kid dynamite, Kid Dynamite’s World, If You Only Read One Blog Post This Week, here.
If you read only one post this week, make it this one, from Cullen Roche of Pragmatic Capitalism: The Biggest Myths in Economics. Now, granted, if you read that post, it will probably lead you to read a number of the posts linked within it, but you will be smarter for it.
The Epicurean Dealmaker, A Fine Disregard for the Rules, here.
The unwashed commentariat continues to flog the canard that investment banks are doing this so they can compete against the innopreneurial juggernauts of Silicon Valley for all the special young snowflakes of Dartmouth, Yale, and Oxbridge. Perhaps there is a contingent among the benighted paper pushers of investment bank human resources departments who believe this too, but I have attacked this superficial notion thoroughly and, in my opinion, effectively in the past. Suffice it to say here that 1) since Wall Street is shrinking we don’t need as many junior resources as before, 2) the number of college graduates who simultaneously aspire to be J. Pierpont Morgan and Steve Jobs (or even Bernie Madoff and Mark Zuckerberg) is now and always has been nil, and 3) if having an in-house masseuse, pool table, and artisanal toast barista is important to your career satisfaction, you were never going to last longer than 15 minutes on Wall Street anyway.
Good riddance to all such rubbish, say I. And I am not alone. Like many industries in secular eclipse, we will fall back on our traditional recruiting pool of hardcore finance junkies who find an elegant DCF model and a sharp suit far more exciting and satisfying than virtual farm animals and flip flops. À chacun son goût, dontcha know.