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Friday, August 17, 2018

Friday Feature Book Review: The 48 Laws of Power by Robert Greene 権力に翻弄されないための48の法則 上 : ロバート グリーン

Without question, The 48 laws of Power reads like a secret list of tips on "how to be an MD in an investment bank, a PM in a hedge fund, or a top performer in any other financial firm". It is really good meaty stuff, rock solid in fact. The kind of stuff so valuable, only a close friend or family member would ever share it with you.

In many ways, I would describe these modern rules as very Machiavellian and perfect for the world of finance today. These are timeless markers for any career path. They seem both practical and essential for any young or mid-level executive's future high powered career. If you have ambition, then this is your secret road map for the "insider rules of success". Learn them all well. 

I have many favorites, but the first of note is #1 never outshine the master. I cannot tell you how many times, some new junior dealer tries to impress the MD, with his new higher level skills. Within a short time, he is transferred to another desk or fired with no understanding as to why.

Another great one touches on the truth, and how useless it may be. Again young people feel that if they are right, they can get ahead. However rule #9 Win through your actions, never through argument, is worth noting. If some MD says you cannot make money from that client, do not argue.  Just focus, book the P/L, show the P/L and explain that "something has changed", so now the firm is able to deal with the client again. No blame or argument takes place, only an adjustment of the situation.

I was very impressed with one VP who soon became an MD. He valued rule #18 Do not build Fortresses to protect Yourself- Isolation is Dangerous. He told me that even though he did not smoke, he took smoking breaks, and chatted with other senior in the smoking room. In fact, one of the biggest deals he ever closed was a result of one of those conversations. He heard something he never would have heard before, and he acted on it and closed a major deal for the firm. Information only flows when it is shared. A person alone shares very little and does not often succeed.

If you are smart and know the answer, never give it out too early. Rule #37 Master the Art of Timing, is key. When inside any tough situation, if you know how to exit or source a solution, let others around you or above you feel the pressure. Once you sense that an end is near or the firm may need to give up on any opportunity, that is the best time to offer the solution everyone needs. Two impressions will be made, not only that you could find the solution, but that you could find it "just in time". The fact that you had it ready previously would have been wasted when bonus time arrives.

I am surprised by some in finance who discredit "politicians" as useless in a firm. Rule #43 Work on the Hearts and Minds of Others, is very important. Any bonus often needs to be decided on my a number of people, never one, if it is big. All of those who would determine your bonus need to be understood and appealed to. There is no such thing as "the right amount" for anybody, no bonus number is "fair". The more you can be approved by those around you, who value your contribution, the more likely that bonus your will be larger. 

The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to succeed within any organization, financial or otherwise. IQ is not EQ, and this book underlines many of the "soft skill points" too many promising people overlook, that hold them back.

2) The more of these rules you read, the more you think that a better title for this book may be, "how not to waste your time on things that do not help your career, only hurt it, and keep your high compensation delayed."

3) Becoming successful is not simple or quick. There is no easy action that can save your career instantly. The road is long and takes time, and is full of possible dangers. It is best to be cautious with your career.


A final note that ensures a fat bonus from your MD or senior management is #46, Never appear too perfect. Envy from others is to be avoided. It is best to create a foolish vice or weakness, even if it is not true. It make others who judge you to relax. It can be anything such as disco music from the 1970s, or being a Superman comic book fan. Having something, anything even minor and superficial, that others around you can be aware of, allows you to be accepted as human, and worth the big bucks! Highly recommended, without question.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance! 

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 45,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター45,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo


      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, August 10, 2018

Friday Feature Book Review: "I, Steve : In His Own Words" by George Beahm スティーブ・ジョブズ:夢と命のメッセージ: ジョージ・ビーム

Steve Jobs was bright and driven. Due to Apple's recent stock price success, he may now be remembered as the first Trillion Dollar Man! I have met some very bright people in business, academics, and the arts. However, I do not think I have ever met anyone quite like him. The more you read about his thoughts and ideas, the more you wonder what made him tick inside, inspired him forward or why he had that deep drive.

I also wonder if he would have been even more driven if raised by his biological parents and not adopted? His father was Syrian, and met his mother in college. They gave him up for adoption and hoped that his new parents would be college educated. Would his strong personal drive have come out more (or less) if he knew them early on? Would he have been the same person or even more of a visionary if raised by his biological parents? Nurture vs Nature is a DNA struggle that many wonder about today.

There are questions you pose yourself while reading this book. There is a personal demon fighting with his personal identity and it is not an easy answer. However, maybe this demon was just a drive for discovery. One thing that is clear is that many of the experiences of life can be used in alternative ways. Steve Jobs seems to have exposed himself to many things in his early days that came together in unexpected ways usually for the better.  

During his time in India, this trip started key ideas on what personal computers could be in schools. It also exposed him to calligraphy created during the Great Indian Renaissance. This would one day be key to future fonts with a GUI on an Apple PC. Was this just common for others in California of his generation? He seems to have a rare combination of right and left brain segments in balance. He can really see the potential of ideas early on in the creative process.

He can then follow it up with the more realistic needs to execute, and do so extremely well. It is not a combination that is common in many people. Steve Jobs certainly has thoughts that are very deep for a young person, and very clear towards performance. I came away wondering if in future, he will seem like a kind of historical Napoleon like figure in future corporate history, and never just one of many CEOs who did well in a certain beginning of the technology age?

Time will of course tell, but if you read his thoughts they are not of a person consumed by material wealth need. He bought his first house but kept almost no furniture. He is more of a person driven to complete a vision of technology that just needed to be done. 


The Top 3 Takeaways from this book that really impact any reader are:

1) He was a very unique thinker that was a result of rare experiences. During college, he went to India. He was fascinated by locally written texts. This was the seed that drove him to create various fonts within the Mac PC.

2) The journey of life is never perfect or smooth. You evolve and can do different things at different stages of your life. If he was not kicked out of Apple, he would never have had the ability to see its problems, focus on its core business, and help it to recover.

3) Keeping any organization in line with a strong set of standards is a leader's job. It may not be easy or pretty, but raising the bar always helps any firm be more competitive over time.

You learn that Socrates would have been one of the conversation partners he wished he could have had in life. It is a good choice when you learn more about what drove him. He seems like the kind of soul who needed to seek some things out, even at a high cost, because it just needed to be done. The goal would be worthwhile to those that followed. 

To a point you may be able to say that about Apple products in general, and that certainly confirms the imprint of the man, and his words. Steve like many Apple products, represent a new standard of perfection. This book was worthy of many reads, and his thoughts were enlightening in their honest clarity. I would even dare say they were insanely great. Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance! 

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 45,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター45,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo


      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, August 3, 2018

Friday Feature Book Review: The Whims of Fortune (Billionaire Memoirs) by Guy de Rothschild ロスチャイルド自伝!(億万長者の回顧録) ギー・ド ロスチャイルド

These billionaire memoirs by the late Guy de Rothschild do not disappoint. His famous family, the Rothschilds, perhaps the richest family in the world, is full of history. The original German founder in the 1760s, asked his sons, the core five Rothschild brothers, to build the very first multi-national bank in Europe. The 5 arrows in various coats of arms and symbols represented the family motto of being industrious certainly has been true.

This innovative jewish family were the first to create a cross border letter of credit. They continued to have had strong banking DNA that passed on well across the generations. Guy took over the bank's direction in Paris, and stretched it further to New York and the US market. Although a later generation, I see him as a key sixth member of the family to expand the firm's reach and making them truly global in ability. 

Although personal memoirs, are the perfect window into a Ultra High Net Worth family, they have great business balance to them as well. The glamorous lifestyle of the 1% is all here. The race horses, French chateau properties, hunting & shooting weekends, support for the arts, and a long list of galas full of celebrities are all well documented here. The Bordeaux wine of great fame, Chateau Mouton Rothschild, owned by the family for over 100 years, has always helped spread the fame of the family's wealth & prestige globally.

What is most surprising to the reader though, may be Guy's military career during World War Two. He seems to have been very happy to be a simple soldier and came out well, once tested in battle. He was given a medal for his valor and got recognized by General Charles de Gaulle. The circle of life recrossed again when both paths after de Gaulle became head of state. 

Another clear connection is a politician who started out as a manager within the Rothschild bank in Paris, Georges Pompidou. A brilliant man of high EQ (emotional intelligence) not just high IQ, he later replaced de Gaulle as the president of France. Maria Callas, Coco Chanel, and even Salvador Dali, was a famous artist of the time all feature here. They were often at the same parties with George and Guy. Queen Elizabeth, and her love of horses also make an appearance in this memoir full of many varied and rich slices of life. Some of these parties have been legendary and discussed as part of the illuminati crowd. The bizarre dress at one of those remarkable events held at a the family castle, even inspired a scene from "Eyes Wide Shut" starring Tom Cruise,  can only be described visually as Dali-esque!

The Top 3 Takeaways from this book that really impact any reader are:

1) There is a clear intermingling with multi-generational HNWI families and their wealth and politics. Wealth is about any decent return of capital learned by family members internally!

2) The Rothschilds are not technically aristocrats within British society has they have not survived as English nobles for 500+ years.

3) Keeping strong economically after initial financial success has never been easy to families to continue past many generations, but the Rothschilds have always found a way for over 250+ years.

How this key individual Guy de Rothschild, criss-crossed among politicians, statesman, celebrities, businessmen, and the world of horse racing is fascinating. The very revealing and open access to one of the world's wealthiest families is a pleasant surprise. It also leaves any reader with a great satisfaction into a life well lived and fully enjoyed. Highly recommended, without question.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance! 

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 45,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター45,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo


      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, July 27, 2018

Friday Feature Review: Delivering ALPHA Conference 2018 TOP 8 Speaker NOTES 2018年デリバリングアルファカンファレンス トップ8スピーカーノート


Delivering ALPHA is a major financial conference in New York City, annually. This year it took place on Wednesday July 18, 2018. This is the 8th conference of its kind, and has been supported by two main sponsors, CNBC and Institutional Investor. It brings many of the world's top hedge fund managers together, in order to clarify trade ideas and market trends. Many of the year's best trading opportunities are presented here for the first time. However, not every idea is a 10-20X winner, in fact, some are indeed money losers. Part of the challenge is trying to figure out which is which. This year was no different. The future of Cryptocurrency and Solar energy plays were at the forefront. See our conference highlight notes below and do your own research. Enjoy the following ideas from the top 8 speakers at this year's event, they may become money makers!



1) Jim Chanos, founder of Kynikos Associates, explained how his views on Tesla as a short target are still strong in conviction. A public allegation, that came out of Twitter had CEO Elon Musk accuse Business Insider journalist Linette Lopez, of working for Kynikos partners and delivering insider information. Live on camera, Jim Chanos denied any involvement with Linette, and stated that "he speaks to many journalists all the time. However, he never pays these same journalists for any information. This includes never paying for insider information." If you have serious charges, you should follow up with serious evidence. Elon Musk so far, has not done this. In a similar manner previously, they were sued by Tesla for liable, but they were just repeating what was already public record in the 10K statements. The cases against Kynikos Associates were all won.



2) Ken Griffin, founder of Citadel, spoke on China trade and the future of cryptocurrencies. Live on stage he said "there is no need for cryptocurrencies. They are a solution in search for a problem". No a single portfolio manager at Citadel has said they should be investing into crypto. He further stated, "I wish the 27 year olds were not buying Bitcoin. I wish they were investing capital that would create jobs and increase our economy". Clearly, he is not convinced if there is really a case for cryptocurrencies long term. he also mentioned views on large banks. He feels many of the largest banks in the US need to be broken up. The "Too Big to Fail" system, is still in place, so we need to address that.



3) Howard Marks, co-chairman of OakTree Capital, had a more specific view on Bitcoin and other cryptocurrencies. "It is a trade, not an investment". He is so far not convinced that it will be a new and permanent capital market asset class. Time will tell but at least he does recognize that retail players have put it on the radar. ETFs have been heavily weighted towards the FANG components, this may hurt investors in future. Liquidity and momentum will have an impact when there is a clear change in financial markets. Right now, we like emerging markets more than the S&P 500 right now. However, right now there is no place to invest, that is easy right now.


4) Steve Bannon, former White House Advisor, spoke on his views around Bitcoin and China. "I like Bitcoin, I own Bitcoin, I think 90% of ICOs were a disaster. People did not think them through. I am working on a utility token with global implications." They have to be quality. He feels that China for the first time ever, do not know what to do with President Trump. He is an economic counterpart that they do not know how to handle well yet. After 25 years of economic war with China, the next move is not clear for China. President Trump is not easy to figure out with traditional diplomacy. As a result of this new international diplomatic style and global leadership, the US is going to win any trade war with China.



5) Samantha Greenberg, CIO of Margate Capital Management, made a great stock picking case. She formerly worked at Paulson & Company, made a compelling case for Take-Two Interactive. In the US today, over 60% of teenagers play video games over 3.5 hours per day. The live streaming network Twitch that showcases video games has a larger audience than major television networks like CNN. She feels that although the stock has gone up 60% this year to $126.81 per share, it could go up another 41-62% from current levels. That means a stock price target of $176-202 per share. Previously, customers would buy a single hit game. Currently, due to the internet connectivity of video games, extension offerings and special upgrades continue the purchase and the revenue stream for video game users.



6) Jeremy Allaire, CEO of Circle thinks Bitcoin will bounce back from current $6000-7000 per coin levels. He represents a crypto themed startup that got investment from Goldman Sachs. It later acquired a crypto exchange called Poloniex. After this M&A was absorbed and incorporated, Circle is now valued at over USD3 Billion. More growth is expected to come and a possible IPO in future.



7) David Rubenstein, co-founder of Carlyle Group, had big picture economic views to share in 2018 & 2019. He said that "Out of the 275 companies that we own, most are all doing well. We do not see any major change in any of our holdings. I just do not see any recession in the short term." He feels that this year or next year seems to be reasonably in good shape as far as our corporate holdings. "As far as trade and China, the global economy is now USD80 Trillion. Global tariffs amount to no more than USD150 Billion, so it very modest, it doesn't really affect anything."



8) Barry Silbert, CEO of Digital Currency Group, had curious comments on Bitcoin bottom and it future pricing. When the head of the Fed, or major fund heads talk about how Bitcoin is of no value, but the price does not move, that is a very bullish sign. "Swimming upstream is when you make a lot of money". Barry started buying Bitcoin in 2012 when it was $10, not the much higher $7,333 currently. During the conference, they announced that they raised USD250 Million for Grayscale Investments, their crypto asset management firm. "Some 56% of that capital came from Institutional Investors. A year ago, that same percentage was non-existent." He said that he has invested in 130 companies involving crypto. They have 5 core holdings in the company portfolio, that is all. Bitcoin is 50%, Ethereum Classic 25%, Zcash 15%, Decentraland 5% and Zencash 5%.



Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance! 

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 45,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター45,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo


      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891

Friday, July 20, 2018

Friday Feature Book Review: Soros on Soros: Staying Ahead of the Curve by George Soros ジョージ・ソロス : デリバティブのマジシャン、投資理論、経営哲学: ジョージ・ソロス

George Soros, has a lot of say that is worth reading about. This is really 3 books in one. The first section is about trading, and is called "Investing and global Finance". The second section is about politics and is called "Geopolitics, Philanthropy, and Global Change". The third section is about  "Philosophy" and includes his personal one he called "reflexivity". Most readers focus on the first section, but that seems to be a bit short sighted. George Soros only started trading the Quantum Fund in his 40s. He was already a well formed financier, and it is his foundation of ideas that made him stand out. I will concentrate on this first section as it is the most financial in its flavor within this review.

To hope that you could read "a few good tips" on how to do better trading, and then make billions like him, would be a poor use of time. If anybody is motivated to make really big trades, and learn the edge needed to make mega profits, the bigger picture of the man is needed. Every trader has areas they excel at, and George Soros, was no exception. Like a surfer, he needed a very big wave to show his conviction and really impress. Others could be impressive with smaller waves in more regular numbers, but that is not what he did best. George Soros, was always about the mega trade. He was ultimately an "elephant hunter" in the financial markets. It was never about a preferred type of trade, but more of a window of timing matched with size that really set George Soros, apart of many others of his hedge fund trading generation. To get a full flavor of what it takes to be a trader of his class and stature, I would read all 3 sections of the book. This will help give a much wider perspective of the man, and therefore the person you need to be, to repeat his level of success.


This is in great contrast to his own insecurity about how wrong he could be about recognizing any big wave of opportunity in a trade. He always knew he could be wrong, and put on a big trade in size, with this knowledge. He may have had conviction, but he also always admitted that timing could change and force him to exit a trade quickly. This could be the case even if 24 hours before, he was full of conviction. Many traders in the market do not have this mental attitude. Too many traders often "get married" to an individual trade or a single position, and then "hope" it will change back into a profitable outcome when it goes negative early on. George Soros, never got married to any single position. It sets him apart mentally from 99% of most financial traders and risk takers in the market.

Another rare factor about the trading style preferences of george Soros was actually, his lack of style. Unlike many hedge fund traders who had a usual or signature trade or strategy, George Soros, never had a single one to call his own. It reminds me of a quote by Bruce Lee, "be like water, if water is in a cup, you are the cup" that kind of thing. Part of the strength that george Soros had in regard to strategy was a lack of one that was a clear pattern. Size and conviction appeal was the only true pattern that he would often follow. Equities, FX, Credit or Fixed Income never really attracted him "per se" It was the size potential of any single trade, not the actual type or strategy.

The Top 3 Takeaways from this book that really impact any reader are:

1) There is no single position or trade worth getting married to. If it goes negative, just cut it and move on. Just put the position back on, if the price moves again in your favor.

2) The is no best kind of trade, asset class or strategy. There are many ways to make money in markets, and it is best to be as familiar with as many as you can. Focus on the size of a trade's potential, not the type.

3) You need to have a clear vision about life and your purpose in it, before you can trade sucessfully. Wanting a lot of money is not a good enough start. You must think more deeply about an ultimate purpose.

It is worth reading all of the main 3 sections, not just the financial one to fully understand what makes George Soros tick inside. Whatever your politics, he at least at a clear reason written down in advance before he took action. Many other can argue about his liberal views and ideas, but it is best to balance them with why he even formed them in the first place. Life is a zero sum game for some. As a child, he was shielded from Nazi crimes by being raised publicly as a non-Jewish person in a secret adoption. It kept him alive. Despite having to witness terrible atrocities against other Jews as a youth, he had to contain himself. As an adult later in life, he could finally let out any anger he saw when seeing any similar actions taking place politically. All of that mental baggage certainly makes you think what does it take to make such a man. If that 360 view works for you, then this book is Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, conferences and anything else with a financial theme. Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance! 

If you are interested in Sales & Trading, Banking or FinTech focused roles in Asia or Japan then click here. Follow TMJ Partners on Linkedin Instagram or TwitterWe are the world's #1 recruiter on Twitter, with over 45,000+ followers globally! click here! 

あなたアジア日本セールストレーディング,
バンキング、フィンテックの役割に興味がある場合は、こちらをクリックしてくださいティエムジェィパートナーズLinkedin Instagram またはTwitterでフォローしてください 世界中のTwitter第1位リクルーター45,000以上のフォロワー既に持っています!クリックしてください

For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

Tokyo                                          Tokyo


      Mark  Pink                               Shinichi Nagasawa
Direct + 81 3 3505 3891              Direct + 81 3 3505 3891