ein Original-wuulf Beitrag aus boerse-go.de
=> wuulf grübelt über den gestrigen Block-Trade bei MLTX, er meint: whitesnake - schreib es mal den antizynikern, vielleicht haben die ja eine Idee
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Thursday May 24, 3:44 pm Eastern Time
TheStreet.com - Wrong!
Breaking Into the Biz: How to Start Running Money, Part 1
It's tough, but Cramer has the advice you need. Tune into this multipart series.
By James J. Cramer
People are always asking me about how to break into the money-running business. Hedge funds are opening up pretty much around the clock these days and I don't blame anyone for trying to jump on board.
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So, how do you do it? In this multipart series I will show you some of the ways I think will work and how I would and would not go about it. I did a series like this four years ago when only a handful of people were reading us and it was extremely well received, so I want to revisit the topic now that we have a much bigger audience.
Let me start by saying I loved running money. If you are a hard worker, curious, fast-thinking and have great discipline as well as tremendous conviction, it is one of the most rewarding (at least, financially) careers on earth. (If you are good, you will laugh at all but A-Rod's contract. You will think, "What the heck, that's all that the top guy at Exxon-Mobil (NYSE: XOM - news) makes?" Or, "You have to be kidding me, that's what they pay the people who run Procter & Gamble (NYSE: PG - news) "?)
Before, however, I lead you down the primrose path, let me tell you the top 10 reasons why you shouldn't want to run other peoples' money.
1. Everyone who gives you money is your boss. You will be graded mercilessly and you will be second-guessed endlessly, unless you establish upfront that you will not take any guff from your partners. Good luck doing that. I tried; sometimes I succeeded and sometimes I failed.
2. If you take a vacation, you are a loser. You are letting your partners down and you are running the risk of missing a big move. I felt that vacation was so irresponsible at the end of my hedge fund career that my family routinely scheduled them without me. I could never justify not being at the office.
3. If you have a bad year (that is, if you lose money), you are a bum. You could be a bum even if you are down 20% before the year is over. You can't pay your people at the end of the year, so they leave. Your partners will give up on you in no time flat. I don't care if you made them hundreds of millions of dollars; they will fire you in a heartbeat. By fax, no less!
4. You are never not working. There is always a market open somewhere and there are always positions that you are long about which you must worry. I remember listening to the news over a weekend about a dozen years ago. There had been a coup in the country where one of my core companies had a plant that made rutile, an additive for white paint. I spent all Sunday worrying that the plant had been trashed and when I got in on Monday, I gratefully found out it hadn't. However, I only found out because the company used that one positive ("The plant is still up and running!") as an offset for a disastrous miss in earnings. The company later went bankrupt. You carry your positions around like a steamer trunk on your back. And if you don't, you shouldn't be in the game.
5. You can't be nice during the day. I genuinely believe that paranoids make the best money managers, because the majority of the time people really and truly are trying to pick your pockets. Brokers, traders, hypesters, newsletter folks, analysts -- you name it, they all have an agenda to get your money.
The job turned me into a raving maniac at times. And that's not even the bad part. The bad part was th
