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Getting into hedge funds is a difficult business. If you want to get a job there, it’s helpful to have an internship scheduled (or completed), but it’s even more helpful if you start preparing for that job before learning what taxes are.
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Dmitry Baryasny spoke to students at the London School of Economics’ Alternative Investing Conference yesterday, highlighting the most important aspects of his development as a trader (and eventually founder of a global multi-strategy hedge fund). Shared one of the parts.
“I remember my first job when I was in middle school,” Baryasny said. “I was doing door-to-door sales.” That job made him realize how much sales there were. Really means. “When it rained, most of the children went home,” he explained. “I quickly realized that was the perfect time to knock on people’s doors, because no one wants to turn away a little kid trying to make a few bucks while soaking wet on the doorstep. .”
This middle school experience influenced not only his adult career but also the rest of his teenage life.
After that, “I worked mostly in sales during high school and early college,” Baryasny said. It had a very simple motive (I wanted to make money) and benefits that most jobs at that age don’t offer.
“The only way for a young person to earn money is to receive part of his work in the form of a commission. No one will give you a good salary,” Baryasny explained. “Fees are a market mechanism and equal to a percentage of trading profits.”
I found that working in sales gave me a fairly diverse skill set that was easily transferable. Balyasny “worked his magic in a variety of fields, from radio commercials to steaks, kitchens and other products, and eventually moved into the financial industry as a broker selling stocks.” It’s also “sales. ” he pointed out.
Baryasny’s motives at the time were purely financial, but there were other benefits that he did not understand until later in life. “It turned out to be very helpful,” he said. “It really teaches you a lot of grit and perseverance.” He called all sales “the skill of selling yourself.” “Selling your business” – something you have to do for the rest of your life. “The more you can hone that ability and develop something like the psychology of resilience, the further you will advance in life.”
Through this situation, Baryasny grew into…well, the founder of Baryasny (wealth management). “I think learning that kind of psychology and work ethic early on is really, really helpful. I recommend sales as part of your training goals,” he advised the students.
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