Friday 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！)

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 has 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.

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.

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.

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.

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. 

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.

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

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.

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.

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.

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. 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. An amazing movie that is perfect for the holidays, highly recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click here. Thank 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 Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！クリックしてください。

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Friday 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

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.

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. 

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.

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. 

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.

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

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.

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.

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.

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 deservedly so. Made back in 2000, is holds up well, and is still an amazing movie that is perfect for the holidays, 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 here. Thank 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 Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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.
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      Mark  Pink                               Shinichi Nagasawa
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Friday 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

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. 

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.

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.

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.

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

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.

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.

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.

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. He showed this pattern in many similar ways. 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.

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 here. Thank 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 Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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.
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      Mark  Pink                               Shinichi Nagasawa
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Friday 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

This book is a great insight into the man, and to the point. Unlike Snowball, Warren Buffett's recent authorized biography published in 2008, this is a set of highlights. This book is just core hard facts, thoughts and observations by the great investor himself. It comes across not so much as a book, but a collection of important financial notes or 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.

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. 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. 

He often seems to be judged by the masses on 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 frame of mind, perhaps the same trade would not be seen, or recognized, or valued in the same way 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. 

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.

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. 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. 

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. 

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

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.

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.

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.

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.  It is well written, smoothly edited, and a wonderful read for anyone in finance or not. Good solid sage advice. 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 here. Thank 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 Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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 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

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? What ethics are missing from today's marketplace if any? Have we gone too far, or not far enough? 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? 

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?

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?

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?

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.

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

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.

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.

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.

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. 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 here. Thank 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 Twitter. We are the world's #1 recruiter on Twitter, with over 40,000+ followers globally! click here! 

あなたがアジアや日本の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をLinkedin Instagram またはTwitterでフォローしてください！ 世界中のTwitterで第1位のリクルーター、40,000以上のフォロワーを既に持っています！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