font-family: "arial" , "helvetica" , sans-serif;">the masses on </span>what he has said in public. Many of the quotes read like a list of insights into how to be a better investor. You wonder if without the great Oracle's <span style="font-family: "arial" , "helvetica" , sans-serif;">frame of mind, perhaps the same trade would not be seen, or recognized, or valued in the same way </span>by non-Oracles like him. He was born on August 30, 1930, and will turn 89 this summer. He was a newspaper delivery boy and started investing when he was 11, in 1941. Think about that date and what it means for the kind of mindset he grew up with. </span><br />
<span style="font-size: large;"><br /></span><span style="font-size: large;">He started investing after seeing the great depression all around him, and just when the military spending of World War Two kicked in. He is known for his frugality, and ability to deeply read all about the kinds of companies that he invests in. He has been able to see, via investments, the entire post war economic recovery of the US in global markets. He has also been able to pick winners around these developments and make a very comfortable living. Many other people in theory "could" have done the same, but few took the chance to do so at an early age. Time can be a solid friend with long term investments, and the older Warren gets, the more impressive his results do seem.</span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">There are too many quotes to pass on, but one of the most enduring is not easy to figure out. It is so contrarian, and almost unnatural in Wall Street, where herd mentality rule. Keeping your head focused when others are swept up with market momentum is no easy task. </span></span><span style="font-size: large;">His insight, "be greedy when others are fearful, and fearful when others are greedy" is quite profound. It is not the observation of a teenager, nor a day trading investor. It is the fully matured view of a long term player who has seen many cycles, will see many more, and profit from many of them. </span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Thoughts in this book are not just on investment or markets, but about life itself. This may be why the more quotes you read, the more you suspect that it is this rare grounded mindset that is what it takes to make winning investments. </span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"></span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about investment and there are no shortcuts that will bring any investor returns long term quickly or easily.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The impact of Benjamin Graham, his first financial teacher and influence, was deep and very long lasting. It makes you want to read about the original inspiration for value investing as a result.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The amount of deep research constantly needed to make a profitable investment decision cannot be overlooked. It is not that Warren Buffet is brilliantly quick, and can see opportunities faster than others. It is more that once he reads all there is, it is more clear to him what should be invested in.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222;">This is not a book to read once. You feel as if it is to be absorbed, not just read. It needs frequent reviews to make sure that you do incorporate all of the key points into any financial investment view. A very long term habit similar to the man himself, this book certainly satisfies the reader. </span> It is well written, smoothly edited, and a wonderful read for anyone in finance or not. Good solid sage advice. Highly recommended!</span></span></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-84432694041482362892021-08-07T15:11:00.004+09:002021-08-07T15:11:46.577+09:00Friday Feature Book Review: What Money Can't Buy (The Moral Limits of Markets) Michael J. Sandel それをお金で買いますか: マイケル・サンデル <div style="font-family: meiryo;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-V7Tnn3gDeEGsHWPr_ETmjLHArUn4Ixfi67uRAQ5PIB9uS6CcV2fNssiq-VscWBHnHMndC5VubjiBC3goUKhcbrWAipOKFhZgAL6K6TMqQhHrlJkrc9mhyPKbzR40p1A6qBJiqZ5PY-2t/s1600/aaaWhatMoneyCantBuy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="275" data-original-width="183" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-V7Tnn3gDeEGsHWPr_ETmjLHArUn4Ixfi67uRAQ5PIB9uS6CcV2fNssiq-VscWBHnHMndC5VubjiBC3goUKhcbrWAipOKFhZgAL6K6TMqQhHrlJkrc9mhyPKbzR40p1A6qBJiqZ5PY-2t/s400/aaaWhatMoneyCantBuy.jpg" width="266" /></a></div>
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Financial markets have been around for centuries, but is everything for sale? If it is, should it be? If we pay poor students US$2 per book, to encourage education in poor regions of the US nation, is it worthwhile? </span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">What ethics are missing from today's marketplace if any? Have we gone too far, or not far enough? </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Is it moral and does it reflect a society's values correctly? Are we using monetary incentives in a wrong way? Does a monetary incentive help to "jumpstart" students into a good reading habit? </span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><br /></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Alternatively, does it corrupt the student into thinking that all effort needs to be paid for. After all, that is how the real world works, even if the reading done had no quality of learning checked in the process. There are many grey zones where financial incentives are not always productive. Many kinds of companies and consumers enjoy purchasing products and services, but are they always worthwhile to even be offered in the market? The author certainly makes you think about the mentality needed for a long term healthy market economy. Corruption and exploitation may need a market filter of some kind, but who would or should be in charge of this regulation question?</span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><br /></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">If a citizen is jailed for an offense in Santa Ana, California, nonviolent offenders can accept the prison cell, or upgrade for US$82 a night. In some US cities, to encourage energy conservation and lower traffic congestion, car pool lanes were offered. A lone driver is legally not allowed to drive in a faster car pool lane, but if he or she pays a solo driving fee for US$8 each way, that driver can then use that special lane. Many couples who want a child, can have one of their own traditionally, but there are new choices. If they use a test tube approach, a third party surrogate mother can actually carry the pregnancy for a fee. Women in India, are willing to do so for US$6,250 for the 9+ month ordeal. Is this a valid service in the market today?</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvt2DfITFmxc96NyBiM7K1pDrUmFQBGppytaUvOakRW9CSy_uorIUOH4II778ul2MOPA5sO8zTDGCJ_TVJt2NZgGcydmBBvGIY1myki3gpqrgZf-0KbzDXNkbmZfqoLshUvCzkIzBsXoiP/s1600/aaaaWhatMoneyCantBuyjpn.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvt2DfITFmxc96NyBiM7K1pDrUmFQBGppytaUvOakRW9CSy_uorIUOH4II778ul2MOPA5sO8zTDGCJ_TVJt2NZgGcydmBBvGIY1myki3gpqrgZf-0KbzDXNkbmZfqoLshUvCzkIzBsXoiP/s400/aaaaWhatMoneyCantBuyjpn.jpg" width="269" /></a></div>
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">How does a citizen come to terms with such choices? How exactly should we see these choices? How should a good citizen make the right choice? Is there a set of concepts that all choices must pass in order to be considered OK in any market? There is a mismatch in some markets. Many people suffer from kidney problems and need a donor kidney. Many people die every year waiting for a kidney that never comes. Should a person who really needs a kidney be allowed to buy one? What is wrong with that market if there is a clear need? Again, would the seller of this kidney be doing so freely? A portion of these sellers may be poor and lack other economic options. Would they then be just exploited? Should we protect these poor people or allow them to benefit economically?</span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><br /></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">What is human dignity? Is it worth saving? What should not be allowed in the market place? Does the market have morals? Should it have moral limits? This book asks questions that cannot easily be answered yes or no. It makes you think and confront why you think one way or another. Selling a kidney, selling prostitution or even selling the right to kill a death row prisoner for a thrill, all have moral questions. Not all of these goods or services are best exchanged in markets today for any price. There are limits to what should be bought or sold.</span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how difficult inequality is in regard to economic opportunities. Is the market really about free will when make economic choices in markets? Some people are not really choosing freely when exploitation is driving sales or purchases.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The impact of integrity on economics is important. When does a financial incentive become a bribe? When is a bribe not appropriate in the market place? Civic responsibility has no price, and it cannot be replaced by any financial incentive.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The markets that we use and benefit from have limits. Markets for tangible goods may be inert, but when services or exchanges of value like education take place, then moral questions impact those markets. The love of learning has no price and cannot be bought.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif;">Ordinary people need to be part of any economy, but morals and values have a place. Markets do not always justify their prices. Market prices can actually replace difficult thinking or debate about more difficult questions. This lack of energy to consider difficult questions, is now part of today's global politics. It may be a reason to better understand why the world is now moving into a growing populist wave. No matter what your opinions are, this book certainly makes you think is great new ways.</span> Highly recommended!</span></span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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</div>TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-701907946483890512021-07-16T23:55:00.002+09:002021-07-16T23:55:22.987+09:00Friday Feature Book Review: Flash Boys by Michael Lewis (HFT algo story) フラッシュ・ボーイズ: 10億分の1秒の男たち: マイケル・ルイス<div style="color: #222222; font-size: x-large;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFlOq2GuCRtLGmuL56xmf3nda3HJax6sIPK4WRRQfjAoiY0OVeIlwdBiIQmNnT1euzwSKwFPuKGeSWOjE2_BRIDCaaZuBL1-906rbZodiN2HwFIdMd4XX98jh1cZbThsIRVi-chWFWT9tN/s1600/aaaFlashboys.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="442" data-original-width="296" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFlOq2GuCRtLGmuL56xmf3nda3HJax6sIPK4WRRQfjAoiY0OVeIlwdBiIQmNnT1euzwSKwFPuKGeSWOjE2_BRIDCaaZuBL1-906rbZodiN2HwFIdMd4XX98jh1cZbThsIRVi-chWFWT9tN/s400/aaaFlashboys.jpg" width="267" /></a></div>
<span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">Michael Lewis knows how to tell an entertaining story to anybody, and "Flash Boys" is no different. Curiously, on March 3, 2017, the Japanese Diet released a Bill called FIEA (Financial Instruments Exchange Act). The aim is to help control high frequency trading by overseas hedge funds. You could argue that this is a direct result of this book in many ways. </span><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">No previous interest in finance or trading is actually needed to enjoy this book. The author tells a very compelling story about people involved, and never gets lost in trading terms or jargon.</span></div>
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<span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">In this book, the focus is on the professional education and financial coming of age, of a Canadian trader in New York City, Brad Katsuyama, the lead character. It is a David and Goliath style story, but also an emotional roller coaster of truth, ethics and the moral choices made in any financial market. Just like his many other enjoyable reads like "Moneyball" and "The Blind Side", his latest book could easily be a movie as well. It is non-fiction and packs a punch. </span></div>
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<span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">We learn about 2 main sub-stories that collide and learn so much from the destruction. Brad is sent from Toronto, where he works for a Canadian Bank, RBC, to increase trading profits in New York. At the same time, there is a investment banking driven technology plot to lay down fast fiber for a growing high frequency trading industry. The two stories develop in parallel until they collide, dramatically. However, what we observe is a test of character and the system that tries to crush that type of person.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN_KQNWorjLXwYjGA8aaMAouWkMu_PuCfFJRUdK3D8j31FBu3JCvc-o1PeGm91q2TbDsvlHB8MLZr2A44wzWWn4QXoX-Xzhv2fQnoPZvkFvfG9w0F2GdxOO03kykTmKpaUeGXbTOUee2Yz/s1600/aaaaFlashBoysjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN_KQNWorjLXwYjGA8aaMAouWkMu_PuCfFJRUdK3D8j31FBu3JCvc-o1PeGm91q2TbDsvlHB8MLZr2A44wzWWn4QXoX-Xzhv2fQnoPZvkFvfG9w0F2GdxOO03kykTmKpaUeGXbTOUee2Yz/s400/aaaaFlashBoysjp.jpg" width="275" /></a><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">The people described in both of these stories are written about very well, and given just the right amount of detail. We are given a case to consider, and left to wonder if the stock market is indeed fair or rigged by fast technology driven investment banks. It stimulates the reader when the case is made. There are rules but they can or they should be re-written sometimes. </span></div>
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<span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">However, it is the unfolding of a trading mystery to prices and what later happens to trading markets, that hooks you in. It is not financial markets, but the technology behind it, that opens your eyes, and sucks you into the story fully. In many ways, it has very wide appeal, and is not just for people working in finance. You can see this as a detective story with a financial theme, not the other way around. The story described has mass appeal and is not just for people familiar with the markets.</span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"></span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how the retail investor often gets a price that is "gamed" by market traders with very high speed.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The impact of high frequency trading is not so much the trading charge that retail investors pay, but the institutions that runs pension funds, and ultimately the retail investor who draws on them. </b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) The top investment banks have always been at the cutting edge of many new trading technologies, and this is no different. It is certainly legal to focus on, but hardly beneficial to the retail investor's accounts overall.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">The book has certainly made an impact to markets, and does make an interesting case. Time will tell how much will change as a result of this "shining sunlight on a dark secret" within finance. UK and US banks have since come under fire soon afterwards with dark pool doings, so it is a story that will continue to evolve. It is well written, even more easily explained, and a wonderful read for anyone in finance or not. Highly recommended!</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-60700302599833953752021-07-10T17:05:00.001+09:002021-07-10T17:05:09.836+09:00Friday Feature Book Review: Super Freakonomics by Steven Levitt & Stephen J. Dubner 超ヤバい経済学:y スティーヴン・D・レヴィット + スティーヴン・ダブナー<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbQTjqS8-UsuI_s-aYNNuY1yQrv9KLzrWyfA3g6z1KWAoN2n7He6Si5tMRh1oadbHMZibR8Pg6MZYpphKfnNd0dAGtUGVF9c_hCPuG0pVOMl-uk_SSOxvn9kMIyMOQXxGAvrmoDtCg_TBX/s1600/aaaSuperFreakonomics.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="330" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbQTjqS8-UsuI_s-aYNNuY1yQrv9KLzrWyfA3g6z1KWAoN2n7He6Si5tMRh1oadbHMZibR8Pg6MZYpphKfnNd0dAGtUGVF9c_hCPuG0pVOMl-uk_SSOxvn9kMIyMOQXxGAvrmoDtCg_TBX/s400/aaaSuperFreakonomics.jpg" width="263" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Finance can be really fun! The economics of any interest rate rise is one thing, but it's hardly exciting to the average man on main street. This book is full of great economic observations and head scratching ideas. This amazing series continues on, and keeps on investigating economic questions that many want to know, but few can or are willing to investigate, despite clear economic impact. The team continues to ask economic questions few would consider like "How is a street prostitute like a department store Santa?". It is a very curious comparison that rings true once revealed. If a job is a job, then a temporary part-time job is still that, a temporary part-time job. It does not always lead to a full-time career.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Christmas is only once a year, and temporary short term jobs pop up around that season like Santa Claus roles as part-time jobs in department stores. However it turns out that during holiday season with family gatherings like July 4th or independence day, not everybody wants to stay home and talk to grandma. As a result this is when ordinary women notice that the price for prostitution from men bored, and from out of town, but in the big city of Chicago, peaks. It provides a perfect tax free opportunity to make money for a short period of time often with a temporary client base who do not even live in the city, hence no long term repeat business, just a short term windfall of cash. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">We know about health and cleanliness but "Why are doctors so bad at washing their hands?". It turns out that in many US hospitals, the standards were lower than the perceptions by even the doctors themselves. Most doctors when honest admitted to washing regularly 70% of the time. This contrasted with the nurses who observed them washing less than 20% of the time! Until a meeting where doctors present touched their hands in a petri dish and observed over weeks the bacteria growth, that things changed. The use of these petri dishes in the form of a screen saver later used in the hospital, proved popular as a clear visual reminder. In fact, other hospitals started to use the same screen saver in order to help spread the message. The benefits to the patients has been medically and economically extraordinary.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNmE387T3La71kWmNeJSMyETX8fSn0OW_f4vLg5hbN1dgugHkPcEnavJbQzr-DgtOId8ZiAD5egnFL67hiyKAJc06I2w3oqBixptuSkLnd0OW1Twp2jZTQ4iG-5YF6vHc0CuVFtDGuKdn7/s1600/aaaSuperFreakonomicsJP.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNmE387T3La71kWmNeJSMyETX8fSn0OW_f4vLg5hbN1dgugHkPcEnavJbQzr-DgtOId8ZiAD5egnFL67hiyKAJc06I2w3oqBixptuSkLnd0OW1Twp2jZTQ4iG-5YF6vHc0CuVFtDGuKdn7/s400/aaaSuperFreakonomicsJP.jpg" width="265" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">One personal favorite question asked was "Which adds more value: a Pimp or a Realtor?". Again data on such a comparison is difficult to find, but when focused can be created organically by coordinating on the ground with the prostitutes and home sellers themselves. One is clearly more difficult than the other. Some of the data points found though were not expected, like how much revenue from any prostitute is given up in "free" services to police officers, in order to avoid prosecution. We discover what is literally her "cost" of doing business! </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">It turns out that a pimp does have a direct impact on higher earnings, as he typically acts as a marketer within high-end markets for his prostitute who usually relies on lower end street traffic. It brings a higher paying customers base to a low cost service zone, very much an economic development. This helps bring a better margin for the worker, who can then work less often, but at a higher rate of pay. This is contrasted in time value with a realtor who often encourages a homeowner to sell at the first price offered. Even though if it were their own home, they would wait longer for a higher offer, it is a pattern. It comes down to how much any extra commission is worth for the extra weeks in time spent. The breakdown of this incentive system is very well explained. It turns out to be a very solid case.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"></span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about the real economy around prostitution. I was very surprised to learn that 7% of transactions are free services to police officers in order to avoid arrest. </b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The impact of pimps for prostitutes is often positive economically. A pimp can often act as a marketer and find high end customers. This increases wage income and hours worked compared to independent prostitutes. </b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Input from global warming or global cooling needs another point of view. Can can we cool the planet quickly if we really needed to fast? Quick solutions are possible but not very attractive. However, they are a start.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">There are many more questions that are fascinating reading. They include "What's the best way to catch a terrorist?" or "Did TV cause a rise in crime?". Another is "Can eating kangaroo save the planet?" As safety and the car industry interests me, one question really got my attention, and that was "How much good do cars seats do?" Installing them correctly is more difficult than many parents can handle. This kind of product needs better execution clearly, despite the positive intentions of the parents themselves. No matter what the question posed is, this team makes me want to read the answer they find every time time. Highly recommended!</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-3889571519677092792021-06-25T23:07:00.003+09:002021-06-25T23:07:31.262+09:00Friday Feature Book Review: You Can Be A Stock Market Genius: Joel Greenblatt ジョエル・グリーンブラット投資法 M&A、企業分割、倒産、リストラは宝の山<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjpsQk7UIMTh9YmTka6tgrvQE1uO9VzlSi2JRrsrntqsbF5RSam6CSKmZi3yt9cKjmwnUbVVkXmkqx7V-XZM4MzozrVdR9U4rvg3QvIUJ4yy5jP-poJ55iSGAWDRQOU_79FuwJjr5iqkXC/s1600/aaaGenius.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1024" data-original-width="648" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjpsQk7UIMTh9YmTka6tgrvQE1uO9VzlSi2JRrsrntqsbF5RSam6CSKmZi3yt9cKjmwnUbVVkXmkqx7V-XZM4MzozrVdR9U4rvg3QvIUJ4yy5jP-poJ55iSGAWDRQOU_79FuwJjr5iqkXC/s400/aaaGenius.jpg" width="252" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is an industry bible about stocks that explains how to find value, in any investment. Stocks bonds, real estate, commodities, or even art, it does not matter. Recognizing the value in any investment can be learned at any age. The author Joel Greenblatt, is the founder of Gotham Capital, one of the best and most consistent long term fund investors in the USA. He was known for being able to pick winners over time. Winning choices over time makes any system worth investigating. Hard core P/L results that beat any market average are undeniable. That is his track record at Gotham Capital.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">He makes a pretty good case about how any average person can find value and benefit financially. Basically, he explains the weaknesses of Wall Street, and how you can minimize mistakes by understanding the weaknesses of the whole system. Understanding the bigger picture and how is can be seen with value driven eyes, is a skill that can be learned. That may sound difficult, but this is a very easy to read book. Any average investor with discipline will learn and benefit, plain and simple. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">One favorite easy to understand example is with art. If you go to a garage sale or second hand store and see a painting, where is the value? Some would only look at the price of the painting and say the artist is not known and not worth the price, but what about the frame? If the frame was carved wood and worth US$500 but the price of the painting in its frame was selling for US$100, there is great value there. This is the mindset that the author explains in so many other ways so well.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR5JcGf2ZQOKXDW5bA0AqOXbYzGWf7h91EZZxowsKEcvqBFzny2gvQo9MZ2QjrTavdtcsSb_tR_pHYS5-2HerRZtdOxyNHEu_wTGUqxEoyhkXfxSS_bHDyl37vLVAmLVserJTV-SAGUoIK/s1600/geniusjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR5JcGf2ZQOKXDW5bA0AqOXbYzGWf7h91EZZxowsKEcvqBFzny2gvQo9MZ2QjrTavdtcsSb_tR_pHYS5-2HerRZtdOxyNHEu_wTGUqxEoyhkXfxSS_bHDyl37vLVAmLVserJTV-SAGUoIK/s400/geniusjp.jpg" width="281" /></a><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">He fills his book with very solid simple investment guidelines that help you make higher than average returns. In many ways, he is teaching basic investing, but also how to filter out the market noise that lowers basic returns. In regard to portfolio diversification, he makes an interesting case for the need for only 8 stocks. He gives good evidence that shows how more stock picks, 9, 10 or more does not really help diversify your portfolio at an equal cost to the upside lost. Diversification mainly helps investors without the time to do proper research of their own. Too often investors worry about how much they may lose with the total value of their portfolio. The author makes a good case about how much an investor can lose out in upside performance with too many mediocre positions that limit total value performance in any portfolio. It becomes very clear quickly how less is more, and more profitable too.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The great billionaire investor Warren Buffett, has many overlapping views with Joel Greenblatt. Both think that success is better found with 5-8 great ideas are better than 15-20 mediocre ideas overall. One of the best points explained is how size both helps and hinders performance. If you have a large amount of capital, great choices that are small in size do not help your total performance very much. Both Warren and Joel, feel that it is better to invest with smaller amounts more actively, than a huge amount in size less often.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"></span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about picking stocks. You are better off with 8 great ideas than 20 mediocre ones. There are no shortcuts to success, you must do your own research(DYOR).</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The timing of stock investments can be in your favor as a true investor over time, unlike a short term day trader. These are different skill sets that need different kinds of stocks.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Input from direct research cannot be replaced. There is value everywhere if you learn how to look for it and how to value it properly. Hard work, quality experience and persistence from constant never ending research always finds value over time.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="color: black; font-family: "arial" , "helvetica" , sans-serif;">There are many great examples of great investment lessons to learn that apply not only to stocks, but real estate, bonds or any other asset. The goal of the book is to help you have a solid nose for value, and recognize it when in front of you. His point is you can find great investments on your own and do not have to "pay experts" to tell you what to buy or when. There is no special secret that an average investor cannot learn. It is a skill that can be learned by many. The market tries to keep the basic rules private, but this book reveals all of the best basics that any investor really needs. </span>A very thought provoking book, highly recommended!</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-83164790704451690092021-06-11T23:37:00.003+09:002021-06-11T23:37:37.206+09:00Friday Feature Book Review: Collapse: How Societies Choose to Fail or Succeed by Jared Diamond 文明崩壊 上: 滅亡と存続の命運を分けるもの (草思社文庫) ジャレド ダイアモンド <div style="font-family: "ms pgothic";">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_1HjszUgGTrpA-MfHTTF_JtHzSmqRq6JXAHbgktc6rceONZRhmmDnXw-mVe0g0hCwzpLKhHVdnFB0fHbnX7oNQeMXviJKh5QSTkoRa7EbJaWqhqXFnsvUiZwHgtIhWMS15TAQfzGt_965/s1600/aaaCollapse.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="261" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_1HjszUgGTrpA-MfHTTF_JtHzSmqRq6JXAHbgktc6rceONZRhmmDnXw-mVe0g0hCwzpLKhHVdnFB0fHbnX7oNQeMXviJKh5QSTkoRa7EbJaWqhqXFnsvUiZwHgtIhWMS15TAQfzGt_965/s400/aaaCollapse.jpg" width="260" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Economics are a reality. The maths need to work. In this follow up by Pulitzer Prize award winning author </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Jared Diamond, he continues his detailed observations of human life and their global economic impact. He uses his training in anthropology to search for how people prosper economically or just disappear after a collapse. He has a very entertaining way of comparing ancient societies around the globe. He then compares these people with the current US population in the same locations. If you invest in real estate personally or professionally, this may change your longer term valuations.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is really a scientific approach to various sections of finance. Real estate development, population control, and renewable energy impacts on economic wealth and prosperity. Using his wonderfully clear explanations with just enough numbers to keep you in full attention, you see a bigger picture of the world economy. The cost of military power, basic food and resources bring unexpected changes to the economy of each society observed.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Empires rise and fall, be they Roman, Mayan or Anasazi. Water and cheap energy show how certain communities rise and fall. They do so very quickly in fact, they collapse. Water is a key resource impacting the economy of California, and this book reflects how the modern world may have to change, as a result. South East Asia, the Middle East, Africa, and many other water bottle necks around the globe have a water crisis on the horizon. Major global cities like Hong Kong, New York or Mumbai may have to move.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir2oDRDB4sp9nPfnPqVE8y34lxknR2QwjeGXBLWDxxIr-V3hSxVg51WHhvL-HeJcZ82jprh7x8cwReI9G48ypiNwSHF1wbjlVYCUChnIeKpGjBYEjWJV943e_qWN-eqSMm531-_inIfF8M/s1600/aCollapseJP.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir2oDRDB4sp9nPfnPqVE8y34lxknR2QwjeGXBLWDxxIr-V3hSxVg51WHhvL-HeJcZ82jprh7x8cwReI9G48ypiNwSHF1wbjlVYCUChnIeKpGjBYEjWJV943e_qWN-eqSMm531-_inIfF8M/s400/aCollapseJP.jpg" width="271" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Will people really be able to live in Southern California in the future without water? Will parts of India or China be able to sustain populations without local water supplies? If global warming melts the ice on top of the Himalaya mountains without replacing the snow, will the great rivers like the Indus or Ganges just stop flowing? Massive migration of large cities may be needed, or wide scale famine may spread afterward anyway. The impact of Syrian refugees into Europe, will seem very minor by comparison.</span></div>
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<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Jared Diamond, paints many dark worse case scenarios in order to focus attention, but does offer the balance that they is a choice. Some societies may take the best action for survival long term. Eco habits and organic farming seem to be the kind of choices that the author hopes more people will make. Energy in the middle east may not be valuable in future, yet over half of all food is imported. What happens when there is not enough money for food? Will the Arab spring be a small sign of change to come in that region?</span></span></span><br />
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how the USA, China or India thinks about the world and their economic policies. Many hard truths cannot be escaped. Globalization has both winners and losers. Some economies may fail quickly and actually collapse.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The economies of Europe or the USA cannot expect to stay number one without knowing how rivals economies are working and taking advantage. Facts on Africa or Russia need to be learned. Differences need to be understood.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) When becoming a successful global investor, you have to put in the long hours, work hard and learn by experience. You have to consider a wide variety of scenarios. You never get lucky long term.</b></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Local sustainable farms in large cities with easy transport of locally grown food, seem to be a successful long term goal. Information is now widely spread via the Internet. This was never the case with the Roman, Mayan or Anasazi empires. This access to figure out how to avoid the mistakes of the past is hopefully the choice we make. Will the current age of information help us learn to avoid the great mistakes of the past? Only time will tell, but there is a chance to minimize misery.</span> </span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">A very thought provoking book, highly recommended!</span><br />
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-73282679074418107802021-05-29T14:30:00.001+09:002021-05-29T14:30:14.441+09:00Friday Feature Book Review: The Education of a Speculator by Victor Niederhoffer (ex George Soros Trader) "金融市場投機家の教育": ビクター ニーダホッファ(元ソロスのトレーダー)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5TgxlCuMh6seXzGmqBc_yHU8tBKhjmGaMyPh-sqMXidRtn6zXzgVsn2rIENFbURcrDfhhKcYgC1IaSMmDZ0klgQyhVfuu1aVYCuJ7bqSbaayk54A7l_pnoAEt-IZwE0JASRinJ7pmczf4/s1600/EducationofaSpeculator.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="280" data-original-width="180" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5TgxlCuMh6seXzGmqBc_yHU8tBKhjmGaMyPh-sqMXidRtn6zXzgVsn2rIENFbURcrDfhhKcYgC1IaSMmDZ0klgQyhVfuu1aVYCuJ7bqSbaayk54A7l_pnoAEt-IZwE0JASRinJ7pmczf4/s400/EducationofaSpeculator.jpg" width="257" /></a></div>
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">Any trader who is so good, he worked for George Soros, must have something special. Victor Niederhoffer, was that man, and he was certainly something, and still is. Not only did he go to Harvard and get his PhD at the University of Chicago, he was a 5 time US National squash champion, board game lover, horse racing enthusiast, and music fan. He is pretty complex due to his New York upbringing in Brighton Beach, Brooklyn. </span></span><br />
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">With a father who was a cop & squash player, and an uncle who liked to buy & sell stocks, a lot of influences came to make up Victor's personality. Why does a trader who takes risk for a living with USD100Million or more, not wear any shoes in his office? Why does he keep pictures of the Titanic in his trading room and reminders of great men having great failures? Why does George Soros nick-name him looser? There is another image of him at the beach with george. Victor is out in the waves and George is closer to shore in a safe zone. A large wave is about to come crashing down onto Victor. It represents 2 different views on when market waves are safe to trade in. You soon have more questions about him than the money he makes by trading for others.</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGCt0rjK2Y2keu0kwPs5xIa9UQdUqVhwEHzPc9zCwHEfeskIUJZfUTgDKeFCgrIK7Q8fX6KDJoqtK_QbfQY834okxXYND943_2R7IfJZifzqal3v4Ddwa99GLpjUP7jdBQbWeZJLDGasNr/s1600/SorosNeiderhoffer.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="172" data-original-width="293" height="234" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGCt0rjK2Y2keu0kwPs5xIa9UQdUqVhwEHzPc9zCwHEfeskIUJZfUTgDKeFCgrIK7Q8fX6KDJoqtK_QbfQY834okxXYND943_2R7IfJZifzqal3v4Ddwa99GLpjUP7jdBQbWeZJLDGasNr/s400/SorosNeiderhoffer.jpg" width="400" /></a></div>
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">This book was written during a shining highlight peak of his trading career, well before any Titanic sized trading loss that was to come later on. This book is a self written explanation of how could he have got to his trading role and risk taking success. It is not a simple system that he developed, or an edge that he uses against a market. It is an entire process of thought. He is a great speculator because he is great at cross pollination of his many influences.</span></span><br />
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">In many ways, his education comes from observations made in one area, and then applying them into a very new totally different unrelated area. How can you combine championship squash play strategies to price reactions from a US Fed announcement on interest rates? How do you make clear correlations between how bookies size up horses at the race track, and also see stock prices move in a very similar way to a keen trained eye? You do so in a very unique way. The amazing thing you learn in this book is that a speculator can become great by using any combination of disciplines but only if all are well observed.</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOKHjUYWUAbLdarYdUb3r9Z-1YUtCRe6nVVW1aOmt6xkYFyhq4DWPrAvzvqWGzopnoJms52k-M1fQjv5ETeoMXrF1_pn5uEKasbq_hT-HjTSTJCUPnow0RyxLpp2YjfVVlBq58LBpT0IHN/s1600/NiederhofferArt.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOKHjUYWUAbLdarYdUb3r9Z-1YUtCRe6nVVW1aOmt6xkYFyhq4DWPrAvzvqWGzopnoJms52k-M1fQjv5ETeoMXrF1_pn5uEKasbq_hT-HjTSTJCUPnow0RyxLpp2YjfVVlBq58LBpT0IHN/s400/NiederhofferArt.jpg" width="400" /></a></div>
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">This is not a light read. In fact, I would call it intense reading, You need a few moments to fully absorb what you take in. It reminds me of sipping fine cognac. This book is not something you go through fast, just like how you do not guzzle down XO cognac. You take is small amounts, and savor them. That is how best to fully appreciate this well written explanation of a great trader's personal roots, trials and tribulations. This 414 page testament to a 360 overview of influence, was a National Bestseller, and deservedly so.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be a long-term successful trader, and no one path will do. The more paths you can take, the better. There is no single way, there are many, so learn them all.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best traders know how to make money and keep doing what they do best by observing trends and possible patterns. Squash or any other sport keeps the mind sharp when in competition.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) When becoming a successful trader, other similar disciplines may be obvious to learn from. Horse racing tracks that "bet on the ponies" can be a great insight into how horse betting crowds react like investors in the markets.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">The most sad reality of this book though, is that it came out in 1997, just before a great fall. Like the Titanic image kept to balance human hubris in his trading room, the fall in his risk taking did come and hit hard within 2 years. Going broke at such an age after such a high, is discouraging for anybody who admires & applauds, such amazing courage to win against the markets. Maybe the house does win in the end? Maybe George Soros was right, Victor was a loser in the end, or at least for a time, before he of course, started trading again. Like any Greek tragedy, the hero must suffer defeat, and hopefully rise again. This book reads like the revealing of a man's soul, the key to a unique and complex personality. </span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">An amazing book, highly recommended!</span><br />
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<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-25889229576482269832021-05-21T22:27:00.005+09:002021-05-21T22:27:57.171+09:00Friday Feature Book Review: RICHISTAN by Robert Frank (America's New Rich) ザ・ニューリッチ―アメリカ新富裕層の知られざる実態: ロバートフランク<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYlVov4XHA5yn_buYkCQEAGZKUEFOv0jVGGQDOf7KH9z70rEDrAv9Z_32chUyyk5MUHxN9qX-sIxUX-V5-jIdE7KJkBmJtJ3a4yiVZKFQFcYArSKPdrB-BHBt-i2lMeXzgVcOp3j_pFD8Q/s1600/Richistan9780749928650.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1181" data-original-width="763" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYlVov4XHA5yn_buYkCQEAGZKUEFOv0jVGGQDOf7KH9z70rEDrAv9Z_32chUyyk5MUHxN9qX-sIxUX-V5-jIdE7KJkBmJtJ3a4yiVZKFQFcYArSKPdrB-BHBt-i2lMeXzgVcOp3j_pFD8Q/s400/Richistan9780749928650.jpg" width="257" /></a></div>
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">The new global home of Ultra High Net Worth Individuals is now called Richistan, a curious new term. Many have done well in the post Lehman financial crisis. The 1% of wealthy citizens known as Richistanis, are living in Richistan places including Singapore, London or New York, and are all spreading. </span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">There were 3.7 million US millionaire households in 1995, 9 million in 2004, and more than 15 million as of 2014.</span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"> The 1% varies is size depending on the state you reside in within the USA. In Connecticut, you need over US$620K of income, but in New Mexico, it is less than US$300K. </span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">This book explains how this new segment of society enjoys their lives. </span><br />
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">Author Robert Frank, takes us on a very vivid journey that paints a very clear picture. He gives a great account of how these new families start out, and upgrade to levels of daily consumption that have never been seen. Lower Richistan have families in the US$1-10M in wealth, with a primary residence of $810K. Middle Richistan has $10-100M in wealth and a primary residence of $3.8M. Upper Richistan is the $100M crowd with a residence of $16.2M. </span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDBXncOxZrF_upWlVFe6nACdyy8fldAjlqYfhkp10R6EKsjb0qQRsHcx3ii252LozDdCm-q2lRuoesgSQEWlJWD3kjQBnm5VQ5W9bluH62xlt-ceEVwZ2_u4Zo2ncO7Ti54hkUyoB5me_t/s1600/aaaRichistanjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="346" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDBXncOxZrF_upWlVFe6nACdyy8fldAjlqYfhkp10R6EKsjb0qQRsHcx3ii252LozDdCm-q2lRuoesgSQEWlJWD3kjQBnm5VQ5W9bluH62xlt-ceEVwZ2_u4Zo2ncO7Ti54hkUyoB5me_t/s400/aaaRichistanjp.jpg" width="276" /></a></div>
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">It seems there is always another level of wealth to aspire to, and services that the rich want that soon become a need. The great mind candy that I enjoyed most, explained how a single mother developed a butler school. It was aimed at these Richistani families, and grew well beyond her early expectations. It turned out to be a real need and niche market. You learn that beach homes in the Hamptons in summer, or ski chalets in Aspen in winter, need to be better served in Richistan. Good help is indeed, hard to find.</span></span><br />
<span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"><br /></span></span><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">There are many other entrepreneurs featured like Tim Blixseth who started Yellowstone Club. It is a gated private community resort in the rocky mountains of Montana. Ed Bazinet made more than $250 million from the sale of his ceramic mini-village items, and now tries to focus on how to spend his cash on a new Gulfstream jet and modern art collection. Small hobby experiments can grow into very big businesses when the market timing is perfect. Any person can make a lot of money from any idea when the timing presents itself. Who these entrepreneurs are, and how much money they make, is a guilty addiction and deep fascination for myself. These stories of going from nothing to something, represent the American dream in many ways.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be rich and successful in any society. You have to learn about the key market factors, and adapt to them constantly. Small ideas can grow into big businesses fast.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best entrepreneurs know how to make money and keep doing what they do best. It is in their DNA and never turns off. You need to maximize the power of your ideas or inspirations with all business opportunities.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful entrepreneur, follows no pattern. It is the personal drive that is the common pattern, but not the business itself. The determination needs to be at the core. </b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">The most encouraging pattern though is that there often is none. Money can be made from almost any business by a very driven entrepreneur. Once there, the goal is to find the right residence in Richistan, and try and settle down. It does not come naturally for them, and they often find themselves starting a new business opportunity. Settling down is not in their DNA. That may be the most common thing among these Richistanis. This is a great luxury read that is inspirational, and well worth a weekend! </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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</div>TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-41031442441078290402021-05-14T23:27:00.002+09:002021-05-14T23:27:30.474+09:00Friday Feature Book Review: Black Edge Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street by Sheelah Kolhatkar ブラックエッジ ――資産1兆円の男、スティーブ・コーエン物語 (ウィザードブックシリーズ) <div style="font-family: "ms pgothic";">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6LZKaBjIlYCOQMPppb_dRMPADzB18DRsLq2EuPw-lurHesOifBwNPCcVub9vvR3cb5jFqb4nMNPwhevDcPx6Vs6xg4QC8DSgeFxamVvpEBc55N56uKHmULpTKSfYezYnXV8T2_3iY85cV/s1600/aaaBlackEdge.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="329" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6LZKaBjIlYCOQMPppb_dRMPADzB18DRsLq2EuPw-lurHesOifBwNPCcVub9vvR3cb5jFqb4nMNPwhevDcPx6Vs6xg4QC8DSgeFxamVvpEBc55N56uKHmULpTKSfYezYnXV8T2_3iY85cV/s400/aaaBlackEdge.jpg" width="262" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">How do you become a Billionaire Hedge Fund Manager? What path have others taken to get to that point? The story of Steven A Cohen, and the growth of SAC & Point72, is an amazing one. Information is key, and there are levels of it, but talent is also needed. There are many things to learn from his financial career experience. The more you learn about him, the more you see how he is very similar to Bobby Axelrod in Billions. However, you also learn how they are very different. One may be an inspiration for the other, but they are not clones. In no way are they at all interchangeable. Both are clearly different people.</span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>Black Edge</b> is a term meaning top grade information about a stock or an investment that is a pure money maker in the right hands. However, it is also often illegal. <b>Grey Edge</b> is a term for information that is not public but could be found out by indirect means, and often still legal usually. <b>White Edge</b> is information that is in the public domain, and generally legal, however how you put it together can be very useful and never before figured out. It is often a story behind the numbers that bright people can figure out.</span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Who is Steven A. Cohen? and why was he at the center of a major investigation? In an industry driven by information, SAC was just one of many hedge funds looking for an edge, an information edge to make more money from trades. Where is the line of legal vs illegal? This is really at the heart of the story. </span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">There are many great details discovered around the hedge fund industry and the people in them. A lot of facts were gathered clearly. The author however, was an analyst at a hedge fund, and this comes out in how clear and well written many of the stories and people are in this book. It is not just a great story, it is really well written as a book, and that makes the story that more more impressive.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEG6X8orcrvEy5EjW_47fhzKHh0Isv2Y4O1tyaz_bPh4_oE5vkv_guxST6q5hE-1U6GzL7ahtDxSDyuTkuaFP29jzlPZeZeUuJB6DtA02uNorhouyd57vIq77zN3EOt1gAGPvKe_eG8F76/s1600/aaaBlackEdgeJP.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="340" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEG6X8orcrvEy5EjW_47fhzKHh0Isv2Y4O1tyaz_bPh4_oE5vkv_guxST6q5hE-1U6GzL7ahtDxSDyuTkuaFP29jzlPZeZeUuJB6DtA02uNorhouyd57vIq77zN3EOt1gAGPvKe_eG8F76/s400/aaaBlackEdgeJP.jpg" width="272" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">What I learned the most about Steven A. Cohen was how clearly talented was from a youth. He was driven as a kid, perhaps being one many kids, forces you to stand out. He grew up OK, but had wealthy grandparents, and always tried to do better than all around him. He wanted to escape his roots, and move up in the world early on. It seems this was how he approached many things in his life. There was often a goal, and that goal was about making money to leverage it into a better life in finance.</span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The biggest surprise for me though was the natural talent that he had with observing price movements. Reading the ticker tape was a deep seeded talent that allowed him to see price action like few around him. It set him apart because he studied stock prices in newspapers early, and had a natural comfort with how prices would move and could recognize patterns. The only other person I have read similar abilities about was the legendary short seller Jesse Livermore, the boy plunger. He made a US$100M+ fortune by selling America short in 1929. That is quite a benchmark and makes for a billionaire level of talent in this day and age.</span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) Even the biggest hedge fund players who reach Billionaire level wealth, often start middle class with a very deep seeded desire to succeed from an early age.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The ability to make money in the markets is a clear skill. However, being smart in financial markets does not mean you are smart in all parts of life. Emotional decisions on a spouse can be poorly made for odd reasons.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful money manager brings capital, that forces you to change and evolve. The more capital you run, the more difficult it gets to maintain high returns. You have the change and mature your approach over time if you want to run major money in size.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">The book is full of many details that cannot be covered in this review. The author Sheelah Kolhatkar, is a former hedge fund analyst herself. This really comes across with the understanding and level of detail that I really loved. What made the book enjoyable and easy to read though, was the quality of writing. The writing itself is smooth and engaging, always high in style and quality. This was very deeply researched and the details on the FBI agents and their motivations are excellent. In fact, all of the hedge fund ecosystem participants are really well described in motivation and background. You can recognize others like them and common themes right away. I highly recommend this book to anyone who likes to seek out answers about hedge funds on a global scale.</span></span></span></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-19858099538123458232021-05-08T12:25:00.002+09:002021-05-08T12:25:34.112+09:00Friday Feature Book Review: "The Buy Side" : Turney Duff バイサイド : ターニー ダフ (ニューヨークヘッジファンドのインサイダーストーリー)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGQJY1ys6OrvV-XXRbrfWZV18dnmcvIo2bTO2WmwwNoyAGIeuDc5hr4EP6vOUDPwBBgPU4GRIF7rJuH4MJVM-NFpnPCl4l7LumP0r0I_RVXEWuP-7OFZUX-k3RIGk1SehmiizQyqxA8J7D/s1600/aaaThebuyside.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="330" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGQJY1ys6OrvV-XXRbrfWZV18dnmcvIo2bTO2WmwwNoyAGIeuDc5hr4EP6vOUDPwBBgPU4GRIF7rJuH4MJVM-NFpnPCl4l7LumP0r0I_RVXEWuP-7OFZUX-k3RIGk1SehmiizQyqxA8J7D/s400/aaaThebuyside.jpg" width="263" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">It is all about the money. This book is a buy side voyeur's guilty pleasure. The end game for many on Wall Street, is to end up "on the buy side". It is where the asset size is huge and the people running that big pile of cash, make a nice pile for themselves. That is the myth, the fantasy. Luckily, some have lived it, and seen it from the inside. This is one such story. </span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">All grass is greener on the other side of the fence, at least in theory. The reality is often less green or clean. Before Lehman Shock, "the white house" was known as a New York luxury apartment full of big money players with a lot of white cocaine. When buy side clients "ordered in", it often was for high end exotic escorts. This is a true life story about sex, drugs, stress and money, all pursued to spectacular excess. </span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span><span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Sometimes you fly too close to the sun. You have waxed feathers, they melt and you fall. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">That is this book's core story. It is a modern twist on the famous Greek fable. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Turney Duff starts off in Morgan Stanley, after intros from his only family relative in finance. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">"Uncle Tucker" opens the door for him, and he walks into Wall Street. The book works, because Turney was a journalism graduate. The book's writing is really excellent, perfectly fitting into documentary style, and that makes all the difference.</span></span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">Uncle Tucker trades in his Corvette for a Mercedes Benz. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">He does so due to commissions he earns from a top client, Ivan Boesky, and calls it the "Boesky </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Benz". Boesky later goes to jail for insider trading. In fact, it was his unique personality that was used as the core base for Gordon Gekko. Also known as Mr "greed is good" made famous on the big screen in the Charlie Sheen movie Wall Street in 1987. Finance is about connecting with people, not always numbers. The female MD at Morgan Stanley that hired him, had a common interest in a US TV drama "Melrose Place", and sure enough, he got his first opening into finance. Ultimately finance is about relationships, very personal relationships.</span></span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">Our hero has no MBA, no economic views of any sort, just soft skills and a hunger. This is a personality that works well in a world of professionals that wants more. We learn that Turney Duff, is not like his father, not the hard working man from Kennebunk, Maine, who shovels snow in fluid motion. </span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">His father is a man who thinks life is "not full of short cuts". Yet young Turney tries his own path, and finds every short cut possible while enjoying more sex, drugs and porn than the average rock star. </span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">He marries a model, wants to be on the cover of GQ magazine in a Prada suit with Dolce & Gabbana jewelry. In the end, he finds out that his search is really empty. Like driving by a car accident, you want to look away, but you can't. It is too compelling. It is too real. All of the Wall Street client patronage rumors that you heard about are explained or rather confessed to, in amazingly candid "too real for TV" detail to ignore.</span></span><br />
<span style="font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">Reading all of the examples of excess is like gorging on a giant bag of potato chips, and 2 liters of Coke. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Not a good thing, but it's so good then, that you cannot stop. His personal life story does not end well, </span><span style="font-family: "arial" , "helvetica" , sans-serif;">but that is not the point. What you want out of this book is clear confirmation of "how it really was" in the middle of a possible insider trading shop like the now infamous Galleon hedge fund, whose founder is now serving 11 years in prison. </span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be successful buy side trader. You have to learn about the key market players, and adapt to them constantly.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best buy side traders know how to make money and keep doing what they do best where they have an edge, hopefully legal. You need to recognize patterns and be consistent and keep a constant ability to adapt to trends, markets and changes.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful buy side trader, a true long-term moneymaker is never fast or easy. Short cuts catch up with you, and can lead to your downfall. A market diary always helps. The more trading notes you take, the more profits you make. </b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;"><span style="color: black; font-family: "ms pgothic"; font-size: large;"><span style="font-family: "arial" , "helvetica" , sans-serif;">If you want to read in glorious detail what world got him there, and about what the peak was like from "an insider" then this book is for you. You will learn during the go-go New York pre-Lehman years of 2002-2007, what took place and get your belly full of over-excess satisfaction. </span></span><span style="color: black; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">It really did happen, and every story you ever heard about the wild night side of Wall Street is documented in this very honest with no self pity confession. Warning: not to be shared with your grandmother in any book exchange.</span> Highly recommended!</span></span></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-10130283157634296302021-04-30T11:27:00.003+09:002021-04-30T11:27:39.120+09:00Friday Feature Book Review: Guns, Germs, and Steel : Author Jared Diamond 文庫 銃・病原菌・鉄: ジャレド・ダイアモンド<div style="font-family: "ms pgothic";">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1y-afzrV44D3TwZqT6xroMZH0Mnj-URRSZpMqZ6VFtRT6rmcajFbGUDs_n951izNRhNLGjmj73BsJYnhZ-G7L7tSts5fzev_fAMukQUSZgss8EAAisG0nw62ZOmesl4pjUoXvAYFBI8C3/s1600/aaagunsgermsandsteel.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="396" data-original-width="260" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1y-afzrV44D3TwZqT6xroMZH0Mnj-URRSZpMqZ6VFtRT6rmcajFbGUDs_n951izNRhNLGjmj73BsJYnhZ-G7L7tSts5fzev_fAMukQUSZgss8EAAisG0nw62ZOmesl4pjUoXvAYFBI8C3/s400/aaagunsgermsandsteel.JPG" width="262" /></a></div>
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Wealth is health. Humans are not all equal across globe, so why is that? Why is there a segment of 1% across many populations around the globe? Is there a reason why the first world economies dominate third world economies? Is race, culture, technology, geography or any reason the key to the reason why? It is not easy to figure out, but can be done. The author succeeds. </span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Why do people in the first world have more wealth than the rest of the world? Many races and societies have created great wealth over time, but then failed, is there any common pattern of success? This question was first asked by the author's helpers in New Guinea more than 30 years ago. It is very interesting to understand. He takes you on a historical journey. He explains a number of natural advantages that come down to geographic luck. </span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">The author's basic idea is that in Europe & Asia, especially near Mesopotamia, the fertile crescent, the best animals get domesticated. They no longer need to be hunted. Milk from these animals brings regular protein in rich diets. The people who live with animals get stronger in health and resist disease. Goats, sheep, pigs and cattle all help economic power. Animal power drives machines for improved production of food. Extra food can then be traded for storing extra wealth. Soon human health rises against disease and germs, it is the first economic advantage gained.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEy94QGuXk7CU4mJ2jePUP-iTZ45_r019GRAPpv3UK-ajXPIL9WrCpIcQK1U_G9n-XsL0bzuHnsLYPFZbcyZdpRB-IpWIYMcVGRrk-7BzYGO7Nh0bZ8Of5XThwLh9Epy7mfdBMlB-R9kjX/s1600/gunsgermsandsteeljp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEy94QGuXk7CU4mJ2jePUP-iTZ45_r019GRAPpv3UK-ajXPIL9WrCpIcQK1U_G9n-XsL0bzuHnsLYPFZbcyZdpRB-IpWIYMcVGRrk-7BzYGO7Nh0bZ8Of5XThwLh9Epy7mfdBMlB-R9kjX/s400/gunsgermsandsteeljp.jpg" width="277" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">By spreading East and West along the same latitude in Europe and Asia, the extra food turned into wealth, could then be invested for artists, specialists and soldiers. The military benefit from germs was an extra weapon. This is best explained by smallpox when the Spanish first landed in North or South America. Over 95% of the native Indian populations died of small pox, those who survived then faced follow up diseases. Without this ability to work crops, the extra wealth created could not be stored. Once in place, then fire first used for clay pots, would lead to bronze and later steel weapons. </span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Many have been critical of the theory as too simple, and does not value enough cultural influences. Many cannot accept that the land itself, the geography, determine local culture at its base. Farming allows storage for surplus wealth. Extra income from this surplus is then invested in technology, leading to better guns or steel. This all makes wealth easier to protect & transport via rail, and increase even more wealth. </span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be economically successful in society. You have to learn about key market factors, and adapt to them constantly. Germs attack the weak more than the strong.</b></span></span><br />
<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best economies know how to make money and keep doing what they do best where they have an edge, usually technology. You need to maximize the power of military guns or similar technology over all enemies.</b></span></span><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful economy, for a true long-term length of success is never fast or easy. Short cuts catch up with you, and can lead to losses. The more you invest in higher levels of technology or other benefits to your society, the better you will triumphs over competitors. The steel industry is a good example, as few can enter it due to high capital entry costs.</b></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">The book is full of many details that cannot be covered in this review, but the theory itself is really eye opening in many ways. The land makes the people survive, not the other way around. As a Pulitzer prize winning project of 30 years, it has certainly made one man's career shine. I highly recommend this book to anyone who likes to seek out answers in history that explain why economic wealth & power spread on a global scale.</span></span></span></span></span></span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span></span></span></span>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-18301793470299449172021-04-16T23:54:00.004+09:002021-04-16T23:56:12.425+09:00Friday Feature Book Review: "Inside the House of Money" (Hedge Fund Manager Interviews) by Steven Drobny 市場成功者たちの内幕物語 :スティーブン ドロブニー (ヘッジファンドのインタビュー )<div style="font-family: meiryo;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA2V9vgbtZMMeDtAeIF0Cm54kj91kQBl9CAighm49Yod6yBXuYbSWZkVrn_-afa30DgCrSl60iJNPGomk4X27SgBmR2HTt0bH2SfSHki_3Xs_voKFeYtAOpwjdYaQ7zg4YpfWzKh1lKkjH/s1600/insidethe+house.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="392" data-original-width="260" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA2V9vgbtZMMeDtAeIF0Cm54kj91kQBl9CAighm49Yod6yBXuYbSWZkVrn_-afa30DgCrSl60iJNPGomk4X27SgBmR2HTt0bH2SfSHki_3Xs_voKFeYtAOpwjdYaQ7zg4YpfWzKh1lKkjH/s400/insidethe+house.jpg" width="265" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">If you could have in-depth interviews with top hedge fund "masters of the universe" types, what would you ask? I suspect it would be the very same questions that Steven Drobny, the author, asks in this book. I love the format and the direct answers. They are always clear, concise and to the point. This book was an instant knowledge widener for many of the best hedge fund fundamentals needed for any overview. It served the right purpose for me at the right time. It certainly reminds me of the "Market Wizards" series in its style and format. In a similar way, it has high quality insight with every single chapter.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">It is a series of one on one interviews. Each gives a great wrap up of which strategies have been able to take the best advantage of world markets at different times, and most importantly, why. I am a big Steven Drobny, fan as he is able to deeply research a subject matter, and explain it in a very smooth and logical rhythm that matches my mental intake pattern almost perfectly. Like a well tailored suit, this writing style fits me perfectly, and feels like a second skin, very natural.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS26KzXbJhVOTfDwdCdRoN2EH_3uWIN_YBZyUfZvR8vM1Z_tatpRZSj_Om7aSqNW5fSqmsWvKNQCVvkQ9oowr2RzIeT7Z0gIxtS8wfv6s6dyDiW__Fc9cEo7eb1DRNET_7AIDXCWV8cjCp/s1600/insidethehousejp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS26KzXbJhVOTfDwdCdRoN2EH_3uWIN_YBZyUfZvR8vM1Z_tatpRZSj_Om7aSqNW5fSqmsWvKNQCVvkQ9oowr2RzIeT7Z0gIxtS8wfv6s6dyDiW__Fc9cEo7eb1DRNET_7AIDXCWV8cjCp/s320/insidethehousejp.jpg" width="224" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">The in-depth chapters and subject matters are wide ranging from "how family offices see the world". They then contrast totally with <b>Yra Harris</b>, floor trader. The dialogue with <b>Christian Siva-Jothy</b>, from Goldman prop (later SemperMacro) differs a lot from <b>Dwight Anderson</b>, who founded Ospraie within commodities. Each was a rare combination of feedback sources for me. It was presented really well, and I felt that I received my full money's worth when I finished this fine collection of conversations. I would described it as intellectual gold.</span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: large;">I get a sense that these are the kind of people who all have an edge. Partly unique talent, but always worked at continually. Further sharpened by long hours of hard work and dedication. There is no easy path to success. It is an insight that many investors or Managing Directors are always looking for in financial markets.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be a successful hedge fund trader. You have to learn how and when markets may move in your favor, and adapt constantly.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best traders know how to make money and keep doing what they do best, and focus on where they have an edge. You need to recognize patterns and be consistent, keep a constant ability to adapt to trends, and follow niche markets & changes.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful trader, a true long-term moneymaker, is never fast or easy. Losses are a part of profits, and cannot be avoided. However, by noting them, you seek to minimize them in future. The more trading notes you take, then the more profits you make. Write things down. That seems key.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;">At 356 pages this book is dense quality and no fluff - just great, high quality interviews asking the same kind of questions to legends in the hedge fund world. They are the kinds of questions I would have asked myself, maybe even over drinks in a New York bar, to get the full color. This book is a keeper and is Highly recommended!</span></span></span></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #222222; font-family: "arial" , sans-serif;"><br /></span></span></span></span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-40607572206236552702021-04-09T12:41:00.002+09:002021-04-09T12:43:17.178+09:00Friday Feature Book Review: My Billion Dollar Education by Toshihide Iguchi 告白 (大和10億ドルの損失) : 井口 俊英<div style="font-family: meiryo;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-ADnD1a4fmAVtks_eo6zXlU1OROUhG9Q2GtvaECfZeGfbDaD8xJT864qTmJYB8rQeoXWzW1fGiLePLZnWHQLh1M2z9ZB_ns1cgfjrA6AzHafhkztesWzaRFD7Hoh9Aa9qasp3EyPQVDL4/s1600/aaaBilliondollar.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="324" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-ADnD1a4fmAVtks_eo6zXlU1OROUhG9Q2GtvaECfZeGfbDaD8xJT864qTmJYB8rQeoXWzW1fGiLePLZnWHQLh1M2z9ZB_ns1cgfjrA6AzHafhkztesWzaRFD7Hoh9Aa9qasp3EyPQVDL4/s400/aaaBilliondollar.jpg" width="258" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">This is a true tell all "Rogue Trader" confession story, with no detail left out. In the beginning, I expected another trader story where things go well, a wild lifestyle is had, a mistake is made, and then it snow balls. I was only half right. Things never went well, a simple US$70,000 mistake was made early, back when the trader was making only US$45,000 a year in salary. He worried about keeping his job, and pushed the limits to cover it up at first. It proved to be a very slippery slope, with nowhere to go but down, not just for one career, but for a whole bank.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">There are no excesses in his life style, no glitz and no glamour. When things go wrong, it really does so in size. A loss in the end, of over US$1billion is the biggest single little snowball that I have ever come across. It was not overnight, and did take 12 years to grow. It was a slow motion train wreck, not any crisis that popped up over a few days. In many ways it is just a classic style tragedy, with no happy ending or savior event near the end. There is no "feel good factor" after the first few chapters. It reads more as a kind of personal documentary recall of events.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">In many ways, you could say that the main character is a wonderful multi-cultural ideal. The Japanese kid who goes to the US at a young age. He learns English, stays to study at university, marries a college sweetheart, and all starts off well. He becomes a father, moves to the big city, and lands a job with Daiwa, a Japanese bank in New York. He begins his financial career there, but it is not long after before reality hits. Financial markets like life, go up and down.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuLXssLbOwsi9vQ4k-oaAZUwalIj9hciyAn-bKkD0kSLXtF88WcE9NQ2Zd5bbbQ1CHVqdE3s09EGpTUm3q048KZypwU6L_lxFo10g_LusFfkzfk55UTIHwBZzijhwwhEzNGPJ3-AG7jwyK/s1600/abilliondollarjp.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuLXssLbOwsi9vQ4k-oaAZUwalIj9hciyAn-bKkD0kSLXtF88WcE9NQ2Zd5bbbQ1CHVqdE3s09EGpTUm3q048KZypwU6L_lxFo10g_LusFfkzfk55UTIHwBZzijhwwhEzNGPJ3-AG7jwyK/s400/abilliondollarjp.jpg" width="271" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">You realize several things while reading this tale. Culturally, the trader does not know what cultural value systems to choose daily. He finds it difficult to balance the two, and his private life suffers. The second is that with double cultural wiring, he had a lot more ways to look at a problem, and gets creative. Sadly, this creativity is about how to cover up a mistake and hide a huge loss. In many ways, you wish he could have used his talent for a much better use within the bank. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">What do you learn from this book? You certainly learn many aspects of Japanese banking and jail life in New York City. These are things you really are glad to learn second hand. The politics around finding a big target like Daiwa bank, and bringing it down has some very unfortunate casualties. The bank is now known as Resona Bank, and is independent.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that really impact any reader are:</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to be successful within any bank. You have to learn how management think.</b></span></span></div>
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<span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span style="color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>2) The best traders know how to make money and keep doing what they do best. You need to be consistent and keep a constant ability to adapt to trends and changes.</b></span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"></span></span></span><br /></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b>3) Becoming a successful trader, a true long-term moneymaker is never fast or easy, but can sometimes appear to be to outsiders. Mistakes are made, and you have to fix them fast.</b></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="background-color: transparent; color: black; font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><span style="color: black;"><span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;">As somebody who has worked with Japanese, all of the personality types ring very true. There are patterns of behavior within a Japanese corporate that seem very realistic. Sadly, with so many millions gone. You almost wish he stored a little for himself, as a hedge. He clearly had talent, but not enough to see the bigger picture that he was in. You certainly gain a worthwhile perspective.</span> </span> Highly recommended!</span></span></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="font-family: "arial" , sans-serif;"><br /></span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;"></b></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"> where TMJ Partners will review books, movies, conference</span></span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">s and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-family: arial, helvetica, sans-serif; font-size: x-large;">click here</a><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">. </span><span style="background-color: white; color: #222222; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Thank you for reading and learning more about how money is made in finance! </span></div>
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<span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. Follow TMJ Partners on <b><a href="https://www.linkedin.com/company/tmjpartners/">Linkedin</a></b> <b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> or <b><a href="https://twitter.com/TMJ_Partners">Twitter</a>. </b>We are the world's <b>#1</b> recruiter on <b>Twitter</b>, with over <b>40,000+</b> followers globally! click <a href="https://twitter.com/TMJ_Partners"><b>here</b>!</a> </i></span></span></div>
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<span class="Apple-style-span" style="border-collapse: separate; color: #466ea5;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><br /></span></span><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">あなた</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">が</span><span class="Apple-style-span" style="border-collapse: separate;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;"><b>アジア</b>や<b>日本</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif;">セールストレーディング</span><span style="background-color: white; font-family: "arial" , sans-serif;">,</span></span><br />
<span style="font-size: small;"><span style="background-color: white; font-family: "arial" , sans-serif; font-size: medium;"><span style="font-size: large;">バンキング、フィンテック</span><span style="font-size: large;">の役割に</span></span><span class="Apple-style-span" style="border-collapse: separate; font-size: large;"><span class="Apple-style-span" style="border-collapse: separate; font-family: "arial" , "helvetica" , sans-serif;">興味がある場合は、こちらを<a href="http://www.topmoneyjobs.com/"><b>クリック</b></a>してください</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">ティエムジェィパートナーズ</span></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://www.linkedin.com/company/tmjpartners/"><i>Linkedin</i></a> </b></span><i style="color: #466ea5; font-family: arial, helvetica, sans-serif;"><span style="font-size: large;"><b><a href="https://www.instagram.com/topmoneyjobs.insta/">Instagram</a></b> </span></i><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">または</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b><a href="https://twitter.com/TMJ_Partners"><i>Twitter</i></a></b>でフォロー</span><span style="background-color: white; font-family: sans-serif , "arial" , "verdana" , "trebuchet ms"; font-size: large;"><span style="font-size: medium;">してください</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">!</span><span style="font-size: medium;"><span style="background-color: white; text-align: left; white-space: pre-wrap;"> </span><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">世界中の<b>Twitter</b>で<b>第1位</b>の</span></span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">リクルーター</span><span style="font-size: medium;"><span style="background-color: white; font-family: inherit; text-align: left; white-space: pre-wrap;">、</span></span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;"><b>40,000以上</b>のフォロワー</span><span style="background-color: white; font-family: "arial" , sans-serif; font-size: large;">を</span><span style="background-color: white; font-size: large; text-align: left; white-space: pre-wrap;">既に持っています!</span><b style="font-family: arial, helvetica, sans-serif; font-size: x-large;"><a href="https://twitter.com/TMJ_Partners">クリック</a></b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">してください</span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: medium;">。</span></div>
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<span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;"><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><span style="background-color: white;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span></span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">t</span><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;"> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div>
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</div>TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0tag:blogger.com,1999:blog-945812022527706598.post-39156556558324303942021-02-12T23:38:00.007+09:002021-02-12T23:42:23.376+09:00Friday Feature Book Review: "Gods of Greenwich" : Norb Vonnegut (Hedge Fund Mystery!) トップ・プロデューサー ウォール街の殺人 (ヘッジファンドのミステリー!) ノーブ ヴォネガット<p><span style="background-color: white; font-family: arial; font-size: x-large;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0fshO07enUaTIz1HxRsDdIOHLXlgRCAtg4_9q6nrvhBL0hU4VUV7NkPnMd6qgYkFcMwFUwn8f8Gjni1ZS3dtZgiA8ce3LWLFnGK7XBy3rxTf3nOq8vGOsdVeY1Nm1W_FcmZUwa109X3pC/s277/GodsofGreenwich.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="277" data-original-width="182" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0fshO07enUaTIz1HxRsDdIOHLXlgRCAtg4_9q6nrvhBL0hU4VUV7NkPnMd6qgYkFcMwFUwn8f8Gjni1ZS3dtZgiA8ce3LWLFnGK7XBy3rxTf3nOq8vGOsdVeY1Nm1W_FcmZUwa109X3pC/w263-h400/GodsofGreenwich.jpg" width="263" /></a></div><span style="font-family: arial; font-size: large;">Money & murder work well together in this hedge fund mix. I am always looking for a good fast-paced financial thriller and this was it. When possible, I also prefer to read about finance, but rarely expect direct exposure to the hedge fund world or its High Net Worth lifestyle trappings. There is plenty of luxury eye candy woven into this story. I get the feeling that Norb, is able to bring to finance, what John Grisham, has brought to many lawyers and the legal profession.</span><p></p><p><span style="font-family: arial;"><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"><br /></span><span face=""arial" , sans-serif" style="background-color: white; font-size: large;">America's hedge fund center "Hedgistan" is the main location in Greenwich, Connecticut. It is just outside New York, and this book did not disappoint. It is fiction, but reads like a very realistic documentary. You very much get a sense that Wall Street can be seen in two very complimentary locations, Manhattan and Greenwich. You can even see them as 2 sides of the same coin. One buy side and one sell side perhaps. Every detail rings true, and nothing seems fake.</span><br /><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"><br /></span><span face=""arial" , sans-serif" style="background-color: white; font-size: large;">Cy Leeser, the hedge fund manager with the "secret sauce" has everything including Bianca Santiago, the beautiful Brazilian trophy wife. Picasso paintings, and a vast sprawling Greenwich estate. It is so large in size that I would not want to clean it. The plot is based around hero Jimmy Cusack, the hero and underdog taking on the buy side's big time players. </span><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"><br /></span><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizVljQOy5RjF0dagUnUtd7VBuBSiAWCJkqb1Gv4eHLm8iwSGFolhY5Oxj1VZGiKP_zXRi8R_SzpfRQcaOmBMxuPgzyIm-25dgSBExNMXJI0wNdNV6koBV9aJbie75dFE197PAW2rHV6p7a/s499/GodsofGreenwichJPN.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="499" data-original-width="350" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizVljQOy5RjF0dagUnUtd7VBuBSiAWCJkqb1Gv4eHLm8iwSGFolhY5Oxj1VZGiKP_zXRi8R_SzpfRQcaOmBMxuPgzyIm-25dgSBExNMXJI0wNdNV6koBV9aJbie75dFE197PAW2rHV6p7a/w280-h400/GodsofGreenwichJPN.jpg" width="280" /></a></span></span></div><span style="font-family: arial;"><span face=""arial" , sans-serif" style="background-color: white; font-size: large;">He is caught in a post-Lehman & pre-Iceland crisis, that many can relate to. Coming from the Boston area, not New York, he still made it into Goldman Sachs. No easy task as it was the pinnacle of investment banking at that time, and then moves on to his own hedge fund, sweet. However, every good deed does not go unpunished, as we learn in this book, such is life in finance.</span><br /><span face=""arial" , sans-serif" style="background-color: white; font-size: large;"><span style="color: #222222;"><br /></span></span><span face=""arial" , sans-serif" style="background-color: white; font-size: large;">Jimmy is somebody who has one financial strike against him and brothers in the military who did not share his financial career path. There were so many bells and whistles that were spot on, I lost count. In fact, it was the details that the author Norb Vonnegut (yes related to Kurt), uses that click everything in place. Everything seems believable are very realistic when I think of similar hedge fund types I know in the area.</span><br /><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="color: #222222; font-size: large;"><span style="background-color: white;"><b>The Top 3 Takeaways from this book that impact any reader are:</b></span></span><br /></span><p></p><div><span style="font-size: large;"><span style="background-color: white; color: #222222; font-family: arial;"></span></span></div><p><span style="font-family: arial;"><br /><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"></span><span face=""arial" , "helvetica" , sans-serif" style="color: #222222; font-size: large;"><span style="background-color: white;"><b>1) There is a lot to learn about how to succeed within a hedge fund. At the very core though, it is about making money. Those who figure out the "secret sauce" survive long term or die trying.</b></span></span><br /><span face=""arial" , "helvetica" , sans-serif" style="color: #222222; font-size: large;"><span style="background-color: white;"><b><br /></b></span></span><span face=""arial" , "helvetica" , sans-serif" style="color: #222222; font-size: large;"><span style="background-color: white;"><b>2) The more of this book you read, the more you wonder how much the world of finance can cover. Where does it end? and how much wider does it cover in ways you do not see today.</b></span></span><br /><br /><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"><b>3) Becoming successful in a hedge fund is never easy, but can sometimes appear to be to outsiders. There is often a reason, and that reason is often a key rare talent that is hard to replicate.</b></span><br /><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"><span face=""arial" , sans-serif">Norb does have a Harvard MBA, and did work at top investment banks. This is key to what makes this story work, because it feels so real. These insights are used so well, in the right amount, that he kept me engaged for much longer than I should have ever been. Annuities are about people's lives, but only for their lifetime. There is a blood thirsty innovation on this theme that I certainly have never seen. I could not put it down and that is always a good sign. If you like money, art and "killer sex", you will be changed with this read. Highly recommended!</span></span></span></p><p><span style="font-family: arial;"><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #222222; font-size: large;"><span face=""arial" , sans-serif"><br /></span></span></span></p><div><span style="font-family: arial;"><span face="" style="font-size: large;"><b style="color: #222222;">Please visit us for our Friday Feature Review</b><span face="" style="color: #222222; font-size: large;"> where TMJ Partners will review books, movies, </span></span><span face="" style="color: #222222; font-size: large;">services and anything else with a financial theme. Follow us now for our free weekly updates, just </span><a href="https://www.linkedin.com/company/1471605/notifications" style="font-size: x-large;">click here</a><span face="" style="color: #222222; font-size: large;">. </span><span face="" style="color: #222222; font-size: large;">Thank you for reading and learning more about how money is made in finance!</span></span></div><div style="font-family: "ms pgothic";"><span face="" style="font-size: large;"><br /></span></div><div style="color: #466ea5; font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><div style="line-height: normal;"><span class="Apple-style-span" style="border-collapse: separate;"><span face="" style="font-size: large;"><i>If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click <a href="http://www.topmoneyjobs.com/en"><b>here</b></a>. 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text-align: center;"><span style="font-size: large;"><span class="Apple-style-span" style="border-collapse: separate;"><span face=""><i><br /></i></span></span><span class="Apple-style-span" style="border-collapse: separate;"><span face=""><i>For more <b>Buy-Side</b> and <b>Sell-Side</b> roles in Asia-Pacific, contact our <b>TMJ Partners Japan & Asia Finance</b> team.</i></span></span></span><br /><span face="" style="font-size: large;"><span><b>Tokyo </b></span></span><b style="font-family: arial, helvetica, sans-serif;"><span style="font-size: large;">Tokyo</span></b></div><div style="font-family: "ms pgothic";"><span face="" style="color: #222222; font-size: large;"></span></div><div style="font-family: "ms pgothic";"><span face="" style="color: #222222; font-size: large;"></span><br /></div><div class="gmail_default" style="color: #466ea5; font-family: arial, tahoma, helvetica, freesans, sans-serif;"><div style="text-align: center;"><div style="margin: 0px;"><div style="margin: 0px;"><span face=""><span style="font-size: large;"><b> Mark Pink Shinichi Nagasawa</b></span></span><br /><span face="" style="font-size: large;">Direct <a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc;" target="_blank" value="+81335053891">+ 81 3 3505 3891</a> Direc</span><span face="" style="font-size: large;">t</span><span face=""> </span><a href="tel:%2B%2081%203%203505%203891" style="color: #1155cc; font-family: arial, helvetica, sans-serif;" target="_blank" value="+81335053891"><span style="font-size: large;">+ 81 3 3505 3891</span></a></div></div></div></div>TMJ Partners ティーエムジェイ ・パートナーズ Focused on FinTech, Securities, Investment Banking, Hedge Funds and Private Equity. http://www.blogger.com/profile/01837525107517796425noreply@blogger.com0