CityboyInside the psychology of an analyst |
Geraint Anderson asks does the City attract arrogant tossers or is it their job?
LONDON - Recently an ex-colleague of mine told me of an experience that went some way to answering one of the perennial questions that has been posed at dinner parties across London for decades: does the City attract arrogant tossers or do they become so as a result of their job? Last week, he presented to a fresh-faced buy-side analyst for the second time, having previously done so just after the young chap had arrived in the City. Somehow, in the intervening six-month period, this formerly (almost) acceptable human being had been transformed into the bastard son of Paris Hilton and Russell Crow. He had come to display all the modesty of Simon Cowell after a four day coke bender whilst showing a lack of consideration for others unmatched since Pol Pot strutted his funky stuff in Cambodia. My ex-colleague told me, and I quote, that he "would prefer to scoop his own eyes out with a rusty spoon than ever have to talk to that despicable clown again!"
I think there are three main reasons why the City can instill extraordinary arrogance into those who choose to waste their lives there. Firstly, most folk enter the City so young (ie, 21) that their personalities are not fully formed and so, when they begin earning serious cash, it goes straight to their heads. Fortunately for me, I entered the City at the relatively senior age of 24 and hence always managed to retain my perfect personality without any hint of arrogance!
Secondly, and this applies mainly to buy-side analysts and fund managers (eg, ‘the clients'), self-importance can rear its ugly head as a result of the constant arse-kissing that they are subject to. With too many brokers chasing too little commission even some lowly client from some god-awful little institution finds himself the recipient of offers for the kind of client entertainment that the average Joe would give their eye teeth for. If enough people kept offering you tickets to see Champions League football games or the latest Madonna concert you too might become as demanding as Naomi Campbell with PMT.
Finally, Cityboys (and occasionally Citygirls) become arrogant because their job demands it. Everyday a trader or fund manager buys or sells a share they're implicitly saying that the market (eg, everyone else) has GOT IT WRONG and mis-priced the asset. Hence, an egotistical decisiveness is key to their job. That's why Hamlet would have been a dreadful broker whilst I'd have Lady Macbeth on my team any day of the week.
So next time you're at a dinner party and you find yourself sat next to some dreadful idiot from the City braying on about how fantastic he is remember two things. Firstly, it's probably not the poor chap's fault but rather his job that's destroyed his personality. Secondly, be aware that he needs to be an arrogant buffoon in order to carry out his job properly. However, despite these two vindications it's still probably worth asking the host if you can swap places before the next course!
*Cityboy also goes by Geraint Anderson and is a former analyst in the City of London. He is the author of the international bestseller Cityboy: Beer and Loathing in the Square Mile." Buy the book online at our Moneyweb Shop http://tinyurl.com/mnyshop) or find him at www.cityboy.biz
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COMMENTS
My son's an Analyst in London,--used to be a sweet kid.
I sometimes wonder if he thinks I'm an old fart now. - Interesting.
by Fat and proud on November 17 2009, 07:09
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Correct conclusion Geraint. In the most consequential zero-sum game in the world, it pays to layer yourself in resilient arrogance.
by WHOSEMORALSARELASTIX on November 17 2009, 08:27
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What a lousy article......no wonder Alec Hogg has sold his shares....
by psshhh on November 17 2009, 09:14
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THESE SO CALLED ANALYSTS ARE NOTHING BUT SEXUALLY REPRESSED DRUG/ ALCOHOL DEPENDENT MORONS WHO WOULD LIKE TO BE REVERED AS THE MASTERS OF THE UNIVERSE.
THAST IS WHY THEY ALL END UP LIVING THEIR TWILIGHT YEARS IN SUCH ABJECT NOTHINGNESS . .more
by CHENEYBUSH on November 17 2009, 10:00
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Bunch of overpaid, pampered pricks!
by Munch on November 17 2009, 10:05
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And on something I have pondered often.
It's similar to the luxury 4x4 syndrome - do they attract aggressive egotistical prats to buy them or do you just become one after buying one.
by Danny K on November 17 2009, 20:43
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Why don't you write a better one yourself, if you can? That was a good article and it was much enjoyed.
by Roald Dahl on November 17 2009, 22:26
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Good one, yes I know many folks who were nice young people that became arrogant pr*cks when they joined Asset Management companies - and it doesn't matter whether they're men or women.
by sasoros on November 17 2009, 22:44
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YAWN...can you write about anything else other than your analyst world...seriously it's starting to get boring now...Yawn...now where was I???
by Citygirl on November 17 2009, 23:34
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Hold the cart right there...you took the article right outta the book? I couldn't tell you the page number, but as I just finished the book, it's rather fresh on my mind.
by Bassie on November 18 2009, 13:04
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Not just in London that the Cityboys and girls are pompous self-important twits. Loads of buy-side analysts who are self-important twits down here too. Tim Allsop is a rare exception of genius and modesty.
by Flu on November 18 2009, 14:27
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