I do not like Finance Bros.
I dislike the culture of Wall Street and their “bro” habits,
It’s always bothered me!
Now when I say “Finance Bro” what I mean is someone like what you see on The Wolf of Wall Street.
Someone who is arrogant, deceitful, drug-loving, and has all the nice cars and girls.
And I get it…
I went to a university as a finance major and I met lots of kids who thought they were better then others because they knew money.
They were very prideful.
And by no means am I a perfect person,
Part of the reason I started teaching about funds was to help humble myself and show other people who don’t have the “Finance Bro” mentality that they can still have a fund and make good money without the crazy things.
That’s why I want to talk a little today about how I believe you can be a good fund manager without being a jerk.
Managing without Arrogance
I know many fund managers that if you saw them in their everyday life you would have no idea they were wealthy or successful.
I mean they have nice things but they are simple and conservative,
They aren’t pompous or live lavishly like you see in movies.
In fact, they are some of the nicest and most helpful people I have ever met.
Think about Warren Buffett and Charlie Munger,
Can you think of things they unnecessarily splurge on?
I also think of my dad who I didn’t even know had all this wealth until I found out from one of his partners while I was in college.
What I’m trying to say is that it is possible to be successful without all the crap.
Strength and Weakness
I believe one of the things that make a good hedge fund manager is understanding your personal strengths and weaknesses.
If you can own up to your mistakes and be humble enough to accept that you will be wrong a lot of the time, then you will be on the right path to success.
The best managers understand what they lack in and who they need to bring onto their team to fix it.
You need to have checks and balances.
You need systems, partners, and processes that will help you be wrong LESS.
Those are the attributes of a good fund manager, not strippers and cocaine.
It’s also ironic to see how often these Finance Bros fail because they get burnt out.
Living that lifestyle is exhausting.
If you want to be in this game for the long run you have to create a sustainable way of life.
It is also important to remember that money amplifies who you truly are.
If you are the kind of person who is humble and giving then you will probably use your wealth to help more people.
On the other hand, if you are arrogant and rude, more money will probably make you less kind and less happy.
I remember a story of a pretty wealthy person I know who was invited on a private plane with some business colleagues who were multiples richer than he was.
He was a conservative man.
He bought nice things but didn’t spend excessively and valued time with his family.
He said that the entire plane ride was spent listening to these other men aa they talked about how depressed and horrible their lives were.
Most were divorced, some more than once.
They didn’t have good relationships with others.
They were lonely…
And all of them said they felt that they had no purpose and that they were simply unhappy.
These men should have had every reason to be happy, they had the money to get whatever they wanted!
But they didn’t because they focused on the external instead of the internal.
I think about this a lot and how I never want that to happen to me.
I love my wife and my family and I want my relationships to grow rich until the day I die.
Good fund managers realize that relationships with others matter far more than money.
Good Fund Managers are the people who care about taking care of others’ money. Their investors interests are in the front of their minds, not their own.
The biggest thing to ask yourself is Why?
Just like Simon Sinek says…
“What is your why?”
Why do you want wealth?
Is it so you can spend more time with the people you love?
Or is it to party?
The best managers are the ones with meaningful “whys”.
Without a proper and righteous “why”, it will be hard to stay in this game for very long.
Good Fund Managers make their funds about their clients, not themselves.
If you are focused on serving your investors then your cut will come,
And you’ll probably gain more investors along the way.
What are some things you think are important attributes for fund managers to have?
Let me know below or in our facebook group!
I look forward to your responses.
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DISCLAIMER: This content is for educational and informational purposes only. It is not to be taken as tax, financial, or legal advice. You should always consult a legal professional before taking action. Furthermore, this is not a recommendation to buy or sell any security. The content is solely just the opinion of the authors.