1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

portfolio manager doesn't do jack and makes 300k

Discussion in 'BlackHat Lounge' started by theseodude, Nov 21, 2012.

  1. theseodude

    theseodude Regular Member

    Joined:
    Jun 25, 2012
    Messages:
    303
    Likes Received:
    88
    my buddy works at a bank. He says there is this guy at their bank who is a portfolio manager. What does he do? basically, clients call him and tell him "buy me 100 shares of xyz" and he buys it. the rest of the day, he does nothing. makes 300k.
    meanwhile, we are working our butts off here, and making what? like 10k?
    that sucks.
     
    Last edited: Nov 21, 2012
  2. phatzilla

    phatzilla Supreme Member

    Joined:
    Apr 9, 2009
    Messages:
    1,365
    Likes Received:
    1,017
    haha.
     
  3. kideze

    kideze Elite Member

    Joined:
    Jun 23, 2009
    Messages:
    1,719
    Likes Received:
    330
    Location:
    the GRAND valley
    change careers then
     
    • Thanks Thanks x 5
  4. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

    Joined:
    Apr 2, 2008
    Messages:
    787
    Likes Received:
    3,117
    Occupation:
    Chair moistener.
    Location:
    Cyberspace
    are you criticizing?
    or ...
    are you congratulating?

    :D
     
    • Thanks Thanks x 1
  5. qrazy

    qrazy Senior Member

    Joined:
    Mar 19, 2012
    Messages:
    1,111
    Likes Received:
    1,712
    Location:
    Banana Republic
    It's like saying justin bieber sing only for 5 Mins and earns millions of dollars..
     
    • Thanks Thanks x 3
  6. small_town_boy

    small_town_boy Power Member

    Joined:
    Aug 14, 2008
    Messages:
    513
    Likes Received:
    163
    You might also forget what it took him to get there.
     
    • Thanks Thanks x 3
  7. Zapdos

    Zapdos Power Member

    Joined:
    Oct 22, 2011
    Messages:
    597
    Likes Received:
    708
    Location:
    Eastern North Carolina
    Justin bieber moves her lips.

    Never. NEVER. Imply or even think she can sing.
     
    • Thanks Thanks x 1
  8. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

    Joined:
    Aug 18, 2010
    Messages:
    4,663
    Likes Received:
    7,108
    Occupation:
    Generate Leads With FB Ads For Just $1
    Home Page:
    $300k per day? per call ? per week ? Per year?

    If its per year then there are quite a few people in IM hitting those numbers and even some that hit it monthly.

    But hey.... change career .... banking is a great blackhat business.
     
    • Thanks Thanks x 3
  9. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    LOL "does nothing" - if he is very good at what he does, and his advice is making those investors a lot of money then 300k a year is greatly justified. I love how people assume that people making the big money "do nothing" - the people that assume that will never make it in any business. There will always be excuses.
     
  10. Cnotey

    Cnotey Power Member

    Joined:
    Jun 25, 2010
    Messages:
    707
    Likes Received:
    910
    Location:
    Seattle
    Home Page:
    Let me tell you a story.

    So, there is this skyscraper that needs to be demolished to build a new baseball stadium. So of course, the owner calls a demolition engineer. The owner says to the engineer, "please make sure you inspect the building thoroughly, so you can be sure the demolition team brings it down correctly". The demo engineer walks around for about 20 minutes, inspecting every single beam and column. Finally, he draws an X with a circle around it on a single column and leaves.

    He sends the owner a bill for $100,000. The owner, extremely furious calls the demo engineer. "Why the f*ck did you charge me $100,000 just to draw a damn X". The demo engineer says, "oh you're right, my mistake, I will fix the invoice and sent it back to you".

    So the demo engineer sends the owner a new invoice which reads:

    Item #1: Chalk to draw the X - $1
    Item #2: Knowing where to put the f*cking X - $99,999.
     
    • Thanks Thanks x 1
  11. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

    Joined:
    Apr 2, 2008
    Messages:
    787
    Likes Received:
    3,117
    Occupation:
    Chair moistener.
    Location:
    Cyberspace
    people forget they're paying for results.
    they are not paying for the effort.
     
  12. theseodude

    theseodude Regular Member

    Joined:
    Jun 25, 2012
    Messages:
    303
    Likes Received:
    88
    Guys, the guy does not provide stock advice, he just clicks the mouse to buy stocks that are requested by the client, a 5 year old could do that.
     
  13. WPRipper

    WPRipper Supreme Member

    Joined:
    Mar 24, 2010
    Messages:
    1,376
    Likes Received:
    1,493
    Location:
    Proudly romanian

    LOL "she". Oh dear :)
     
  14. Intruder

    Intruder Regular Member

    Joined:
    Jun 3, 2012
    Messages:
    334
    Likes Received:
    206
    But nobody want to invest in stocks with a 5 year old, may be he has a strong client base.
     
  15. qrazy

    qrazy Senior Member

    Joined:
    Mar 19, 2012
    Messages:
    1,111
    Likes Received:
    1,712
    Location:
    Banana Republic
    Oh you think bank is dumb enough to employ a guy to click the mouse and pay $300K yearly salary?? LOL..
     
  16. BHopkins

    BHopkins Moderator Staff Member Moderator Jr. VIP

    Joined:
    Dec 31, 2010
    Messages:
    2,311
    Likes Received:
    1,387
    Gender:
    Male
    Occupation:
    ORM and SEO company owner
    Location:
    California
    Home Page:
    You honestly don't know what you're talking about. Stock brokers don't last long if they're not making money. They don't make money if they don't have clients. They don't have clients if they don't make money.

    This guy is doing something right, and it's likely that he's making his clients money.
     
  17. ButcherPete

    ButcherPete Regular Member

    Joined:
    Jan 10, 2012
    Messages:
    284
    Likes Received:
    281
    Occupation:
    Factory supervisor; internet marketer in training
    Location:
    Ohio
    Most "money managers" don't really do much of anything. They don't have to, anyway. Statistically, these "professionals" don't get you any better results than you would get if you familiarized yourself with the basics of the markets and managed your portfolio yourself. No money manager has ever demonstrated a consistent edge over the relevant index.

    I know there are money managers out there who really do work hard researching trends, trying to get a good return for their clients, but they're rare. More often than not, money managers and stock brokers only have one goal: to get as many fees and commissions out of their client as possible.
     
  18. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    It isn't simply point and click based on what the client says lol

    Chances are this guy has done research and based on the clients portfolio, goals, etc makes suggestions - and yes when they call him to confirm to go ahead he will click his mouse :)

    Simply put: he would not be making $300k a year if he wasn't providing a good service. The bank isn't paying him $300k just because he in a nice guy.
     
  19. B. Friendly

    B. Friendly BANNED BANNED

    Joined:
    Jun 10, 2012
    Messages:
    388
    Likes Received:
    480
    Mine goes like this:

    So the big mainframe computer for a large, multi-national corporation stops working one morning, and so the Executive Board of Directors, in a panic, hire the best Computer Engineer they can find.

    He shows up, walks into the big room that houses the mainframe computer, and the entire room is filled with buttons, dials, gauges, LEDs, monitors, switches and whatnot. The Computer Engineer stands there looking at all of this stuff and then after about 30 seconds he walks over to one particular button and pushes it.

    Suddenly, the computer turns on and starts working again!

    The Executive Board of Directors are ecstatic. They'd been losing thousands of dollars for every second that mainframe was down, and in their enthusiasm they say "Please give us your bill, and we'll pay you immediately." So the Computer Engineer scribbles something on a piece of paper and hands it to them.

    They are SHOCKED, and yell "Fifty Thousand Dollars!!??!! For pushing a stupid button ???? to which the Computer Engineer replies, "No, pushing the button is free. You are paying me $50K to know which button to push."

    In this life, you can get paid for what you DO, or you can get paid for what you KNOW. What you know, and how rare that knowledge is, determines how much money you make.

    My advice: Get paid for what you know, and make certain you know something people are willing to pay for.

    And another story (a real one):

    So, my last client is a retired mainframe computer programmer. He tells me that mainframe computer programmers are a dying breed, as conventional wisdom is that mainframes are on their way "out". Since the mainframes are on their way out, new programmers aren't being created.

    Which is stupid, he says. Back, 20 years ago, all the know-it-all computer tech people decided that "Distributed Computing" was the newest & best thing, and the Centralized Computing was old and obsolete, because it was expensive. A mainframe computer might cost $1,000,000 to purchase, and you might have to pay $500,000 a year for specialized staff to maintain it, while you could by a PC for $500 dollars and PC programmers were dime-a-dozen. So, if you compared the hardware & software development costs, distributed computing using cheap computers and programmers was a much cheaper way to go than centralized mainframe computing with "overpaid" programmers.

    Sounded good, and the whole industry has changed to Distributed Computing. And guess what, they are all WRONG.

    Because, at that level, 80% up-time is completely unacceptable. It has to be 99.99%. And while 5 people can deliver 99.88% uptime on a mainframe for $500,000 a year (collectively), it costs MILLIONS of dollars to maintain thousands of cheap, piece of shit and unreliable PC computers. So, hardware was cheap, programmers were cheap, maintenance was exponentially more expensive and so the net result is that distributed computing costs more, and is less reliable than centralized computing.

    What's my point? The fact that "EVERYONE" around you agrees is usually an indicator that they are all wrong. If an idea is dumb enough for "everyone" to understand, the reason for this is because it's dumb. Stupid people like simple solutions because they are incapable of understanding anything else, and if a bunch of stupid people agree on a simple solution, not only are they WRONG, but you volunteer to become stupid like they are when you agree with them. In an industry where people get paid for what they know, repeating the last stupid thing the last idiot told you is not knowledge, it's you volunteering to be the next idiot after the last idiot. Get paid for knowing something, and don't be an idiot.
     
    • Thanks Thanks x 1
  20. stressfree

    stressfree Senior Member

    Joined:
    Aug 28, 2007
    Messages:
    1,116
    Likes Received:
    233
    That's a broker not a portfolio manage....do you REALLY have a friend at the bank?

    Portfolio mamagers do much less work than that and get a bit more. Why bother trying to make cleints money? Goldman Sachs don't and look how rich they are!

    But that's smart!