The row over “Trader Monthly” disinviting Tim Sykes to this year’s “30 Under 30” party is so fantastically petty and stupid we can hardly keep our legs crossed. Basically, the week before Tuesday's awesome soiree at Gold St.—and make no mistake, it was awesome, if you’re into the B&T crowd—a VP from the magazine emailed Tim to say that while he could not bring a camera crew from MSN with him (which had previously been tentatively approved), he was still welcome, on his own. This was last Friday. On Monday, young Sykes received a second email, informing him that actually, he couldn’t come, either.
When Tim called “Trader Monthly”—which he now refers to as “Traitor Monthly”—to press the matter, he was told that the reason his presence was no longer necessary was that he’d made a mockery of the magazine after he was named as one of 2006’s top thirty traders under thirty. How was the mockery made? By “wearing a pink bathrobe” while executing trades during this episode of Wall Street Warriors (Ed. Note: uh, let’s get our facts straight, people: it was royal blue) and “showing up drunk to interviews.” Possible color blindness issues aside, these were two points that Timmy could not argue. Obviously, a stalemate had been reached.
So Timmy decided to take it up with the VP’s boss, Randall Lane, Editor-in-Chief of the magazine. After sending what he describes as “at least ten emails,” Sykes finally got a response. A dialogue ensued. Tim made the following points, in an effort to be allowed to attend:
1. He’d already told his friends he’d be going. They were all going to meet there and then go out after. Did “Trader” really want to force him to break these plans?
2. He wouldn’t bring cameras. He’d try to keep his inner media-whore in check. (But a harlot’s a harlot, so he made no promises, just said that he’d try.)
3. He had two girls lined up to come with, and they’d bought new dresses and everything.
4. CNBC and Penthouse believe in him.
5. This isn’t fair.
"Trader Monthly" countered with:
1. You are a “self-promoter.”
2. The pope is Catholic.
3. Your results for last year were “laughably horrid.”
4. a. Your circus-freak behavior made a mockery of us, a legit publication.
b. Nobody makes a mockery of “Trader Monthly” but “Trader Monthly.”
c. Except maybe Zach Michaelson.
d. And a yet to-be-named top “30 Under 30” trader from 2008’s list.
But, really, you have to read the e-mails for yourself, courtesy of TM, which reprinted them on its website this morning. Enjoy, after the jump.
> From: Tim Sykes (“President”, Cilantro Fund Management)
> Date: Monday, September 17, 2007 2:13 PM
> To: Randall Lane, Editor-in-Chief, Trader Monthly
> Subject: Sykes 30 under 30 Party
>
Randall-
Just got off the phone with Rachel and she said I am no longer welcome at the '30 under 30' party tomorrow night because 'I made a mockery' of the list last year. Even though I've definitely gone my own way, I definitely don't think that's the case as thanks to the popularity of my TV show, I've gotten thousands of emails from people have been inspired by my story and now are looking to get into trading. My book was just published a few days ago and once you read it, I think you'll understand me a whole lot better.
Anyway, I'd love to attend the party tomorrow night as I have already invited about a dozen trader friends and friends in the media to toast this year's newest members!
________________________________________
> From: Tim Sykes
> Date: Mon, 17 Sep 2007 17:34:26
> To: Randall Lane
> Subject: Re: Sykes 30 under 30 Party
>
Randall--
Rich emailed me saying you're holding firm that you don't want me there tomorrow night, but let me just try to change your mind because this last minute notification that I'm disinvited has put me in a jam.
1. Rachel and I talked / emailed last week about me coming and she was fine with it, so I made plans to meet up with nearly a dozen friends. Some of these people I haven't seen in a very long time and we've been talking all weekend about what we'll do after the party. For me to bail on them at the last second would be extremely rude.
2. I will have no cameras and will not be covering the party for my new jobs as reporter for TheStreet.com (I'll be starting as a writer in a few weeks) and MSN Money (I am their goto video guy). I'll be low-key, really.
3. I invited 2 female friends who went out and bought new dresses for this event. I don't know how to explain it to them that I can't attend with them.
4. While you guys seem to think 'I've made a mockery of the list' with my eccentric behavior, other media outlets now recognize me as a finance expert / personality. Sure I have an ego, but my position is backed by CNBC (7 appearances since the beginning of the year), CNN (I debated greed with the most powerful religious leaders last month), FOX (I was on Cavuto on July 4th), Oprah and Friends Radio (they loved my book and are having me on in a few weeks), Young Money (I will be their cover story for their October issue, Penthouse (I will have a feature story in their Christmas issue), and Wiley (they offered me a $35k advance for my book).
5. You guys are took a pretty good shot at me in this latest issue so even if you really believe I somehow embarrassed you last year, I consider us even.
So please, give me a chance, once you read my book and see what I'm trying to accomplish with my life, you'll see I'm not such a bad guy.
Tim
Timothy Sykes | President | Cilantro Fund Management, LLC
________________________________________
> From: Randall Lane
> Date: 2007/09/18 Tue PM 12:42:13 EDT
> To: Tim Sykes
> Subject: Re: Sykes 30 under 30 Party
>
> Tim,
>
> Acclaim comes with performance. While you've been busily self-promoting, your track record this past year for yourself and your investors has been pitiful. Laughably horrid. If you ever again become a real trader, rather than ignore the hard work required to instead play one on tv, you'll be welcome in our community. Until then, including today, we will have nothing to do with you, as we celebrate those who actually perform versus those who pretend to. > > RL
________________________________________
> From: Tim Sykes
> Date: Tuesday, September 18, 2007 1:01 PM
> To: Randall Lane
> Subject: Re: Re: Sykes 30 under 30 Party
>
Thank you for your honesty, but I wish you had read the book I sent you guys. you would discover that ALL MY LOSSES have been caused not by trading, but because I entered into an illiquid stock that I have not been able to sell. I am unable to raise any money, unable to take any trading risk so all I can do is take advantage of my publicity efforts and turn that into my new career. I am a trader in the truest sense in that I am willing to trade professions to adapt to my environment. I wish you had taken the time to understand the specifics before drawing faulty conclusions.
Tim
________________________________________
> > From: Tim Sykes
> Date: Wednesday, September 19, 2007 1:55 PM
> To: Randall Lane
> Subject: Re: Re: Sykes 30 under 30 Party
>
Now that I've had a little time to calm down and reflect, here is my response:
You should be ashamed of yourself for writing such a spiteful email to me. If you’d read the complimentary copy of my new book ‘An American Hedge Fund’ that I sent you, you’d understand that during my time in the public spotlight, there has literally been no way for me to stem my fund’s losses. Instead, you chose to condemn me without first looking into the details. What kind of a journalist are you? How dare you say I’m not hard working! As you sip your overpriced champagne on your oversized yacht (courtesy of your advertisers), I’ve been working 20-hour days trying to claw my way out of the hole I find myself in while also nurturing a budding career in financial journalism.
Thanks to the success of my TV show, I have been inundated with questions from people who want to know more about trading and hedge funds. Perhaps if you’d done a better job as editor-in-chief of a magazine that purportedly reports on the lives of traders, the public wouldn’t be so overwhelmingly lost, and I could’ve gone on quietly managing my tiny fund. But as it is, people are turning to me because they see that I’m a person who tells it like it.
So, no, I will not ignore them.
Your misguided argument is a shining example of what’s wrong with Wall Street: a lack of humility and transparency. I don’t blame you personally—you’re merely a byproduct of your generation and the Wall Street establishment, an establishment I aim to change.
You see, I used to think like you—I wanted to make the most money the fastest. I derided anybody who wasn’t earning as much as me, writing them off as lazy or incompetent. Since I wanted to get ahead, I learned to be selfish because in this game, nobody was going to do me any favors. While others were busy studying, I was earning hundreds of thousands of dollars per year and my ego was comparable to yours (maybe). As you know, I was successful in my quest for wealth, but it was inevitable that my narrow-mindedness would eventually catch up to me.
Now, as you say, my fund’s performance has been ‘laughably horrid’ and I am wiser for it. While unfortunate, these losses have made me an infinitely better person and I am forever changed. Instead of curling up in a shell as you apparently believe would be appropriate, I intend on showcasing my losses, so that others may learn from my mistakes and not be condemned to repeat them. To help people truly learn about all the risks and rewards associated with financial speculation, I will use my self-promotional skills to the fullest, cutting through the superficial and ultimately harmful lifestyle you so proudly promote.
Randall, as much as I used to want to be a part of your trader community, I’ve now experienced how you treat people when they are down—it's disgusting. No, I've outgrown your juvenile ways. Unlike your frivolous magazine, my book celebrates trading not just for its ability to create great wealth, but also for its potential to teach great lessons—lessons you seemingly look down upon.
Apparently, you’ve forgotten that traders, especially those of us under the age of 30, are works in progress. And when you turn your back on a fellow trader, you turn your back on trading itself. And when you turn on trading, you no longer are worthy of running a magazine called 'Trader Monthly.' Perhaps you should change the title to a more fitting description, 'Traitor Monthly.'
Sincerely,
Timothy Sykes
Posted by JTMarlin, Sep 21, 2007 10:51AM
Yeah Timmmmmayyyyyyy, take that shitty magazine down