We should start a different thread if we want to debate who knew what, who should have known what, who did what, and who should have done what before, during, and after the financial crisis. For the purposes of this thread, I will just leave it at "Hedge funds serve a purpose within the economy that poker players do not." It would not be hard to construct an argument for why working at a hedge fund is contributing to society in a way that being a professional poker player is not. In any case, enjoy law school. By the way, being a lawyer in the US could easily be argued contributes just about nothing to society in net.

I was intending to be on-topic. I don't have a meaningfully informed opinion one way or the other about the financial crisis, or on whether hedge funds and their ilk are presently good or evil. However, I do think that the nature, character, and structure of such institutions could easily be dispositive with respect to the long-term survival of the human race, though obviously for better or worse. And I mean literally.

(If this is too subtle for you, I'm implying that if you care about the long-term sustainability of mankind, finance isn't necessarily a bad business to get involved in.)

I almost woke up my girlfriend laughing my ass off reading about how you wanted to buy a cookie

lawyers are a byproduct of an inefficient system!

And caddies serve a purpose in society that surgeons do not. HFs have also nearly collapsed the financial sector on several occasions.

1 - Russian default - LTCM
2 - HF involvement in the CDS market pre-2009 (Prop desks included), culminating in the Lehman collapse and AIG meltdown (which was driven by OTC derivative contracts with HFs and other buy side institutions).

Don't know of any poker player that has threatened to make the US GDP shrink by several digits..

And if you go back further to financial collapses in 1907/1929/1895 you see recurring themes of speculative, leveraged investments from major financial institutions causing widespread economic damage.

OP - You're about my age an undoubtedly more accomplished, but I can't help but question your motive in going into prop trading. You're lying if you say money or "the high" isn't a factor. You know there'll be the same visceral component poker has in that you're gambling for sums of money that have a bearing on your future living conditions (to a high degree). Beyond that, how do you handle the ethical component when you're told to dump $500mm of bonds due for a downgrade at inflated prices? If you say "not my problem" then all you've done is trade in your poker career for a nice suit.

Similar professional stability (high volatility in pay and job security, high stress, little true economic purpose). I might get flamed for this but have given the same career path some thought in the past and decided against it. Gl regardless, just gotta put 2cents in-

alt. investment vehicles - the pollenating bees of the economy.. and tail risk w/ regard to extreme economic events. I don't think academia has adequately studied the subject to allow any of us to categorically state that HFs are "good" for economic activity on a net basis. Benefits are obvious (efficient capital distr. etc.) but the negatives are complex and difficult to quantify.

Something that people seem to ignore is the sustained increase of volatility that has accompanied the GFC. With markets so liquid and individual HFs able to influence certain markets unduly, volatility almost seems to be the legacy of the proliferation of HFs. Struggling with how that is beneficial to economic stakeholders on a net basis.

FWIW I decided not to go into finance and am going to law school (to do public interest work). thanks for the advice though

wow. great post, dude.

Entertaining read

great read

It's been said but can't be stressed enough

Finding deep meaning in life through a job is no bueno


Really enjoyed the OP

level?

FWF, just wanted to take the chance to thank you for being instrumental in my development as a HU player. I used to have a 1.5 hour commute to work and I listened to letters to FWF every day. Your analytical skills are top notch and I just wanted to thank you for giving back to the poker community.

Hey Fiend, dunno if you would remember me & I'm not 100% sure we've even met, but I'm a friend of pete fabrizio's from Yale; wouldn't be surprised if we played in a few Trumbull games together. Are you in NYC these days by chance?

Foxxwood, you should do some charity work, for example you could teach me to play poker better, so I can get myself out of this ****hole life I'm living. I'm being serious.

FoxwoodsFiend do u still play?

Sick bump, just re-read the OP, awesome read !

Sorry if I sound ignorant but how is being a Hedge Fund Manager anymore fulfilling that being a poker player? I mean if you want some meaning in your life work to help homeless people or improve communities and awareness. It seems you're just going in the same direction just in a different position where you have to where a suit and a tie and be tied down by specific hours.

tl;dr but i lol'ed big time at joining a hedge fund to find meaning in life. fyi it's about the most meaningless work one can do, and also your chances of getting a meaningful role at one and/or making more than 250k/10 days are about a 1 outer. and its generally not super social either - people are working, not hanging out. most hedge funds would kill to have the kind of pnl charts you posted on page 1

edit: **** sick necrobump

Yeah, at the time I wasn't really sure what I was looking for and thought the idea of having some structure while making money would be best of both worlds. As it happens, since then I've realized how thoroughly valueless most hedge fund/investment banking work is (not trying to restart that argument I realize it's not 100% accurate) and instead I'm at law school pursuing a public defense career and pretty happy with that.

Brilliant OP.

Cheers for sharing your story.

Thanks for the inspireing story. u must be the true sensei in poker.

Well congratulations man, I wish you the best. Also, call that psychologist out for me. I know he's giving BS when he says he enjoys listening to peoples problems day in day out

Anyways good luck with things I'm more than sure you'll find your calling.

If I were you I would try to be good at something else the same as you are in poker. Learn to play guitar or any other instrument, become a virtuoso. Or become a game developer, or anything else. Those are my hobbies, what are yours ? Find what really interest you...forget the thought that you have to return something to the world. Find yourself and your interests. What makes you happy, what do you enjoy doing..simple questions, but hard to answer. Think about it. Do you like writing ? Do you want to be a movie director...find a challenge!