Long time no see, baby_tooth. Excellent returning contribution, Sir.

He’s got a thread of his own running already. If you enjoyed that there are plenty more clips here:

my bad – hard to keep track of everything posted on here – but as per usual I am a day late and a dollar short!!

keep up the good work y’all

Jaysus, next thing we’ll have BertieBasher and TUG posting again!

A coincidence that the central banks intervened when you started posting again?

Nice to have you back. Still on a front desk in fixed incomes? Or are you somewhere less stressful now? I expect things will be a lot less white knuckle this time around than they were in Q3 2008. Everyone knows the drill by this stage.

Bye the bye, have you seen the movie Margin Call yet? Watched it last weekend. Based on everything I’ve seen and heard over the years this looks about as true to life as a movie is ever likely to get. I think the director /writers dad ran a trading floor at Morgan Stanley for years which is probably why the movie feels about right. Although Demi Moore as head of risk was a real stretch. COO, yes. Risk, I dont think so. Every other character I think nailed it, including the quant who looked like Zoolander. I think the penultimate sequence of the movie when they do the firesale trades to liquidate their positions is an amazing piece of cinema. Just a wide shot of the floor with a voice over of the trading patter as the price falls from 95 to 63 as the hours progress.

Far far better than the Paul Tudor Jones documentary. I’m not surprised he tried to buy up all the copies. Very unflattering.

Ah yes, I’ve a link to that somewhere…

Where do pinsters go? No-one knows

Its hardly unflattering. A good portion of the film is spent on his work with youth in Bed Stuy, 10% of the firms profits going to charity etc. There is no critical voice in the film as far as I remember, its mostly buddies and hired hands talking about him. Its a standard public television hagiography of a Wall St master of the universe.

Its very very unflattering. It makes him look like a complete twit. When you are trying to run one of the more successful hedge funds (which he does) you dont want your clients to see what a jejune little twerp you used to be. Profoundly embarrassing stuff for a wanna be master of the universe. Basically a snigger a minute guffaw fest. Which is why it is such a joy to watch. Pure schadenfreude pleasure.

I know all about Jones as someone very close to me works closely with him and you have no idea what you are talking about. If serious investors cared about personality very few hedge funds would be in business, investors don’t give a fuck about whether you are a geek or an Adonis, they care about numbers. I mean have you met many of this type of character, it seems as if you are just bullshitting.

Oooooh, so you know someone in Hedgistan, or in this case the Gold Coast. I’m impressed…

Well, then you’d know what a vain thin skinned lot they are under all the bluster and posturing. Mostly prima donnas - and the occasional recluse. And you’d know just how irritated Jones was when Trader started turning up again in the internet era. He thought it was gone and forgotten apart from a few VHS tapes that were doing the rounds.

Yes numbers are numbers. But you might also know that in 2/20 land perception is very important when those numbers start looking not so good. Or when you rivals start trying to poach your clients. Luckily for Jones his numbers have been pretty good recently so he dont care. For the moment.

And yes I’ve met a number of people just like him. I’ve stayed well out of Hedgieland but you still run into them now and then no matter how hard you try not to. Not pleasant people. Apart from the quants that is, who are mostly physicists anyway. But I do have long experience of the other part of the same spectrum, P.E and V.C. Obnoxious nasty people one and all. Finance does not attract nice people. Or rather nice people do not survive very long at the sharp pointy bit of the business.

Still does not distract from the fact that Trader is a cringemaking film. A pure vanity piece by someone who seemed to be somewhat lacking in professional judgment at the start of his career.

So did you see Margin Call? If not I suggest you do. It might be very educational. For a start you might learn exactly why I declined several projects in the City back in 2003/04 working with front desk guys on pricing model / trading software (I know how to write very very fast software). Not a pleasant place to work. Apart from the sheer unpleasantness of the people (mostly due to job-stress, and the personality type attracted to the game) I thought the math was mostly garbage once I started looking into it. Good call, on both counts, it seems.

You’re contradicting yourself and trying to bullshit your way out of a cul de sac. They are all assholes but Jones doesn’t want anyone to know he is an asshole so he ‘tried to buy up all the evidence’. But I know because I know so much.

The film makes him out to be smarter and more successful than his competitors. More than he could have hoped for I imagine. I bet it created plenty of new business opportunities for him too. He may have disliked it but that does not make it unflattering, but to argue that in finance being an a jerk is bad news is just stupid.

Stop digging.

I know someone who has worked with Paul and have been reliably informed that he is a very humble man who is awful helpful to peers and respectful of junior staff. Having said that, I did cringe when I saw him in that video putting on Bruce Willis’s sneakers on as a kind of lucky charm when the market had turned against his trade. I’d give him the benefit of the doubt though, and put that down to youthful exuberance. Also, I think anyone who has been in the fund industry as long as he has, and experienced down-markets, been has generally been taught some sort of humility.

jmc, I think the problem might lie in the upstarts who got involved in the game in the early Noughties. There are plenty of folks who only ever knew a one-way market and the associated gravy train. These are generally the guys that imploded when the sh!t hit the fan back in '08.

He has a reputation as a decent bloke, for whatever its worth in that game. That is of course from people who actually know something about him. And as far as his trying to bury this film, most of those who work closely with him now have seen it.

I watched that video when someone posted a link on here a few years back, it provided me with an evening’s entertainment over a bottle of Rioja. In those days I fancied myself as a buddying PTJ. Fortunately I came to my senses before entirely wiping my trading account.

Can’t really figure out why he tried to ban it, came across quite well to me. He did shout at a dealer once for messing up an instruction but that was it. It wasn’t even particularly aggressive shouting, and the dealer struck me as the type that only listened to shouting. His office environment seemed collegiate, vaguely family-oriented and much less nasty than I would have expected. You’ll encounter more nastiness and backstabbing in the average Dublin PR firm, as a current thread in the Piston makes clear. Or in the average small time solicitor’s practice in Ballygobackwards.