Reflections

Meet People Not Jobs

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The biggest key is finding a receptive audience. Meeting a president or CEO doesn’t matter if you’re unable to connect, make a good impression, and build rapport.

Relationships are mutual, therefore you have to meet people open to them. Although most people will kindly meet interns, not everyone has the time for a meaningful relationship. Secondly,

… you need to find individuals with compatible core beliefs.

Making a great connection and joining a firm is somewhat short-sided if you are not in an environment where you can be successful.

So better your chances of success by consistently meeting good people. When you find someone you mesh with, ask if there is someone they suggest you speak with. As the old adage goes, birds of a feather flock together.

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Reflections

Informational? More like Conformational

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Research. Research. Research. Informationals are actually about confirming your research – not asking inquiring questions. Nobody wants to reiterate something that can be found on google. People enjoy knowing that their opinion, experience, or presence holds some unique value that is not easily replicated. Therefore, have a sincere reason why you want to meet a specific person and not anyone else.

Establishing and communicating this can provide two benefits. Firstly, …

…it saves time and money because you have more meaningful conversations.

Secondly, it can potentially garner a favourable first impression. The latter is more valuable to you, because as a junior you will have moments of awkwardness.

Lastly, allow people to have their moment. When asking “confirmational” questions, it is easy to cut people short when you realize their reiterating your research. Keep things natural, allow them to say their spiel. Nobody enjoys a know-it-all, and again, nobody wants to feel that their opinion, experience, or presence is pointless.

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Informational, Insights

Project SIFYC: The Background

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A somewhat new area of behavioural finance is the study of affect and vocal non-verbal cues. Affect is the experiencing of some emotion, mood, or feeling. For example a positive affect is happiness and a negative affect is sadness. A vocal non-verbal cue is the manner in which a message is communicated like speed, tone, inflection. Everyday we integrate these two concepts with semantics to interpret messages. If someone told you, “I’m just fine.”, depending on how that was said you might inquire about their well-being.

Between telephone and formal seated boardroom pitches; there was little room for physical gestures and movement. I began wonder about the impact of affect and vocal non-verbal cues. Given the technological and relationship complexities of the venture capital industry; any relationship derived would be tenuous at best. But from a broader perspective, this information could be useful for the everyday presentation of ideas and solutions.

A few academic studies tested the impact of affect and vocal non-verbal cues on investment decisions. By correlating vocal affect in quarterly conference calls to immediate stock performance and recommendations; these studies found that high intensity and positive non-verbal cues of affective state; contributed to investor forecasts of higher confidence and price. Furthermore, individuals where more inclined to incorporate positive rather than negative affect when making immediate decisions.

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Reflections

About that thing called “Networking”

Not going to write a stereotypically vague post about the importance of networking. You know that, and if you don’t I’m sure linkedin has something for everyone. The biggest challenge is finding your value proposition. Here are three intern networking lessons I learned along the way:

  1. Informational? More like Conformational
  2. Meet People Not Jobs
  3. The Give Back
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Reflections

Life is short, but long enough.

With the recent passing of my Grandfather, this was a thought that came to mind. While hearing others reflect upon his life, I was fascinated by how different things are. From the age they got married, had kids, and started careers – it seems like my “fast-paced” generation moves at a snails pace. In addition, his journey to immigrate and establish himself in Canada, a new country not a new career, makes my “risk-seeking” generation appear conservative.

Between all the things he accomplished, lost, or sacrificed; one truly gains a perspective of time. Life is not without delay or setback, but recovery is possible. Regardless of if my Grandfather was extraordinary or not; his semblance of normality in life reaffirms that there is enough time to accomplish the important things.

Life is short, …

Quote

Spend a lot of time here discussing innovation and creative thought. Paul Schrader’s words resonated the most with me. The idea that true creativity comes from restriction and limitation. As the old adage goes, necessity breeds invention. But perhaps that’s the engineer in me coming out.

Informational

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Strategic Behavioural Finance

Nutshell: Applications of behavioural finance and the study potential areas of market inefficiency.

Keywords: utility maximization, expected utility theory, allais paradox, framing, agency theory,  prospect theory, weighting function, riskless loss aversion, mental accounting, small-firm effect, momentum and reversal,  theoretical requirements for market efficiency , limits to arbitrage, shiller model, ease of processing heuristics, ambiguity aversion, diversification heuristic, status quo bias and endowment effect, conjunction fallacy, base rate neglect, bayesian updating, gambler’s fallacy, salience, recency, overestimating predictability, anchoring, better-than-average effect, excessive optimism, home bias, disposition effect,  house money effect, conformity, Daniel- Hirshleifer-Subrahmanyam Model, Grinblatt-Han Model, Barberis-Shleifer-Vishny Model, Fama-French Three Factor Model, equity premium puzzle

Favourite Takeaway: Check out Project SIFYC

Course Outline: Behavioural Finance

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