The Buy Side: A Wall Street Trader's Tale of Spectacular Excess

by Turney Duff

“You have to make a difference,” she says, calming down just a little bit. “Opportunities aren’t given, they’re made.

It becomes clear to me then how the game is played, and why Gary wanted me to trade in and out and didn’t care if I made money for the firm. It’s quid pro quo: the bigger the commissions we pay the sell side, the better information and allocation we receive in return. The seventy-five grand I lost for the firm the day before is just part of a business model that generates huge profits. With the stock now at $110, we make eight million bucks.

After the Amazon trade, I realize that nothing in the world of hedge funds happens by accident. It’s all about getting information the fastest, and however you can. If I’m going to make money, real money, buy side money, then I need to find some way of creating my own edge.

Ultimately, on Wall Street, it doesn’t matter how you make the money, only how much you make.

I’ve never seen anyone hit their number and leave.

“When you make up your mind, stick with your decision,” he said. “And if you do decide to resign, don’t let them talk you out of it, because they’ll never forget.”

“There are a lot of screamers in this business, Turney,” he said. “They scream so much, no one listens to a word they say.” But, he said, “If you’re not a screamer, when you do scream people tend to listen.”