the other side of wall street 144—149

there was plenty of gold on the horizon I simply had to find my pot Jim was wildly emotional but from what I could tell honest and fair jeff and I become good friends through the years and I came to know him as pragmatic and balanced Jim and jeff complemented each other as partners and my skill set figured to mesh equally well When I told Slaino of my plan he asked me a simple question do you trust them it was a simple yet critical criterion Would they watch my back Would they put my interests on par with their own would they do the right thing I believe they would and we met at the Gramercy Tavern in Manhattan to discuss the remaining details 遍地皆黄金 满眼即机遇 我需 要的只是抓住那个属于我自己的 机会 拿起我的那个装钱的罐子 Jim 相当地情绪化 但就我所知 他同时也是一个诚实公正的人 Jeff 和我是多年的好友 在我的 印象中他是一个稳重而中庸的实 际主义者 Jim 和 Jeff 在合作中非 常互补 相得益彰 而我 则是 他们之间的润滑剂 使他们更好 地磨合 当我把这个计划告诉斯莱恩时 他张嘴就来了这么一句话 你信任他们吗 这个问题貌 似简单实则关键 在燃眉之际 时 他们会顾及我的安危吗 在 贸易搏杀中 他们会把我的利益 看得如同他们自己的利益吗 我相信他们会 后来我们又约 在曼哈顿的 格拉梅西酒馆见了一面 讨论了 这个关于计划的其他细节 Cramer Berkowitz had a proven track record beating their benchmark over the lifecycle of the fund but recent years had proven more challenging and they were looking to jumpstart their performance I was coming from a different direction but we all wanted the same thing it was hard to contain my enthusiasm as we discussed our future together The energy was palpable as we talked about the markets and the world at large Jim continued to reference a financial website called TheS which he co founded in 1996 and took public in MAY 1999 I d heard of it but wasn t familiar with what it was or how it fit with the world of money management I would soon find out for better and for worse Cramer Berkowitz 公司有一个公 认的成就 打破了基金周期的标 准 而近些年来这变得日益困难 所以他们开始寻找新鲜的血液去 促进他们的发展 我来自一个不 同的领域 但是我们的目标是相 同的 所以当我们一起讨论我们 的未来时 我难抑心中的激动和 热情 当我们畅谈市场和世界时大家都 表现出浓厚的兴致 JIM 一直提 到一个他和别人共同在 1996 年创 建继而在 1999 年 5 月上市的名为 那条街 TheS 的经 济网站 我曾经听说过这个网站 但不清楚它具体是什么样子的 或者说 不明白它怎么去做金钱 管理这个主题 但不久我就会知 道 也许比我想象的好 也许比 我想象的坏 LUCKY CHARMS For those managing money at the beginning of 2000 the price action was nothing short of surreal each day was a journey a volatile eruption of emotion that somehow morphed fantasy into reality at the end of each session I couldn t have scripted a better beginning to my new endeavor of running the trading operation at Cramer Berkowitz After a flurry of emotional buying following the Y2K scare the NASDAQ dropped 450 points 11 in a matter of days and our desk gelled as if we had worked together for years Each day was a journey a volatile eruption of emotion that somehow morphed fantasy into reality at the end of each session 幸运护身符 对于那些在 2000 年初投资的人来 说 瞬息万变的价格让人难以置 信 如坠梦幻 每一天都是一场 旅行一个故事 然而在每天股市 收盘后 起伏不定的心情就像是 黄粱一梦 从极乐跌入现实 这 是我在 CB 公司着手做交易负责 人的绝无仅有的好开端 由于对 千年虫 的恐惧 出现 了狂热的买盘现象 纳斯达克的 股市在短短几天之内暴跌 450 点 市值缩水 11 我们的办公桌堆放的文件多得看 起来就像我们在一起并肩作战了 几年似的 每一天都是一场旅行一个故事 然而在每天股市收盘后 起伏不 定的心情就像是黄粱一梦 从极 乐跌入现实 They say everything is funny when you re making money and there giggles all around as the ink dried on my contract we were all on our best behavior but make no mistake we were a collection of distinctly powerful personalities with proven formulas for success Jeff had a brilliant analytical mind research director Matt Jacobes was plugged into the street jim was a master of momentum and I used volatility to my advantage selling rallies and buying dips when we were on the same page it was akin to four chefs mixing the perfect brew As we captures the violent market swings and dropped money into the till we drank the sweet taste Of success like nothing I had ever experienced In February 2000 Cramer penned his infamous winners of the new 他们说当你赚到钱时周围的一切 看起来都很顺眼 当我开始在那 里工作时 大家相处的很愉快 周围皆是爽朗的笑声 我们都表 现得很温和礼貌 但不要误会 其实我们每个人都很有个性 都 有自己成功的一套法子 我们就 是这么一个恰到好处的组合 Jeff 头脑精明 逻辑清晰 研究室主 任 Matt Jacobes 对市场的瞬息万 变把握的很好 Jim 最有冲劲 而我呢 则发挥出反应机敏的优 点 高点卖出低点买入 我们 的合作就好像 4 个厨师合做一锅 好汤 我们抓住疯狂又刺激的市 场的羽翼 把赚来的钱丢进保险 箱里 我们尝到了成功的甘甜 我以前从来没有过这么痛快的感 觉 在 2000 年的二月份 Cramer 在 world column on the extolling the virtues of ten high flying technology stocks each of them was sitting on a parabolic perch after a massive rally but he believed they would continue higher and tried to convince us in kind I tried to separate his online persona from our internal dynamic sometimes successfully and other times not Yet our first few months were blissful as profits padded our portfolio and while I struggled when I started at Morgan Stanley and Galleon I was immediately at ease when I arrived each morning at the head of the desk I was ready to put my fingerprints on the operation and finally finally achieve the wealth and status that I had strived for my entire life 那条街 网站上推出了他那声 名狼藉的 新世界的胜利者 winners of the new world 文章专栏 为 10 支价位很高的科 技股票唱颂歌 其中的每只股票 都在大幅度地上涨 但就好像是 位于抛物线的顶端一样 迟早 是要下跌的 但是 Cramer 认为他 们会继续涨并且自以为是地要说 服我们 我努力不让他在网络上 的言论和思维带入到公司的内部 管理 这有时候行得通 有时 候却是徒劳 然而 头几个月我 们的运气不错 利润越积越多 而且不同于我在摩根斯坦利投资 公司刚开始时那种力不从心的感 觉 在这里每天早晨我一坐到办 公桌前就能开始得心应手地进入 工作 我要开创自己的事业 留下专属 我的痕迹 最后的最后 我得到 了我毕生追求的财富和地位 As part of my charge I was responsible for the implementation of risk management systems commission allocation to our trading partners and staffing decisions on the desk the status quo that preceded my arrival would quickly change I was ready to put my fingerprints on the operation and finally finally achieve the wealth and status that I had strived for my entire life The new kid in town Our offices were on 40 Fulton street next to the Brooklyn bridge and down the street from the world trade center and the new York stock exchange it was the center of the financial universe and at the heart of the world s biggest cash register We had a dozen or so full time employees including three 作为职责的一部分 我负责风险 管理系统的实施 交易合作伙伴 的佣金分配和交易席位的用人决 策 随着我的上任 现状格局即将发 生变化 我要在这里留下自己创 业的专属痕迹 得到我为之奋斗 终身的财富和地位 新官上任 我们的办公室在富尔顿街 40 号 挨着布鲁克林大桥 就在世贸中 心和纽约证券交易所所在的那条 街上 它是金融世界的中心 更 处于世界上最大的收款机的核心 位置 我们大概有 12 个左右的全职员工 其中三个直接归我管 他们赚着 高达 6 位数字的年薪 只干着执 行 JIM 和 JEFF 下达的指令的活 Clerks who were directly under my charge They had made multiple six figure annual salaries for executing orders on behalf of jim and jeff which seemed awfully extravagant given my experience if I had learned anything climbing the ranks of wall street it was that producers got paid and the pretenders faded away It was the purest form of Darwinism the strong survived and the rest were left for dead I ushered in several changes during my first few months The existing clerks were replaced with young guns that had skill sets designed for the trading process and while they weren t producers out of the gate they had the talent to one day becomes starts and eventually most of them did Further while we actively traded 400 million the profit or loss was 在我以前的经验来看 这未免 也太过于浪费和挥霍 如果说我在华尔街这些年里的奋 斗和竞争中学到了什么东西 那 一定就是 有实力者胜 纸老虎 者败 这是达尔文最本质的理论 弱肉强食 适者生存 在刚开始的几个月我做了一些调 整 带来了些变化 我用一些更 有交易技能的年轻人取代了之前 的职员 尽管这些年轻人眼前还 不是名声远扬的厉害角色 但他 们有将来成为华尔街新星的潜质 和天赋 事实证明 他们最终 果然如我所言 长远的变化方面 呢 尽管我们每天都积极地进行 4 亿美元的交易 并在收盘后计 算得损 但实 Calculated at the end of each session and the actual performance along with our trade errors arrived from Goldman Sachs the following afternoon That too would have to evolve After ten years of paying dues making salads and being emasculated by my superiors I was hungry and motivated After ten years of paying dues making salads and being emasculated by my superiors I was hungry and motivated I had promised myself that nobody who ever worked for me would be held down by internal office politics I believe that the way to facilitate growth was to build a team with people who could themselves grow and those decisions was made in kind 际的成果和失误还是要在第二天 下午由高盛投资公司发过来 这 一点也需要改变 从跌倒的跟头里学教训 给别人 当跑腿的做沙拉 被上司随意训 斥 这样的十年过去后 我野心 勃勃 蓄势待发 我向自己保证决不让在我手下 干事的人因为受公司人际关系上 的勾心斗角而束缚住他们的工作 才能 我认为建立一个能不断发 展的团队关键在于这个团队要由 那些能提升自我的队员组成 我 其他的一些决定也是按着这个原 则做出的 I met with the desk heads of our various brokers many of whom were the same folks who covered me at Galleon and told them that commission revenue would be correlated to their idea generation and the liquidity they provided It was indeed a meritocracy we were tough but fair and always operated within the letter of the law We were everything that a hedge fund was supposed to be and more it was I thought at the time professional nirvana All a man has is his name and his word the trading operation at cramer berkowitz evolved into a direct extension of that Word of our approach quickly spread and our firm hummed like a well oiled machine We got one of the first calls from our brokers when their analysts changed the 我和我们很多的券商的交易负责 人见了面 其中很多都是曾在 我在 Galleon 时罩过我的人 我告诉他们说明佣金将与他们的 交易建议以及提供的流动性挂钩 起来 这的确是一种精英管理制 度 我们要求严格但是对人公正 依法合规办事 我们符合甚至超 越了一个避险基金的全部标准 那段时期 在那时的我的眼里 如同畅游在事业的天堂般飘飘欲 仙 一个人真正拥有的只有他的姓 名和承诺 我在 CB 公司的事业 就是这一句话在现实中的延伸和 发展 我们的办事方法很快传播开来 公司就像是一台上足了油的嗡嗡 作响的机器 当分析师调整对某 只股票的评级时 我们是券商的 首选联系人 他们的首席交易员 会跟我交 rating on the stock head traders communicated the directional flow from their smarter accounts and I always shared what we were seeing in an attempt to establish goodwill We treated people the way I had wanted to be treated when I was on the side of the phone We always told them why we traded and rarely if ever hurt them with our flow If we ran over them with one of our orders if they didn t have an opportunity to hedge our risk we adjusted the price of the transaction as a matter of course All a man has is his name and his word The trading operation at Cramer Berkowitz evolved into a direct extension of that Wild pitches Feeling emboldened in the spring of 2000 I swung at a pitch that was 流他们相对走向较好的账户的交 易趋势 而我也总是告诉他们我 们对目前市场的见解和分析 从 而建立了友好的关系 我们设身处地的为他人着想 以 自己想要被对待的方式去对待别 人 我们会告诉他们我们交易的原因 几乎没有因为我们的失误而给他 们带来损失 如果交易指令正好 跟他们撞车而他们又不能及时躲 避风险 我们就会自觉地调整价 格 疏忽之击 2000 年春天的时候 随着我的胆 子越来越大 我打出了超出我击 球 outside my strike zone One of our brokers had altered me to a special situation a stock called Focus Enhancements that he believed was ready to run We were making money and as I was trading particularly well Jim and Jeff were happy to indulge me After we collectively weighed the opportunity we established a six figure position as the stock traded between 6 and 8 We were in a groove and our confidence was matched only by our growing reputation With the market swinging wildly 10 to 15 at a clip we seemingly had the script in our hands before the market moved and by the middle of the first quarter we established a sizable lead on the average We were feeling particularly bold Then the twitching started a facial 范围内的一击 有一个卷商提醒 我注意一只叫 FE 的股票 他认为 这只股票即将大涨 我跟 JEFF 和 JIM 他们在一起赚了 很多钱 而我在交易中的表现尤 为突出 因此他俩对我的主意都 大加赞赏并愿意跟着我走 当我们一起分析评估了这个机会 后 我们在它的股价在 6 美元和 8 美元之间时买进了 6 位数的仓 位 我们处于极佳状态 自信也随着 我们不断上升的行业名誉而与日 俱增 股市变化很大 每次都会 有 10 到 15 的波动 而我们好 像手拿市场变化的未来图似的 到第一季度中旬 我们已经占了 先机 比平均数额有相当可观的 领先 我们感到前所未有的自我膨胀和 大胆 tick that would become all too Familiar with time Focus Enhancements on the tape screamed Matt Jacobs as we trained our eyes on the phones rang unanswered and Maria Bartiromo chattered away in the background I was frozen we all were despite the fact that the loss while substaintial was a pimple in the much broader complexion of our 400 million portfolio I sat across from jim and watched his face turn from white to pink to a sullen shade of red and then the twitching started a facial tick that would