02 27 2019 | by Victor Xing | Economics
12 09 2018 | by Victor Xing | Capital Markets
Kekselias performance review: 1.31% YTD total return
10 14 2018 | by Victor Xing | Capital Markets
Roundabout path in the snap-back of long-term bond yields
09 23 2018 | by Victor Xing | Central Banks
Calm before the storm as quantitative tightening looms
05 20 2018 | by Victor Xing | Central Banks
Alternative narrative on the natural rate of interest
01 07 2018 | by Victor Xing | Capital Markets
Flatter yield curve a symptom of ineffective tightening
12 04 2017 | by Victor Xing | Central Banks
Bond market term premium and wolves of Yellowstone
10 17 2017 | by Victor Xing | Capital Markets
How we learned to stop worrying and love the “fake markets”
09 20 2017 | by Victor Xing | Central Banks
QE’s distributional effects a rising political liability
04 18 2017 | by Victor Xing | Capital Markets
Persistent low volatility threatens active fund managers
11 26 2015 | by Victor Xing | Other
Why doesn’t Goldman Sachs provide free food for staff?
My take is that senior folks often pay for junior staff’s lunch (free food) because they can (a tradition well documented as early as Liar’s Poker), not because they have to.
For example, senior folks (MD and such) would offer to buy, and the most junior person (analyst) would do the ordering and pick-up (“I buy, you fly”). It is interesting that it works into the “performance evaluation” – if a junior person messes up the order or gets lost while getting to the place, what are the odds that the junior person messes up the spreadsheet or misheard client orders in the future? Many junior people take it very seriously (for good reasons).
Then the GS folks would come to the buy-side and train us to do the same. It would mostly be breakfast or coffee, as the firm provides catered lunch for PMs, portfolio analysts, and traders on the desk.
Catered lunch would come with desserts
One of the senior PMs who came from the rival firm (he was a MD there) would ask me to buy coffee every morning – mostly my treat, it was an environment that there were a lot of “Chiefs” and only a few “Indians,” so even the “Indians” were no longer junior rank, thus no longer benefit from the “I buy” part of the policy.
I never messed up his coffee orders to the day that he passed away.
Next article11 25 2015 | by Victor Xing | Economics