Warren Buffett may be an 82-year-old, but he has some pretty darn good advice for millennial job seekers, particularly for those in finance.
In a Tuesday chat with Levo League, a networking and career advice site for women, Buffett stressed the power of mentorship, warning that looking up to the wrong people is a career-killer.
“If you tell me who your heroes are, I’ll tell you how you’re gonna turn out,” he said. “You want to hang around with people that are better than you are.” This can be a tricky task on Wall Street. After all, there are plenty of landmines to step on. Buffett suggested young women be open to taking advice from either sex, as to not limit the type of knowledge one can receive.
Berkshire Hathaway’s chief told the audience to follow their passion, but also to pick an industry that’s gaining speed, not slowing down. Many young people have ignored this advice, choosing sexier yet contracting businesses like investment banking and trading over financial niches with more growth potential.
Buffett then tackled pay, in a way only a modest billionaire could. Forget about money and do what you love, he said. But if you’re not paid fairly, walk away – it’s as clear a sign as you can find that you’re being stepped on.
“If somebody’s going to be unfair with you in salary, they’re probably being unfair with you in a hundred other ways,” Buffett said. Click here to check out the full interview.
Here’s the perfect example of the pros and cons of toning down trading risk. Bank of America traders posted gains every business day during the first quarter, but the bank saw its trading revenue fall 20% from a year earlier.
U.S. debt manager Babson Capital has named Michael Henderlong the new head of its capital markets unit. Henderlong left Morgan Stanley in October. Babson shows roughly two dozen job openings on its website.
Bank of America shareholders approved the firm’s executive compensation proposal while rejecting resolutions that would have forced the bank to disclose more information publicly.
Former UBS prop trader Yassir Benjelloun-Touimi will launch his new credit hedge fund alongside some familiar faces. Four of his former UBS colleagues are reportedly set to join Arcade Capital Partners.
If current market conditions continue, as few as five large investment banks will find success in commodities trading come 2016. Big banks have seen some of their better commodities traders leave for hedge funds in recent months, although those firms just suffered a rough quarter themselves.
San Francisco-based alternative asset manager Conifer Fund Services is expanding its North American presence, but nowhere close to home. The firm is opening a fund administration office in Halifax, Nova Scotia, where it hopes to add as many as 120 new jobs.
More money is flowing out of hedge funds than flowing in. Fixed Income and multi-strategy were the only strategies to see inflows during the past year.
Buzz Around the Office
A 69-year-old Polish man woke up to find that his wife and kids had gone on a picnic without him. He may have overreacted when he blew up his own house to teach her a lesson. He didn’t get out in time and was injured.
List of the Day: Asking for a Raise
When you ask your boss for a raise, this is likely what’s on their mind.
- Would it kill me to lose you?
- What would this mean for other people’s salaries?
- Would I have to move money around?