{"id":188,"date":"2013-02-25T15:19:28","date_gmt":"2013-02-25T15:19:28","guid":{"rendered":"http:\/\/www.turneyduff2.dev\/2013\/02\/25\/sales-traders-a-taxonomy-of-the-good-and-the-bad\/"},"modified":"2013-02-25T15:19:28","modified_gmt":"2013-02-25T15:19:28","slug":"sales-traders-a-taxonomy-of-the-good-and-the-bad","status":"publish","type":"post","link":"https:\/\/turneyduff.com\/index.php\/2013\/02\/25\/sales-traders-a-taxonomy-of-the-good-and-the-bad\/","title":{"rendered":"Sales Traders: A Taxonomy of the Good and the Bad"},"content":{"rendered":"

I offer the below listing (which you won\u2019t <\/em>find in my forthcoming book The Buy Side) <\/em>mostly for those who don\u2019t<\/em> make a living on the Street, though those who do <\/em>will recognize the following types.
\n 
\nA sales trader, by definition, provides trading assistance, research and market knowledge to his list of buy side clients. To attract more attention from these clients, brokers sometimes get very creative<\/em> in the services they offer. In my years on the Street I relied on some excellent sales traders \u2013 both men and women. But even the great ones rarely represented as much as 25% of my total coverage. On any given day, I\u2019d talk to 100 to 150 sales people.
\n 
\n\"Wall
\n 
\nAlmost without exception, the sales traders I dealt with fit one of the following profiles:
\n 
\n1.) Lax Man<\/strong> – Typically, this trader grew up in Jersey, Long Island or maybe Westchester. He was in his late twenties or early thirties. Lax Man was the first guy to ask me if I wanted to get in the March Madness pool. He\u2019d \u201ccrushed it\u201d in Vegas the prior weekend and, the night before, the hostess at Stanton Social was \u201cvibing him.\u201d He referred to everyone as Bro, Pal, Chief, Guy or Boss.
\n 
\n2.)\u00a0\u00a0 Honorary (Wo)Man<\/strong> \u2013 She was cute and could trade locker room stories with the best. She used her sex appeal to create business. Behind her back, the guys on her desk would say, \u201cShe blows for flow.\u201d But, in reality, she worked hard — harder than most of the men on her desk.\u00a0 She had something to prove. She knew the business and did an excellent job. She wasn\u2019t married.
\n 
\n3.)\u00a0\u00a0 Salty Man<\/strong> \u2013 He\u2019d been with his firm for twenty years and secretly — or maybe not so secretly — hated me and the business. He still talked in fractions and resisted using email or instant messenger. He\u2019d been divorced three times and didn\u2019t have two nickels to rub together. Odds were, he was going to die on the desk.
\n 
\n4.)\u00a0\u00a0 No Man<\/strong> \u2013 This guy had no research, no flow and no worries. He liked to meet me after work.
\n 
\n5.)\u00a0\u00a0 Low Man<\/strong> \u2013If I sneezed he\u2019d say \u201cbless you,\u201d if I was tired and hung over he\u2019d worry he\u2019d done something wrong. He worked extremely hard, but the problem was he didn\u2019t get a lot of respect from his own desk.
\n 
\n6.)\u00a0\u00a0 The Man<\/strong> \u2013 He\u2019d answer the phone \u201c250k up \u2013 what do you want to do?\u201d Management loved him\u2014he was the busiest guy on Wall Street. All you had to do was ask him. He\u2019d get business done and wears his firm\u2019s crest on his sleeve. He worked for one of the white-shoe investment banks and had gone to one of the best schools. He wound up as an
\nequity sales trader because he wasn\u2019t smart enough to do something more difficult, but he always spun it that it was his <\/em>choice to trade.
\n 
\n7.)\u00a0\u00a0 Family Man<\/strong> \u2013 He\u2019d been passed over for several promotions, and was often caught off the desk calling his wife to discuss the twins\u2019 science project. He\u2019d accepted the ceiling in his career; Family Man was honest, calm and genuinely cared about doing the right thing. He tended to whisper.
\n 
\n8.)\u00a0\u00a0 Script Man<\/strong> \u2013 Every mornin he\u2019d call at the exact time using the exact voice from the day before. Early in his career he\u2019d been confused about the business, so he decided to keep it simple. He never cracked a joke in his entire career.
\n 
\n9.)\u00a0\u00a0 Five Foot Ten Man<\/strong> \u2013 He was just a dude, laid back, did a good job, didn\u2019t love the business, but realized he could make twenty times more doing this than being a teacher or going into the family business. We got along great because we both knew we were frauds.
\n 
\n10.)\u00a0\u00a0\u00a0Dr. Serious Man<\/strong> \u2013 He had the most important job in the world. Trading stocks and talking about the market were as important as finding a cure for cancer. He\u2019d yell at his wife for calling at 9:15 a.m.; his kids weren\u2019t welcome to pay a surprise visit to the office; and his clients weren\u2019t always right — he <\/em>was.
\n 
\nDo these types still exist on Wall Street\u2019s trading floors?\u00a0 Wherever there are orders flowing, they can be found.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

I offer the below listing (which you won\u2019t find in my forthcoming book The Buy Side) mostly for those who don\u2019t make a living on the Street, though those who do will recognize the following types.   A sales trader, by definition, provides trading assistance, research and market knowledge to his list of buy side … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":1389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-buy-side-book-blog"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts\/188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/comments?post=188"}],"version-history":[{"count":0,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts\/188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/media\/1389"}],"wp:attachment":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/media?parent=188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/categories?post=188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/tags?post=188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}