What? Really, "you get the satisfaction of knowing you aren’t a complete tool bag every time you wake up in the morning."... They may have lost their jobs, but you lose at life.
I think that's what this guy is doing. He's young, he's confident (to a point), but he lacks the wisdom and ability to reflect that comes with age.
So while it's easy to call him "ignorant", a "douche bag", or whatever - he's not willingly being any of those things. He's young, cocky, and exuberant - like most of us were.
(Of course, when /we/ were acting the same way, we were probably getting called out the same way too.. so this process might actually be necessary to develop that wisdom ;-))
All of the things you mention occurred to me by the time I was 19. There's a difference between young people who are sprinkling their brains with alkaloids[2] at raves and the young people that are sprinkling their brains with DHA, creatine, and glutamine.
I also realize that there's a delicate balance I have to reach with regard to confidence. It's not easy to reach this balance, because on the one hand, young people are treated like second-class citizens (in some circumstances), but on the other, you need to have a lot of balls to do a startup, to charge what you sholud be charging, and claim the work you do is as good as that of an older adult's. This is especially true because claiming you are equal is taken to mean arrogance, even though the evidence for the alleged inferiority of the young is lacking. In objective contests like chess, war, athletics, hacking, and mathematics, there are many very proficient people who are very young.[1] This is not the case in established corporations, politics, or the job market. Finally, people always want to feel superior to others, and while they can't express this desire for superiority by being racist or sexist, they can do so by discriminating based on age.
Sometimes behavior that is acceptable in a male 50-year-old CEO is considered unacceptable in a female of the same age or a young guy (there was a Harvard Business School study that showed something to this effect; it was a case study of a CEO that has to make certain decisions. The male was considered to be "tough but fair" or something, while the woman was considered a bitch. The case studies were identical but for the gender of the protagonist). So, would you say he's being arrogant if he were 50?
Now, is Sam being a douche? I don't know, but I do know not all young people are the same.
[1] Fidel Castro, Alexander the Great, Octavian, Bobby Fischer, Steve Jobs, Bill Gates, Woz, most athletes (for many reasons), Reimann, etc.
[2] NB: I'm not talking about caffeine or ritalin.
Edit: I didn't mean to get on your case, petercooper; you seemed to have said things in good faith. I guess you touched a nerve...
Here are my thoughts:
-I don't think I've ever heard of investment banking careers described as safe. When there's no deal flow, investment bankers are the first to go. If jobs could have finance betas (not software/website betas), investment banker would be around a 3.0 or higher, an accountant would be around a ~1.0, a nurse would be a 0.50 and a mailman would be a 0.25 (people have no idea how hard it is to get fired or laid off from a government job - reassignment is your friend).
-Market volatility, like a recession or oil prices affects nearly everyone directly or indirectly.
-You can "network" at any job, but I agree that it's probably easier to make friends faster at a startup due to the nature of the business. There's certainly myriad counterexamples, however.
-The tool bag line just made me laugh.
-Anecdotally, I think he's right about having a broader based skill set. Having had over 30 jobs (not a typo, I've worked since age 12) I've never picked up more useful skills in a shorter period than while at a startup. This could obviously vary.
-If you absolutely need to raise money as a startup, I think you're in one of the worst situations as capital is already drying up and people/institutions are becoming risk averse. Not good for startups.
-If you don't need to raise money and have enough savings/revenue to last for a year or two, I'm not sure if you're any better or worse off than anyone else. I'd like to hear what everyone else thinks on this.
-If you're young, without a family, sans serious medical conditions and geographically apathetic I'd argue you're better off working at an interesting startup for very cheap (stipend & equity & food & rent?) than you are taking a way-below market-compensation desk job. Why? Upside.
The lack of capitalization within the post and ping pong rub-in certainly doesn't help the cause, but I'm sure Sam has already figured that out. At least he inspired some interesting conversation; I've really enjoyed this thread.
Edit: Andr had some of the same points I did and posted before me. We've obviously both had a lot of exposure to the fun filled monkey business of finance.
Yup - More than that - he thinks his limited value system applies to everyone.
Maybe he's never considered people do those jobs because they like them, because they are good at it, because it's dynamic, because it's lucrative, because they think it's an essential part of our society?
You know, similar reasons that people do startups.
Go figure: 19 yr old php/python/actionscript hero at younoodle
2) They are not risk free, because your bonus depends on your performance (not in all segments, but in many your performance is directly measurable in money). No one cares about salary - it's all about the bonus.
3) You do gain a broad skill set working in finance. It probably looks very narrow and simple from outside, just like programming would look to a non-programmer.
4) On one hand, in a startup you create something tangible and in finance you are just a glorified broker. On the other hand, startup valuation is very chaotic and many startups would not exist if there were no bubbles. In finance it is very clear what you and your company are paid for and how much it costs.
We're all accustomed to a certain lifestyle, and most folks fall on tougher times at least once or twice in life, and have to downgrade their spending. I'm not suggesting folks here are a couple of paychecks away from being homeless, as I assume we're all of at least average intelligence and have some savings, good health insurance, and don't consider debt a fun hobby...just that we're all pretty spoiled, and we all probably have some expenses we wouldn't hang on to if our own personal revenue took a dramatic turn south.
But, I agree. I hope that folks who work in volatile industries (like finance, or our very own home turf, technology, to give another example) are thinking ahead when times are good, and have an understanding that times will not always be good. (You guys who missed the first bubble know that, right? We will see another crash in tech. Don't imagine human nature is so dramatically different this time around, or that enough of the folks who experienced the first one are still around and taking part to impart wisdom to prevent it from happening again. It'll look different, because it won't be played out in the public markets, and the names will mostly be different...but it'll come, and not every high flying Web 2.0 company will survive it.)
Not necessarily. More than one of my friends lost their jobs on less than 24 hours' notice during the first dot com bust.
I had the same realization, that I had better job security at a startup, when I revisited some people I left at uni doing postdocs.
Sure, you might be only funded for a year at a time, but at least the money runs out on a predetermined date rather than unexpectedly one Friday.
Maybe my experiences are just limited, though.
It's still way too early to be whistling past the graveyard.
whilst everyone reading your blog has the exact opposite impression...
2) Banks wash people out. You think everyone who starts at one ends up on top?
Well, after the last .com bubble burst, there was a lot less ping-pong with the CEO, and a lot more "You want fries with that" going on, as I understood it.
Yes, yes it does. Unless you're a cockroach who can't work the shift key:
As others have commented, there are far more similarities (between finance careers and the startup world) than there are differences. Some of my closest friends are investment bankers and portfolio managers. They have a deep interest in the world around them, are wicked smart and do what they do because it gets them juiced like nothing else.
I'm definitely not wicked smart but the other two characteristics apply to me so I can relate to their chosen path and don't revel in the sh*t that's hitting the fan right now.
You have to do exceptionally well to receive the grand salaries and bonuses, as these are heavily skewed towards the minority of top-ranked employees. Plus, for every 'master of the universe' there are 10 people in compliance, legal, audit, helpdesk, facilities, hr, IT, back office, etc slaving away.
Going into wall st is an aggressive career choice.
And YouNoodle is a slimey business. It may be successful, it may make a lot of money, but I still don't like this parasite businesses who contribute nothing of real value, and get created solely by marketing gimicks.
And a word to Sam: lay off the uppity behaviour till you have had a down. Nobody wants to watch a move where things just go up all the time, it's the middle of the movie, where the hero is doing wretchedly that is the heart of the story.
This has merit.
Most of the world is chasing a dollar, if not for survival then in the pursuit of a decent, good or great life. Glory and vanity plays a large part especially for high net-worth individuals. Fear too, for attaining some type of status amongst one's peers. Startups are no different in that respect. But, 'Selling your soul' is more likely to occur on Wall Street. If you want your soul, then 'do the right thing.'
http://www.google.com/search?q=announces+layoffs+stock+price...
I know that this is bogus on so many levels but I'm just saying that the perception is that foreign competition puts pressure on companies to layoff and offshore and then wall street is in the bleachers going wild when layoffs are announced.
Finance and portfolio folk really create little.
They are gamblers in the basic sense: their highest goal is gaining as much as possible in return for as little as possible - the cheapest, easiest way.
It is a curious thing that as many of us grow, the less interested we are in that mindset. Our eyes start to open to the costliest, hardest way.
It's not to be found in investment banking, finance, and the market any more than it is playing the lottery.
