<The Wall street journal > 에 올라온 글입니다. 피도눈물도 없는 골드만삭스 등 전세계를 주무르는 금융기관들이 그동안 어떤

일을 하고 있었는지 참고하시기 바랍니다.

 

（编者按：《华尔街疯人日记》(Memoirs of a Minyan)是财经信息网站Minyanville.com创始人托德•哈里森(Todd Harrison)的回忆录。Harrison讲述了他从摩根士丹利交易员到对冲基金合伙人再到网络媒体人的职业生涯，冷眼剖析了华尔街对金钱的错误崇拜。从7月6日起，《华尔街日报》中文网将每天转载其中的一个章节，敬请关注。）



当时正是世纪之交，变化即将到来。

当对千年虫的恐惧席卷大街小巷，股市把忧虑挡在墙外时，华尔街正为新发现的财富和非理性繁荣而头脑发热。



对于交易员而言，这是段激动人心的时光，财富就像会飞的魔毯一样神奇地扶摇直上。如果你不是也在手舞足蹈，你就是没赶上趟。从出租司机到家庭主妇，每个人都如同穿上舞鞋般停不下舞动的脚步。



在我这行里，我已经是个老手。我在摩根士丹利(Morgan Stanley)打磨了七年后，开始为一家规模达数十亿美元的纽约对冲基金管理衍生品投资组合。



当我30岁时，有人说我已经在这个到处都是前辈的世界中取得了一定的成就。但还有许多可以做的事，还有更多的钱可以赚。这也是我激励自己做出下一手漂亮交易的自私原因。



我认识吉姆•克拉默(Jim Cramer，译者注：是Cramer Berkowitz & Co.创办人，现为有线财经频道CNBC节目Mad Money主持人)和杰夫•伯科威茨(Jeff Berkowitz，译者注：是Cramer Berkowitz & Co.的合伙人)有好多年了。我在摩根士丹利工作时曾跟踪过他们的对冲基金。不论在人品还是在专业能力上，我都很尊敬他们两个人。随着时间的推移，我们逐渐建立起一 互利共生的关系。



我们交换意见、分享见解，交易价值数十亿美元的股票，我们走的是独立而又相似的路。这是一个探索发现的时期，而且──当时我们还浑然不知的是──是永远改变了我们的生活的关系的开始。



1999年临近结束时，我们的生活重合的部分越来越多。我准备迈出职业生涯中的下一步，而Cramer Berkowitz对冲基金准备将其交易部门改造为强大的合法收入来源，而不再只是执行命令的平台。



他们已经拥有知识资本，也有证明这一资本的业绩。我们的联手将把我们提升到新的高度，使我们这个基金成为不可小觑的一支力量。



当我们这段关系进一步发展的过程可谓天衣无缝；我将作为合伙人加入公司，管理全部交易业务。我要求在人事决策、委托投资方向和风险管理系统上拥有完全自主权。我的每项要求都得到了满足。


当我们在Gramercy餐馆(Gramercy Tavern)开瓶庆祝时，这笔交易以拥抱和握手圆满敲定。我将亲手打造公司的交易业务，在华尔街上为别人打了10年工后，我终于拥有了一份属于自己的事业。我向Galleon集团递上一封辞呈，搭上我能打到的第一辆出租车前往离华尔街几条街的富尔顿(Fulton)街40号。


我当时是如饥似渴而又谦恭、兴奋而又紧张、满腔热情而又从容不迫。



公司已有的交易员已经为干了许多年，他们所做的就是按克拉默、伯科威茨和研究主管马特•雅各布斯(Matt Jacobs)的指令行事。我的理念与他们有些不同。我认为交易过程可以使仅靠研究人员算出来的利润增值。



我担任了交易部门的领导，并开始静静地观察哪些人可以成为今后三年我事业上的左膀右臂。



但我很快就认识到，我在Cramer Berkowitz的时光绝不会是那种太平无事、普普通通的工作。



这正是我喜欢的。

（本文译自MarketWatch。）

 

Todd Harrison's Memoirs of a Minyan

(Editor's note: 'Memoirs of a Minyan' is a first-person account that follows Minyanville founder Todd Harrison through a Wall Street trading career to the Internet media business, with some important lessons about the nature of money along the way.).


It was the turn of the century and change was afoot.


As Y2K fears swept the street and the stock market scaled the wall of worry, Wall Street was flush with newfound wealth and irrational exuberance.


It was an exciting time to be a trader as money magically meandered overhead like some sort of magic carpet ride. If you weren't cutting a rug, you were missing out. And everyone, from taxi drivers to stay-at-home moms, was wearing dancing shoes.


I was already a veteran of my chosen profession, having honed my skills at Morgan Stanley for seven years before managing the derivative portfolio at a multibillion-dollar New York hedge fund.


At 30 years old, some said I had achieved a level of accomplishment in a world filled with grizzly old timers. But there was plenty to do and more to make, a self-serving motivation that drove me to the next best trade.


I knew Jim Cramer and Jeff Berkowitz for many years, having covered their hedge fund while climbing the corporate ladder at Morgan Stanley. I respected them both, as people and professionals, and we established a mutually symbiotic relationship over time.


We swapped ideas, shared insights and traded billions of dollars worth of stock, blazing separate, yet similar paths. It was a period of discovery, and -- unbeknownst to us at the time -- it was the genesis of a relationship that forever changed our lives.


As 1999 drew to a close, our circles began to overlap with increased frequency. I was ready to take the next step in my career, and Cramer Berkowitz was ready to transform their trading desk from an execution platform to a legitimate revenue generator.


They already had the intellectual capital in house and the performance to prove it. Our imminent marriage would lift us to the next level and establish our fund as a force to be reckoned with.

 

The courtship was seamless as we took the necessary steps to consummate the relationship; I would join the firm as a partner and run the entire trading operation. I asked for full autonomy on staffing decisions, commission direction and risk management systems. Each and every request was granted.


As we uncorked several bottles at Gramercy Tavern, the deal was struck with hugs and handshakes. The trading operation would be mine to mold, and after 10 years on the street, I finally had an operation on which to put my fingerprints. I tendered my resignation at The Galleon Group and took the first cab I could find to 40 Fulton Street.


I was hungry yet humble, excited yet nervous, enthusiastic yet measured.


The existing traders had been with Cramer Berkowitz for years, executing the vision and vibes of Jim, Jeff and research director Matt Jacobs. I was schooled a bit differently. I believed the trading process could be additive and accretive to profits derived solely from the research functionality.


I assumed my position at the head of the desk and committed myself to observe quietly the people who would become my professional family for the next three years.


But as I would quickly learn, my role at Cramer Berkowitz would be far from quiet and anything but normal.


Just the way I like it.


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