Morning Coffee Aug 23 2011

Slumming Pays Off on the Job Hunt

By kyle stock

At the Veterans On Wall Street conference in late June, a panel of investment bankers was asked the most promising sector for landing a job in finance.

One of the panelists had some simple advice: set your sights on the most-troubled corner of the industry -- possibly mortgage-backed securities -- because that will afford the best potential for growth.

That strategy seems counterintuitive, but it is a fairly simple plan that underlies every transaction on Wall Street: buy low, sell high. Investing your time and energy shouldn't be all that different from investing your money.

Consider the current darlings of finance: tech analysts. In 2004, these folks were at the bottom of the pecking order -- the Baltimore Orioles of the banking leagues. Recently, however, at least three savvy tech analysts reportedly landed jobs with pay packages topping $2 million.

Why are they so dear? Because so many professionals ignored the sector in recent years. There are about 362 Wall Street analysts covering Internet companies, that's slightly more than half as many as there were during the Dot-com boom.

So think like a value investor and consider specializing in something in the gutter -- like U.S. homebuilding companies or better yet, financial institutions. There will be nowhere to go but up.

Speaking of Tech Bankers (Bloomberg)

Credit Suisse just hired Yuki Nakayasu, formerly of UBS, to cover Japanese Internet companies.

Bet on the Bounce (Reuters)

Morale is getting low on Wall Street, but some say banks and brokerages are laying off too many.

Canadian Bankin' (Bloomberg)

One analyst predicts that Canada's eight biggest banks will post a collective 14% gain in profits in upcoming quarterly reports. What's that old saying about slow and steady?

Lever It Up (Poets & Quants)

The 845 students who are about to start at Wharton will likely owe more debt and interest than any other MBA class -- an estimated $112.4 million. That works out to almost $1,500 a month.

Surf Away (WSJ)

Yet another study has shown that a little Web surfing is good for productivity. Specifically, it lowers 'mental exhaustion.'

Hot Dogs Were a Nickel (WSJ)

Forget Facebook, job hunters in the Depression went door-to-door. It was exhausting, but it worked.

Five Lazy Mistakes (MarketWatch)

Job hunting, when done right, takes energy. Don't use a stock resume or do all your networking on Facebook.

Rock On (NYP)

Former Guns N' Roses bassist Duff McKagan will launch his wealth-management shop for fellow rockers in October. 'Welcome to the Jungle' or 'It's So Easy'?

Buzz Around the Office

Telemarketers Beware (BuzzFeed)

Check out the best way to ward off telemarketers. It will make sure you stay off their list for good.

List of the Day: Getting Ahead If You're a Boss

How do you work your way up the ranks once you've already got people under your purview? It's all about hard work.

1.Get to the office early and actually work on something. Don't just put in facetime for the sake of it.

2.Be known for something only you can do.

3.Take a stand on something.

(Source: BNet)

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