Managed the wealth of executives who worked at a

  • No School
  • AA 1
  • 172

This preview shows page 9 - 11 out of 172 pages.

managed the wealth of executives who worked at a major home-appliance company based in the Midwest. I thought highly of these two guys: they had long-term (three- to five-year) profit horizons for their clients. Theirs was a slow and steady business: they weren’t frequently trading their customer accounts just to rack up fees. They were constantly in touch with their clients, offering advice; they would go visit them. They knew everything about them; they even knew their kids’ and
Image of page 9
grandchildren’s names. Even more important, they also knew their own business. They knew the stocks. This was the Old World model of “I’ve known you for fifteen years; you can trust me.” And it was the classic fiduciary model: incentives were aligned. They did well if they did well for their clients. They were obligated to give clients the advice they thought was right for them. The two brokers gave me some research projects that taught me how to value stocks and determine if something was a good investment. They’d say, “Here are twenty stocks; put together a presentation where you give us your one-page recommendation on each. What’s the market cap? What are the catalysts coming up? What do you like about the company?” I loved the work. I’d be sitting there in my sharkskin Miami Vice suit, researching stocks, happy as Don Johnson. (I probably wouldn’t have been sitting there at all if I hadn’t cut off the shoulder-length ponytail I’d grown during sophomore year.) At the end of the summer, the brokers said I’d done a great job and they wanted me to come back after my junior year. With regret but also with anticipation, I decided to shoot for bigger game. The selection process for any type of job at Goldman Sachs is extremely rigorous. On average, only one in forty-five people (2.2 percent) who apply for a summer internship, or a full-time job, get an offer. The firm asked you to send in a résumé, but so many people sent them that it was easy for yours to get lost in the shuffle. There was a way around the logjam, though: There was a little-known fact that two interview spots were open for the first people to apply online, beginning on a certain date. So I went to the Stanford computer center at midnight on that day in the spring of 2000, logged on to the website, and kept hitting the Refresh key, over and over, until the magic button appeared. I clicked it immediately, and got an interview. It would take place at the career center on campus. The interview went very well, for two reasons. For one thing, I felt an immediate rapport with the woman who interviewed me. At that point in my life, I didn’t know a lot about finance, but this was almost completely a personality interview; the interviewer wasn’t grilling me; and she and I hit it off personally. The other thing was, I had prepared very carefully. I’d read The Culture of Success , a history of the firm by Lisa Endlich, a former Goldman VP; I’d also spoken to a few friends who’d interned at the firm the previous summer.
Image of page 10
Image of page 11

You've reached the end of your free preview.

Want to read all 172 pages?

  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors