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    (Original post by mayavara)
    Overall most Equities teams are big losers not winners 'cos of this. The main clients are big long-only funds, the M&Gs, Fidos and Schroders of the world, not spivvy hedge funds. Most of the long-onlies have done next to no unwinding. Meanwhile lots of the hedge funds have blown up or nearabouts, so whilst getting unwinding commission they're not going to see so much activity over H2 funnily enough. Clients losing faith in teams who had big pushes in banking, insurance & real estate and not wanting to go back. All in all most equity teams will be making less YoY.

    Um, these are my same clients as well, and remember there has been plenty of unwinding. That doesn't mean these firms won't come back, they just have to cover their positions. A big fund pulled a programme trade the other day which had nothing to do with unwinding. Remember that the funds that are blowing were in the credit market in the first place. So, atm equities has been very good.

    And to suggest 2H is worse is downright silly. You picked desks that have some clear shorts. No faith in US real estate at the moment?? No way! But then you forget people then like to invest in defensive, cheaper cyclicals, retail, and high growth stocks that have become overvalued. You can also short a lot of stocks - b/c you can make money on the way up and on the way down. The fact that your clients don't have faith in you shows you guys have effed up and they don't know what to do with you anymore. It's usually the precursor to you being pushed out.
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    (Original post by rboogie)
    You can also short a lot of stocks - b/c you can make money on the way up and on the way down.
    Umm most clients are unable to short stocks, they are long-onlys.
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    (Original post by mayavara)
    Umm most clients are unable to short stocks, they are long-onlys.

    wow, I guess hedge funds and prop desks are now not part of the buy side anymore.
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    (Original post by rboogie)
    wow, I guess hedge funds and prop desks are now not part of the buy side anymore.
    I don't actually know how much of the flow they take up. They take up a fractional amount of holdings but are much active with them. Guess it varies from desk/place to desk/place very wildly since some places are wholly dependent on their institutional clients while others have a prime brokerage business which really generates flow because of the 'loyalty bonus'.
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    (Original post by rboogie)
    wow, I guess hedge funds and prop desks are now not part of the buy side anymore.
    ???? The MAJORITY of any typical equity sales team's clients will be long only funds who cannot short, HF/prop is a small (but growing) proportion.
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    (Original post by mayavara)
    ???? The MAJORITY of any typical equity sales team's clients will be long only funds who cannot short, HF/prop is a small (but growing) proportion.
    Have to say, I'm not entirely sure about this. The institutions are putting down large orders which go straight through to 'which algo would you like?'

    Which earns sales zero since they don't even speak to them if they get to fiddle with the banks direct market access software. They book their own trade and the trader gets notice of the position to manage which will vary with principal or agency order type.

    HFs and prop will trade much more often as they don't need weeks to make a decision and they are more likely to trade less liquid securities where you have some hope of earning a few more crumbs.
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    Bingo bango bongo PB.
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    (Original post by mayavara)
    ???? The MAJORITY of any typical equity sales team's clients will be long only funds who cannot short, HF/prop is a small (but growing) proportion.

    I'm sorry, but you have no idea what you're talking about.
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    (Original post by rboogie)
    I'm sorry, but you have no idea what you're talking about.
    I'm not too sure either way.. about 75% of my clients are unable to short; we've got long-only and HF sales desks of equal size, then us specialists.. would guess HFs bring a tad more revenue than long-onlys, but not massively.
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    most institutional firms across the board will carry a 50/50 split.
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    (Original post by rboogie)
    wow, short on US homebuilders? No one has been forecasting that at all. If you think that this is the driver of the sub-prime crisis, you're sorely mistaken. This is macroeconomic, depreciation, lack of actualization on rising home prices, poor risk profiles in the form of handing shiit deals to people who can't pay their mortgages. And you have a global liquidity crunch. Remmeber when FI was the place to be? Now, you have people running massively from anything to do with structured finance.
    Chuck Norris thinks Credit Crunch is a breakfast cereal.

    Chuck Norris's subprime CDO is par bid.

    Only Chuck Norris can rollover commercial paper.

    Chuck Norris's P&L is never negative.

    Chuck Norris funds at Libor flat.

    Chuck Norris Asset Management is hiring and paying top dollar.

    Chuck Norris sold Countrywide cds at +1200 and bought it back at +350.

    Chuck Norris can borrow at the discount window.

    Chuck Norris can sell $300bln in high yield loans before lunch.

    Chuck Norris's curves are never inverted.
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    (Original post by Chassez)
    Chuck Norris thinks Credit Crunch is a breakfast cereal.

    Chuck Norris's subprime CDO is par bid.

    Only Chuck Norris can rollover commercial paper.

    Chuck Norris's P&L is never negative.

    Chuck Norris funds at Libor flat.

    Chuck Norris Asset Management is hiring and paying top dollar.

    Chuck Norris sold Countrywide cds at +1200 and bought it back at +350.

    Chuck Norris can borrow at the discount window.

    Chuck Norris can sell $300bln in high yield loans before lunch.

    Chuck Norris's curves are never inverted.
    Glad to see that we're all very busy at work
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    Hehee. Busy making another "Day In The Life of" video for the new markets grads intake. Incidentally this year's UK lot who just graduated are from: Cambridge (4), Oxford (3), Warwick (3), LSE (2), and 1 each from Imperial, Bristol, Nottingham and City (halfway transfer from European uni). Most the London hires are from Europe, typically with 5 yrs studying under their belts, plus a fair few from India.
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    (Original post by Chassez)
    Hehee. Busy making another "Day In The Life of" video for the new markets grads intake. Incidentally this year's UK lot who just graduated are from: Cambridge (4), Oxford (3), Warwick (3), LSE (2), and 1 each from Imperial, Bristol, Nottingham and City (halfway transfer from European uni). Most the London hires are from Europe, typically with 5 yrs studying under their belts, plus a fair few from India.

    I saw the one on your facebook. Is that why you make them, for the new analysts? It was quite good to watch. Makes me want to own a miniDV camera...

    Chuck Norris corners the market by lunchtime.
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    Is facebook banned where you are?

    They banned it here 3/4 weeks ago....I miss it soo much....well not that much but still...
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    (Original post by kahler_potential)
    I saw the one on your facebook. Is that why you make them, for the new analysts? It was quite good to watch. Makes me want to own a miniDV camera...
    Yep internal recruitment drive.. just a cheap digital camera, nearly all have a Video function. Made this one last week, friend of Adam you may know. Good move turning down BofA in the end btw...
    (Original post by PortfolioManager)
    Is facebook banned where you are?
    Surprised they've not banned it here given how much time people waste on it. I'm cutting down, drastically..
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    (Original post by Chassez)
    Yep internal recruitment drive.. just a cheap digital camera, nearly all have a Video function. Made this one last week, friend of Adam you may know. Good move turning down BofA in the end btw...
    Surprised they've not banned it here given how much time people waste on it. I'm cutting down, drastically..
    Even youtube is banned for me...lol. Only have ebay left now...
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    (Original post by PortfolioManager)
    Even youtube is banned for me...lol. Only have ebay left now...
    If you've got a Bloomberg terminal typing in YouTube or Facebook, going to p2 of the description and clicking the URL should work
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    (Original post by PortfolioManager)
    Is facebook banned where you are?

    They banned it here 3/4 weeks ago....I miss it soo much....well not that much but still...
    Use mathtunnel.com and ctunnel.com they should let you through.
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    A lot of proxy filters are banned in workplaces too. The via Bloomberg trick on the other hand is very effective.
 
 
 
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