the buy side turney duff

[...]... reconsidered the offer when she heard how many roommates I had How could she take me seriously? “Welcome to the buy side, ” her voice mail says SO WHAT’S the buy side? I don’t really know the difference between the sell side and the buy side, but I soon learn Imagine the relationship in biblical terms Old Testament If you’re on the buy side, you roll into the marketplace with a wagon filled with the. .. from the guy who took me down the Nile on Thursday night and I can sell it at a profit to the guy I went to Mesopotamia with on Friday, then I’m going to do it So in one sense, you need the sell side almost as much as they need you On Wall Street the buy side can buy or sell—they’re the customer The sell side is selling information, research, and customer facilitation In the simplest terms, the buy side. .. you’re not the only wagon of gold So when you get there you have to be ready The open market is buzzing There are merchants everywhere If you’re on the sell side, you want the pharaoh’s buyer as your customer Every merchant wants to get the highest price he can for all of his goods, and they all want to rid themselves of the crap in their inventory They want the highest revenues Competition between the merchants... When the partner, George Needham, found out, he told Raj, Gary, and the others that they could no longer trade in their personal accounts It was then that the four of them bolted from Needham to launch the Galleon Group Their timing was sublime It coincided with both the technology boom and the emergence of hedge funds Still, in the early years, they had to scratch and claw for every resource they... else.) The trading desk is past all of the offices except Raj’s It’s laid out like the letter T There’s one long desk against the back wall, where Gary and Keryn sit Then there’s a wider desk that comes out from the middle of the other desk, with room for three traders on each side I sit in the middle I take my seat and begin to check all of our trades from the previous day I have to make sure there... My father grabs the shovel to finish the rest of the driveway As I reach the house I can already hear the dig, scoop, toss Dig, scoop, toss JANUARY 1994 KENNEBUNK, MAINE TEN YEARS on, same driveway, same amount of snow The Green Machine has been replaced by a red ’87 Ford Explorer My father buys a car every decade or 200,000 miles He also repainted the house, but with the same colors The last of the. .. find positions and the rest of you will find the door.” I feel like she might tap me on the head at any moment “So when you’re floating, you have to prove your worth to these brokers They’ll be the ones deciding whether they want you as their assistant or not.” For the next five minutes, Stephanie explains that we need to pass two tests, the Series 7 and the Series 63, learn how to use the phones and computers,... to lead us out the door “Let me show you where the cafeteria is.” I fall in toward the back of the group close to the girl from Duke “What’s a floater?” I whisper to her The office is as wide as a city block and the length of a football field All of the brokers and assistants sit out in the open The desks are arranged in clusters of six, and they line the whole floor Every desk looks the same, with... he has thirty-six blank fax pages—I’d put them all in upside down The broker doesn’t talk to me for the rest of the day A few days later they have me answering phones for another group The system works like this: The phone rings and I pick it up Then I write down the information that’s coming from the trading floor, then stand up and yell it to the two brokers and three assistants sitting behind me... uneasy He then begins to give me my job description, words I’ll hear over and over for the first six months of my time at Galleon: Never let a phone ring more than once Take a report Book the trade into the system Answer the phones Take a report Book the trade into the system Answer the phones Take a report Book the trade into the system Again, again, again Recap all the trades at the end of the day . Congress Cataloging-in-Publication Data Duff, Turney. The buy side : a Wall Street trader’s tale of spectacular excess / by Turney Duff. — First edition. pages cm 1. Duff, Turney. 2. Stockbrokers—United. pulling all the strings? It’s the ten-five-W’s.” “Ten-five-what?” I ask. “What’s the tenth letter in the alphabet? The fifth letter in the alphabet?” I use my fingers to count out the letters,. father buys a car every decade or 200,000 miles. He also repainted the house, but with the same colors. The last of the U-Haul is packed. I look at the giant lobster on the side of it and the script