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I visited New York City recently where I met with an prospective institutional client that is interested in my new hedge fund. Then, I met with an old friend that I’ll call “Harry.” Hedge Fund
Harry has a Sales Trader job, which is a person who handles the order for institutional clients such as hedge funds and mutual funds. I was one of his accounts, in my “Ron Pollack Bulldog Days”,he had an extremely successful career, and used to cover me. We continued to stay in touch with one another,he retired or took a break from trading around the same time I did in 2004.
Harry had various business adventures after leaving Wall Street as did I, some were unrewarding, others were outright unprofitable. After some time, Harry began to miss playing and questioned if I would ever return to trading. Indeed I missed it too. Back in early 2008, I told Harry that I was going to start managing money again, and he was thrilled and ready to jump back in himself.
The start of my new funding was postponed due to the mess of a market in the second half of the year. In the fall of the last year, Harry looked stressed out, which is not normal for someone who is used to handling million share orders in volatile stocks like a machine. Firms were disappearing all over the place, and my account, the one he had been counting on for his own return, was not there. Wall Street
Who runs a small brokerage firm that caters to hedge funds,soon after seeing Harry I met “Doug.” Right away Harry can time mind and I put the 2 of them together. It worked out since Doug offered Harry a trial run, and of course Harry aced it. During his first couple of phone calls about some old accounts, he found a big order and it increased from then on.
Now after only 4 months on the job, Harry is one of Doug’s top producers. It wasn’t surprising that Harry was beaming when we met him for dinner. He’s earning money–good money–and enjoying himself at the same time. I was very happy. Then Harry announced that dinner would be his treat, in fact he said, “Ron Pollack I am going to treat you every time you come to NYC!” We were at one of the City’s best steakhouses so I was doubly pleased.
Toward the close of the evening, I inquired with Harry, “Each day we have been listening to depressing stories about the end of Wall Street, getting rid of hedge funds and about the world coming to an end like we know it. While events have proven disorienting, I’d be interested in hearing your opinions, given the success that you have enjoyed.Ron, there are a lot of people hurting right now and I truly feel for them, but I am living proof that if you’re good at what you do, have the willingness to work hard and apply yourself and are realistic in your expectations, you can make it and even flourish in times like these,His answer was refreshing and went something like this, he said. Even though I’m not being paid as much as I was in the past, there’s no reason for me to complain. People of our nature are soldiers, we survive and we have to run a business. For people who can somehow find ways to be productive, buisness will always be open.Here’s to my friend Harry! Continue to show us how to achieve it. Ron Pollack, signing off for now.
