Turney Duff's Blog, page 7
September 11, 2015
Taking the Temperature
Yesterday I met with a book club at a software company. And as I stepped off the elevator to the open office I instantly felt a kinetic vibe. It was alive. At first, second and third glance I noticed a gaggle of twenty-somethings buzzing about way past the five o’clock whistle. Maybe it was 6:15 p.m. – but that qualifies as “way past” in my book. Go home – be with your families I thought… No wait, they were twenty-something New Yorkers – this was their family and the five o’clock shadows seemed to be running a tad late…
Beers had been cracked and work was still getting done.
And without meeting a single employee I told myself “I like these people.”
Almost immediately I was offered a Diet Coke… I guess that means they really read the book. But even as I was being led to where our meeting would commence I was still taking the temperature of the office. I’ve worked in a few over the years.
And I realized that it’s something I always do – I take the temperature. And why wouldn’t I?
One of my best friends from today and yesterday is a professional blackjack player. He counts cards. I don’t think I have the capacity to count cards. It seems like a lot of work. But one of the very basic elements to playing 21 – that everyone who sits down at a table should know – is that you don’t play your hand – you play the dealer’s hand. Who gives a shit if you have a 15? It’s a great hand if the dealer is showing a 6. Okay maybe it’s not great, but you know what I’m saying. So when I say I took the temperature of the office – I just really mean I was checking out what the dealer (the book club) was showing. And from everything I was picking up – I knew it was going to be a great night.
My plan was to play to my audience, but I say that with hesitation because I’d never tell anyone to be fake. But I think you can still be authentic without being fake. Ugh… I really dislike fake people… The word dislike doesn’t really resonate as well as “hate” would, but recently I’ve been trying to correct my daughter from using the word hate – especially when talking about people. You shouldn’t hate anyone – right? – Sorry for the PSA – it won’t happen again…
I told myself I was going to keep this under 400 words, but I’m already at 414.
And just as I predicted I had a fun night. It was very relaxed and felt like I was talking to some old college buddies… I just happened to graduate twenty years ahead of them.
Some of my favorite questions of the night…
Q: Were you at all concerned about STDs?
A: Um… No.
Q: What’s the most amount of cocaine you’ve ever seen in one place?
A: Well, in Atlantic City once I saw several names spelled out in finely cut white powder on a ten foot coffee table. It was a lot…
Q: How much money did you spend on cocaine?
A: Not a lot… I was on the Buy Side dude…
Q: Would you ever go back to working on Wall Street?
A: I’d rather collect recyclables.
I’m not taking full credit for the fun and playful night we had because it always takes two. I’ve had plenty of speaking engagements, book clubs or whatever where I stuck to more of the basic topics like Wall Street, insider trading, addiction and the process of writing a book. But when I realized this book club wanted to have fun with it, I let them know I was game.
August 31, 2015
8 market superstitions: Should you be afraid?
Wall Street traders and investors have had a tumultuous August this year. And they’re ready for a new month to begin. But the new month is September, which can be a difficult time of year. We hear things like: “The back to school trade is always down,” and “Remember September always underperforms.”
Is that a fact or is it just a market superstition?
Fact. September is statistically the worst month of the trading year: The average percent change from 1928 to 2015 is down 1 percent.
So, as we get ready to face September, let’s huddle around the fire pit and talk about some common Wall Street superstitions.
August 14, 2015
Why Wall Street loves Trump…
There’s a love-fest going on between Wall Street and Donald Trump — but not for the usual political reasons.
The truth is, Wall Street loves a circus — and Trump just brought it to town.
“The guy is hilarious,” said one sales trader. “I can’t wait to see what he does next.”
That’s the general consensus of Wall Streeters I spoke with: Trump shoots off his mouth and isn’t politically correct, but a lot of folks from the investment community share his views and believe that the government is broken.
“I love the guy!” another sales trader said. “He says what everyone is thinking.”
Here are the most common reasons why Wall Streeters are flirting with a Trump nomination:
July 13, 2015
Straight to Hell – book review
Read Book Review at CNBC – Straight to Hell by John LeFevre
July 10, 2015
Six of the oldest tricks in Wall Street’s book…
The oldest trick in the book is tapping someone on their left shoulder when you’re standing on their right. It’s all about misdirection. And in the world of Wall Street, there’s no shortage of trickery.
The con comes from all angles — especially in trading. It’s like stumbling into a pickpockets’ convention: Swarming children babbling excitedly and holding up bits of cardboard to distract you … purse snatchers snatching … seducers seducing … and games of three-card Monte. That’s what we call Tuesday.
Here are six of the oldest tricks in Wall Street’s book:
July 8, 2015
Billions
I’ve been consulting on #Billions via Showtime Networks for a new series. It’s been an amazing experience so far. I’m learning a lot and working with incredible talented people. Andrew Ross Sorkin Brian Koppleman and David Levien. Please watch the trailer
June 25, 2015
What Wall Street is reading this Summer
Ah, summer. A time when Wall Street unbuttons its shirt, kicks off its shoes and heads for the Hamptons. So what books are they stuffing in their weekend bags?
We checked in with traders, bankers, analysts and hedge funders. Here were some of the best answers:
June 19, 2015
Casual Friday… Don’t make that mistake…
Casual Friday is supposed to be fun and relaxed in the white-collared world. But on Wall Street, there are unwritten rules that must be followed or else…
It’s not like wearing a pair of jean shorts could cost you a $500,000 bonus — well, actually, maybe it could. Casual Friday is not your friend. What you choose to wear on this day can’t make you, but it can BREAK you.
In 1996, when I was at Morgan Stanley, they sent around a company-wide email announcing Casual Friday. My first thought was great! My second was, what am I going to wear??? The email didn’t go into detail. “Business casual” was the term used.
That morning, I put on my khakis, blue button-down shirt and nice loafers, hopped in a cab and went to the office. I played it safe — right down the middle. We would later call this, “The Wall Street Jumpsuit.”
May 29, 2015
Wall Street + Hamptons =
In the Hamptons, Wall Street loves to spend their money. And if Memorial Day weekend is any indication, it’s going to be raining Benjamins all summer long.
This past weekend, Range Rovers were everywhere … gourmet market Citarella and Starbucks (new in Southampton) were in FULL swing … Ostentation was percolating, but not boiling yet …
I hit up some Wall Street friends across the age spectrum to find out what’s hot and how much they’re spending in the Hamptons this summer. Here’s a quick and unscientific poll:
Age: 25-29 — Transportation: Train or Jitney; Housing: Share house; Discretionary weekend spending: $1500 — the bulk of their spending is in the club.
Age: 30-40 — Transportation: car, car service and helicopter; Housing: own or rental; Discretionary weekend spending: $5,000 — the bulk of their spending is on everything.
Age: 40-50 — Transportation: helicopter or car; Housing: own; Discretionary weekend spending: $3000 — the bulk of their spending is on food, golf and transportation.
May 18, 2015
The Escort Indicator: Wall Street is Booming Again…
When speaking about escorts, Charlie Sheen once said, “I don’t pay them for sex, I pay them to leave.” And, like Sheen, a lot of Wall Street guys don’t need to pay for sex either, but they’d rather.
“When I’m looking for a wife, I don’t call an escort; so, when I’m looking for sex, I don’t call a civilian,” Jay, a senior sales trader, told me.
So, why do some Wall Street guys love calling hookers? There are four basic reasons: 1) quality, 2) confidentiality 3) ease and 4) They can let their freak flags fly.
“You can do things you’d never ask your girlfriend to do,” Jay added. “A lot of the younger guys on my desk like to boast they don’t have to pay for sex. But they don’t get it. It’s like a business deal. And both parties are happy.”
