“He then begins to give me my job description, words I’ll hear over and over for the first six months of my time at Galleon: Never let a phone ring more than once. Take a report. Book the trade into the system. Answer the phones. Take a report. Book the trade into the system. Answer the phones. Take a report. Book the trade into the system. Again, again, again. Recap all the trades at the end of the day. Make sure you confirm, buy or sell, the share amount, price, commission, and the correct account. In the morning make sure there are no trade breaks. No mistakes. When he finally finishes he looks directly into my eyes. “Each day expect to be fired,” he says. “If you’re not, then you’ve had a good day.”
I don’t remember where or when I heard of this book. But it was on my bookshelf. And though I’ve never been interested in working in finance, I’ve always been intrigued by the stories of people who do. Which is probably how I (somehow) ended up with The Buy Side.
Author Turney Duff tells his story of getting the coveted “buyer” job on Wall Street, where he finally has the kind of power he’s always wanted. With that power comes a wave of new friends and lots of partying, drinking and drug use that later comes back to habit the author in more ways than one.
Duff notices the shady dealings of some of his early bosses but doesn’t have the power to speak up and question any of it; the paper trail eventually catches up to the bosses while Duff’s drug use costs him his family and ends his finance career — which led to this book.
You Should Read The Buy Side IF: You enjoy a well-written crash-and-burn story about a finance shark whose career and life got seriously fucked up by partying and drug addiction. This is strictly a pleasure read, and a good one.