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Big companies v. startups
The compensation trade-off has changed a lot over time. When Paul Graham was writing in 2004, he used $80k/yr as a reasonable baseline for what “a good hacker” might make. Adjusting for inflation, that's about $100k/yr now. But the total comp for “a good hacker” is $250k+/yr, not even counting perks like free food and having really solid insurance. The trade-off has heavily tilted in favor of large companies.

The interesting work trade-off has also changed a lot over time, but the change has been… bimodal. The existence of AWS and Azure means that ideas that would have taken millions of dollars in servers and operational expertise can be done with almost no fixed cost and low marginal costs. The scope of things you can do at an early-stage startup that were previously the domain of well funded companies is large and still growing. But at the same time, if you look at the work Google and MS are publishing at top systems conferences, startups are farther from being able to reproduce the scale-dependent work than ever before (and a lot of the most interesting work doesn't get published). Depending on what sort of work you're interested in, things might look relatively better or relatively worse at big companies.
finance  career-advice  startups  dan-luu 
1 hour ago by chriskrycho
White Hat Management Services, LLC
We are a full service business management firm specializing in the sports and entertainment industries. Our professionals work with some of the biggest names in the music industry, from multi-platinum selling artists 3 Doors Down and Dave Matthews Band to the legendary Rock and Roll Hall of Fame artists KISS.
10 hours ago by lukesitalsingh
The Great American Bubble Machine – Rolling Stone
"The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
humor  finance  business  history 
10 hours ago by nathansmith
Bernanke, Geithner, and Paulson's Lessons of the Crash
After the French Revolution it was famously said that the surviving Bourbon aristocrats had “learned nothing and forgotten nothing.”  Judging by their recent op-ed piece in The New York Times, “What We Need to Fight the Next Financial Crisis,” the same could be said of Ben Bernanke, Tim Geithner, and Hank Paulson.

As treasury secretaries and chair of the Federal Reserve, these three were the most powerful regulators of the financial system during the disastrous crisis of a decade ago. Yet they devote only a few words to their own failures to predict or prevent the last crisis (“Although we and other regulators did not foresee the crisis…”) and the lessons that might hold for today. Just a brief paragraph is devoted to the state of post-crisis regulations. 
finance  argument  politics  history 
17 hours ago by kmt
FinTecSystems - Banking API, Categorization & Financial Data Analysis
One-Stop-Shop: Transactiondata, Categorization and Data Analytics
research  finance  germany  ML  b2b 
18 hours ago by shalmaneser
Credit Suisse Analyst Really Brought in Clients - Bloomberg
Imagine you are a 22-year-old hired at a big investment bank as a first-year analyst, straight out of college. You show up at the introductory training class, where the bank teaches new analysts how to do discounted cash flow analyses and format working-group lists. But you don’t come alone. For some reason Warren Buffett is with you. Just hanging out, going to your training classes. You are inseparable for the whole program. “Oh yeah, that’s my buddy Warren,” you tell your fellow analysts. “I just like talking about deals with my young friend,” he explains.

At the end of the program, there is a multiple-choice exam testing your knowledge of financial concepts. You do very poorly on the exam. Here is my question: Does the bank care? Are your bosses like “I am sorry but this person does not know much about finance or WGL formatting, which are the essential skills for any first-year analyst”? Or do they throw your exam in the garbage, invite you out to dinner, and suggest that you bring your friend Warren along to talk about a few deal ideas they have?

Decades of investment banks hiring top students from top universities, training them in financial modeling and working them all the time has created the misleading impression that the essential job of an investment banker is to be smart or hard-working or an expert in financial modeling. But the essential job of an investment banker—the thing she gets paid for—is to convince corporate executives to hire her investment bank to do deals. It is a sales job, a relationship job, a people job. Being smart and hard-working and an expert in financial modeling are tools that are often useful in achieving the main goal, and that are probably essential in sustaining the business in the long term. But if you can do the main thing, then you can skip a lot of the instrumental stuff.
finance  argument  reference  tips-and-tricks 
18 hours ago by kmt

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