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Tool Time: The New York Post's Investment Banking Poster Child Gets The Tim Sykes Treatment

There’s a piece in today’s Post entitled “Tools of the Trade” and, not to stroke Rupert Murdoch’s ego or anything but, they certainly nailed it. The mean girls over at Dealbook have already made a new entry in their slambook, though that’s not exactly surprising, given their catty nature. But the article and its subject, “Andrew,” a 24 year-old investment banker, even has mild-mannered gossip blog Gawker passing judgement. Gawker! We were planning on just rising above the whole thing, especially after Dana Vachon surmised that Andy is probably a “Citi branch manager” (we don’t do retail). But then we received a 540-word diatribe on the situation from Tim Sykes and we figured, what the hey. Finance types have been persecuted for TOO LONG. If we have to be the first people to say it, so be it. Next year, in Jerusalem.

First, a quick primer on “Andrew.”

andrew.jpgAge: 24

Salary estimate: $190,000, including projected bonus

Suit: Hickey Freeman suit, $2,749

White shirt: "There's a saying in the banking world that you can never have too many blue suits or white shirts. I get mine from Hickey Freeman [$149-$249] as my standby, but I also shop at Charles Tyrwhitt [$99-$200], Thomas Pink [$149-$249] and Turnbull and Asser [over $250]. I get my white shirts heavy-starched."

Collar: "I always buy cutaway collars and French cuffs from the British stores (Tyrwhitt, Pink, Turnbull & Asser), and Barrel (button) cuffs from Hickey Freeman."

Watch: Breitling Navitimer, $5,299

Shoes: Ferragamo loafers, $395 at Saks Fifth Avenue.

Shoe-shining: "I like to shine my own shoes."

Red Bull: "Every two weeks I buy a 12-pack of sugar-free Red Bull. I have one before I get in the shower, and then I drink one on the way to work." [Ed. note: as a very clever DB reader points out: HOW IS THIS POSSIBLE??]

“The Speculator’s Stance”

Wow, I never thought I’d be sticking up for an IB, but here it goes. Gawker’s latest categorization of a finance type is just another example of the media’s attempts at putting down the American way of life. Having been the subject of one of Gawker’s previous finance type hatchet jobs, “Timothy Sykes, Capital Schmuck,” I kind of know what I’m talking about. When that article came out, I cringed, but I held back. After reading some famous guy’s misguided attempts at portraying the hedge fund industry in Portfolio, I cringed, but I held back. But now, I’m unable to hold back any longer because this journalistic “style” goes against everything America, for better or worse, stands for.

Gawker seemingly singled out this one IB out of the NYP article basically because his salary was 3-4x that of all the others mentioned. Does he deserve to earn that much more than the other fine folks? Who knows; there’s not enough evidence to judge one way or the other, but Gawker has never needed evidence to prosecute anybody in finance before, so why start now?

Recently, due to our eccentricities and our partiality to talking about how we spend our hard earned dollars, finance types have been targeted by the media. Hedge fund managers feel the brunt of these diatribes because we, as an industry, make the most money and are usually too busy, not to mention forbidden by industry regulations, to respond. Luckily, my fund is incredibly small and my trade setups are rare, so it actually helps me to take time off and reply to such absurdities.

I say let anybody who makes good money do with it what they please because they’ve earned it! Instead of judging or ripping on them, we should praise businesspeople for their pursuit of the American dream and heap additional praise on those who succeed. IBs might not be the poster-boys for businesspeople, but companies still need to raise capital so their services are required. Some hedge fund managers might bet against companies and currencies, but they provide much needed liquidity to these marketplaces and more importantly, make money for significant societal institutions like pension plans and universities even in down markets. Financial dinosaurs, aka mutual funds, cannot claim as much so hedge funds are required.

Society has forgotten that our great country was built on the backs of financial speculation and business expansion. Actors, singers, and athletes have had little impact on society until recently, when new distribution technologies and national lethargy have converged to make entertainment a way of life. Whether I’m watching an athlete hitting a ball very far, a singer soothing my nerves with their songs, a model looking great on while promoting lingerie, or even a monkey playing on a tambourine, I love being entertained. But it sickens me to think that our children aspire to gain fame and fortune through such menial tasks.

It’s sad that a $3,000 suit, a $5,000 watch, and a cocky attitude really help close deals in the business world, but sometimes, that’s just what it takes. Listen up you media bastards: hate the game, not the players.


Timothy Sykes is a hedge fund manager, star of the reality show “Wall Street Warriors”, and author of the upcoming book “An American Hedge Fund”. He can be reached at www.timothysykes.com

Fellow IB'ers with similar sartorial inclinations, be warned: once Sykes's fund takes off, he won't have the time to come to your defense, re: such abusurdities. You (and your suits) are on your own.



TOOLS OF THE TRADE
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Comments

is this guy [sykes] for real?

That's 25 years of R*A*G*E!!!!!

this guy looks like a tool. nice pen behind the ear, loser.

Why do you give this guy a forum? He's a hedge fund manager like Stevie Cohen is poor. Not so much.

Chipped ice or better yet, a single cube is de rigueur if you know anything about drinks...this rube should take his lower-quartile compensation package, CPA ear-pencil, mid 20’s jowls, go back to Rochester and stay put. It’s this sort of fellow, with his brands for class substitution, his eagerness to display the quality of his suit with the “subtle” unbuttoning of his jacket cuffs and outright publicity mongering who reflects poorly on the true masters of the universe. He is free to enjoy his money, but I am free to laugh at his incredibly ridiculous attempts to play on the old money… polo field, if you will, for what they are…tools of his trade.

This ass clown in cuit can kiss his bonus good bye so he should take down that estimated income. Besides who the fuck wears suits to work anymore anyway... what is this 1985?

sykes has a point

This guys sounds like a fucking piker. He certainly dresses like one. Brioni or Kiton suits would have been much more impressive than HF. Thomas Pink shirts are for wannabes. Breitling? Don't make me laugh. Rolex would have been better. Same with his shoes. Ferragamo? Ferragamo is for poseurs and guidos. Try Edward Green, Santoni, Grenson, or even Gucci. Any guy under the age of 40 who wears French-cuffs is just asking to get laughed at and his ass kicked. This guy is an amateur. WTF?!

I love it that Sykes writes: "Luckily, my fund is incredibly small and my trade setups are so rare..." I guess self-awareness is one of his virtues after all.

I think it's a bizarro Andrew Krucoff

all that money spent on his gear, he should have spent $20 on a tanning session, dude looks like a clown.

"I kind of know what I’m talking about."

He's also "kind of a big deal."

anyone want to take a guess at what bank this guy works at???

as for sykes - he has a point. my gf who works at a hedge fund has a friend who constatnly gives her backhanded compliments and complains about how much more money she makes than herself (she works in advertising - sucker) and my gf just shruggs it off as jealousy and the desire to work a 10-6 job that doesnt make you think much...

This dude is straight out of this: http://www.leveragedsellout.com/2006/07/milk-im-money/

So he drinks 2 red bulls every morning but only buys one 12-pack every two weeks? How can he be making that much money if he can't figure out a 3rd grade word problem?

I wasn't going to mock him until I read this in the article:

"PDA: A BlackBerry 8700c, it's gray with black trim. "I bought mine at the Cingular store in Midtown. At first, people are apprehensive and they think it's a virtual leash. Now I can't imagine life without it.""

Bought his own BlackBerry? Nuff said.

by the way, that fucking pen ain't red, it's blue.

Bought his own blackberry yet works in "investment banking"... and isn't the 8700c an old one? I'm so confused...

oh and please, no more sykes... unless we're mocking him... or if Bess is hooking up with him, then I guess you have to keep mentioning him

I know for a FACT that bess is not dating sykes.

Anon@5:29,
Beat me to the punch. Nice!

The guy's choice of brands screams I went window shopping on 5th but know nothing about fashion/tailoring/whiskey/cigars. Oh yeah and a banker who has any feeling but murderous hate towards his blackberry isn't just a tool - he's fucking Craftsman kit from Sears (on sale).

I have a hunch this kid works at Morgan Stanley - this is why: "there are shoe-shiners walking around on our floor" MS is the only bank I know that has that, but then again I'm not big on visiting the lower castes.

Finally - Sykes.
You have a mid-sized personal account. You are a day trader. You made a lot of money in the biggest bull market of your lifetime and admittedly had the good sense to get out. You should have stopped there. You are a media slut (whores charge for their services) because you willingly submit to ridicule just for one more second in an obscure spotlight.
You are not a hedge fund manager. You don't make money that can impress anyone but your upper east side friends. My guess is you're barely pushing 200K this year. Gross.
You are also an idiot. Gawker isn't making fun of Andy because he makes lots of money (in fact they joke about his rounding error comp), but because he's trying so very hard and failing miserably to look like he has class, and that's something you should know about.

Just as a follow-up... the Gawker commenters figured out his full name and that he's a 2005 Vassar grad...

When will people learn that you should never ever ever talk to reporters? This will probably cost him his "expected bonus"

Could be Bear Stearns ... they have shoe-shiners walking around there too.

Well, the guy is 24, arley out of kindergarthen, so I judge him for trying, he is just trying to fit in the environment. What does he knows about class and good taste, that is something you accuire by age.

As for Sykes he is a loser and a has been, I wipe the floors with guys like him any day of the week.

KP,

I just checked with a Bear trader. You are correct. Andrew Caselli, 383 Madison, 38th floor. Not sure what group though.

Red Bull: "Every two weeks I buy a 12-pack of sugar-free Red Bull. I have one before I get in the shower, and then I drink one on the way to work." [Ed. note: as a very clever DB reader points out: HOW IS THIS POSSIBLE??]

---------

Yes, I know what you're thinking. If he drinks two each morning then he can only keep this ritual going for six days.

But, hey, he's in finance. That means nothing but a willingness to sacrifice in meaningless ways. He can go the other eight days without Red Bull, tell himself that the deprivation is good for his character, and buy his 12-pack again at the end of that period, re-starting the cycle.


Confirmed: Bear TMT group.

is that a pimple above his eyebrow?

Anyone know if he went to McQuaid?

This kid was in my analyst class. good guy. the stupid nypost probably took most of his words out of context. Most of the pricing is not his - its the posts. he got hosed.

Seconded. I work with Andy. Andy is one of the more decent people I've met (in or or out of banking) who made an unfortunate decision in doing a favor for a friend, who clearly wanted to show IB as the wanton excess counterpoint for her article and now he's getting lit up like a Christmas tree.

...also work with andrew, nothing like the article portrays...funloving kid with more of a focus on family and friends then monetary items...just let it die people before you cost the kid more than his reputation

You dress up like that, stick a pen behind your ear, and pose for a pic for the NYP - what exactly did he expect?

And besides, who drinks decaf red bull - what´s the point of that?

sugar free. no attention to detail. you must work in equity research.

I thought sykes' 15 minutes of fame was up 20 minutes ago. when will he and his "fully audited pre-tax 1.? million" go away. and the IB....nice pen

anon 7:52 - it´s a freakin´ metaphor... as in "sugar free red bull is the same as decaf coffee" but I figured you peeps were smart enough to figure that out.

Next time I will be more clear for you long-only types.

That's a funny looking metaphor.

i think the ed note about the red bull referenced the fact that he drinks two a day for two weeks = 20, but he says he only buys one TWELVE pack every two weeks!!!

Definitely Bear Stearns....

Just confirmed with a co-worker of his.

And another snide-icism. And then another. And straight into the witless kicker.

$130 a month at Equinox wouldn't hurt this guy either.

This is why analysts are funny. They do dumb stuff not knowing they will get screwed over for it. Hopefully this guy won't get fired unless his work otherwise sucks.

honestly, no need to hate but $190k? get real... analysts make about 60% of that, if that. secondly, he looks like the kid from a bronx tale. thirdly, not as funny as the girl from london w/ the citigroup bday invite but almost as stupid. this kid is defnitely getting fired...

All the people pretending that a top 2nd year IB analyst (not saying Andy is one) can't crack 200K are either backoffice hos or middlemarket morons who believe they're getting paid "Street".
60% of 190 = 114K. That would be a 54K bonus - below average even for first years.

this guy's a true DB, i'm surprised sykes wants to be associated with this, he's got a great list of books on his site:

http://www.timothysykes.com/id2.html

He sure does have quite an Amazon list! Like this telling title:
"Untold Millions: Secret Truths About Marketing to Gay and Lesbian Consumers (Haworth Gay & Lesbian Studies)"

They're both idiots.

Will the Sykes douchebaggery ever end?

bear stearns kid got fired

apparently someone emailed his MD this web link.

bear stearns kid got fired

apparently someone emailed his MD this web link.

bear stearns kid got fired

apparently someone emailed his MD this web link.

maybe he can work at Dealbreaker as an intern

dont they all keep pens behind their ears at dealbreaker too?

when will these kids learn??... alexsy, lucy gao (although that worlwide smackdown wasn't really her fault, she just wrote an email), then there was the "models and bottles/we roll hard" video chump, then timmy "I pretend to be a HF mgr" and now this d-bag....are the 15 minutes of fame *really* worth it??? I'd rather enjoy my life, keep my private life private and sit back and have fun with all that $$$

In my many years of working in finance, i have never, ever, seen anyone with a pen behind their ear. a joint, yes, but a pen never.
this fellow was looking for a "trademark" for the Post article.
hmm, pen behind my ear. thats a good trademark, maybe Ace will remember me when he spots me on the trading floor. trusty red pen behind my ear. always ready to jot down some notes. or play hangman. maybe Ace will take me under his wing? take me out for stogies? yes! this trademark thingie is a big deal. its my key to the future.

A few words from your corner friendly MD:

Every year I see this. Listen, when you are an associate or summer associate and wearing a $2700 suit we all know that either mommy bought it for the big new IB career; or, that as a Assoc making less than 100k base your priorities are out of whack.

Some of my most respected people shop at C21. Or at least mix in a little C21.

Ill give you the benefit of the doubt and assume your mommy bought it, which reinforces the fact that you are a young douchebag.

Your picture and bio makes me want to give you some words that I need you to never forget. When I open my door I don't want to have to repeat them: Grande Nofat Late.


i spit in your grande no fat latTe (see you missed a T that's why you need me).

i am also f*cking your wife behind your back.

It's always a pleasure to see Dealbreaker impacting careers like a wrecking ball.

Re comments by hugh jorgen @ 10:52PM, Sykes has nothing to learn. Pretending to be a HF manager is the best thing he has going for him. I mean, who is going to fire him for being a douchebag? He doesn't even have a job to begin with, unless you include being a guest clown for late night CNBC shows.

Investment bankers are parasites who contribute nothing to America. Get bent, all of you.

Aww, looks like someone got rejected by Jeffries.

"What does he knows about class and good taste, that is something you accuire by age?"

These things cannot be acquired. Sorry! If you ever want to feel better about yourselves you should join the revolution. Only when normal (well-born) people are dead will you bourgeois clowns feel free. Until then the more money you make the more you will experience the grating humiliation of the blood-right ceiling. I mean, come on, who the fuck knows where shirts come from or what they cost? All I know about my watch is it was my grandfather's and he had it with him when he was scheduling the carpet-bombing of German cities. This kid, Andy, he's repellant. But he's just like the rest of you.

If your grandfather carpet-bombed German cities, then he is a war criminal and deserves to be shot. That is, if he's not dead already. Fucking American barbarians.

The really absurd thing here is not that this dude spends money on clothes, it's that the Post goes around asking people what they wear and people pay for the Post in order to read about what other people wear.

Hey, Germans know from War Criminals! And stolen Art! And disgusting p0rn!

And wearing brown suits and thinking they are fashionable...[not to be confused with brown shirts]

Looks like chump

I purchased Sykes book and read it over the weekend. It is a poorly written life story of a failed trader who has fallen on hard times. This book is basically like a blog of an average person who got lucky trading stocks (which it really should be - blog and nothing more).

Beware of all the phony glowing reviews for Sykes Book. Its the good ole boy network in high gear where authors/investment advisers use the buddy system to give fake good reviews to each other.

Book NOT worth $20!
Better bet is to buy book - Millionaire Traders by Kathy Lien. At least you will learn something. OR Curtis Faith's book.
(I like Tim, and hope he eventually finds a career through which he can succeed).