Simon English: The City still has a place for alcoholic coke-heads
Thursday 01 March 2012
Outlook "Give me PSHs – poor, smart and hungry. And no feelings... I got 20 other brokers out there, analysing charts. I don't need another one."
Those are some of the words Gordon Gekko uses in Wall Street to seduce Bud Fox into getting him inside information.
Over cocktails at the Mayfair Mews – don't go if you dislike being surrounded by hedgies and headhunters – a senior stockbroker pal agreed with Gekko's sentiment.
He doesn't want inside information, genuinely, but neither does he want just another guy doing the same as everyone else.
By his telling, the perfect trading desk is made up of a mix of the diligent and the drunk.
Some traders really are good at reading charts. Some have an instinctive feel for what markets are going to do on any given day. And some excel at getting pissed with rich clients and winning business, even if they are so hungover someone else needs to execute the trades.
"So the dream team would be probably 20 per cent geniuses, 60 per cent really hard workers, and 20 per cent alcoholic coke-heads," says the broker.
"There's a couple of guys at our place that only keep their jobs because they're entertaining and they make clients laugh. They come in sweating vodka at 10am, do £100,000 of business from some rich guy they've charmed the night before, then crawl home to bed."
There is much less of this sort of thing in the City than there used to be. It is still there though. Which is oddly reassuring.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
- 3 Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
- 4 Mafia's wall of silence broken: Victim of Cosa Nostra's extortion rackets in its Corleone heartland co-operates with authorities for the first time ever
- 5 Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Mafia's wall of silence broken: Victim of Cosa Nostra's extortion rackets in its Corleone heartland co-operates with authorities for the first time ever
Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
Sir David Attenborough interview: The one question about life that still baffles him
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...