The Worst Job on Wall Street
Please, do not let your kids grow up to be financial sector mutual fund managers:
It wasn’t pretty.
Financials, as usual, were taking a dive. And at BlackRock Global Financial Services mutual fund, that meant another stressful day.
Fund manager Jack Silady showed up for work Monday to watch holdings like American International Group Inc., Lehman Brothers Holdings Inc. and Fannie Mae sink some more. On the trading floor, a segment called “More Pain For Financials?” flashed on the television.
“It’s not a fun time,” said the bespectacled Mr. Silady, 59 years old, who has managed the roughly $400 million in the fund and other offshore money for almost two years. “Everyone wants to own oil and commodities and everything else, and don’t want to hold financials.” But “I have no choice.” WSJ
Jack is probably a lonely guy at cocktail parties; who the hell wants to talk to him? Chances are by Halloween his popularity will be on the rise, but he has a thankless job for the moment.
A Fund Manager’s Worst Nightmare
WSJ
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