The New York Times, or one really “plugged-in” features editor, realized over the weekend that some people in business aren’t going to business school. This is before the Gray Lady realizes (in maybe two years?) that as the market turns, more people are going to try to go to business school.
At least 28-year old Gabriel Hammond, who founded Alerian Capital, thinks that business school is bogus, and for a New York Times feature, that’s all it takes. Despite the fact that we probably agree with him, we’re thinking the odds are that Alerian didn’t have a wonderful August (anyone know any numbers on these guys? – send to tips at dealbreaker dot com), leaving Hammond with barely enough money to take the GMAT (that story will run in December).
Hammond thinks business school is so ridiculous that he hires people straight out of it, for reasons other than the fact that those people went to B-school. Take that, silly institution!
Hammond made his initial thousands from his Johns Hopkins dorm room betting on Caterpillar (wishing that Baltimore would be torn down and reconstructed into a fun, livable city). G-Hamm then went to Goldman to become more awesome, and by more awesome we need to say no more than a 2005 Trader Monthly top 30 trader under 30, as judged by nothing in particular. Hammond left Goldman to "raise" $5 million (a move that screams an obvious subtext that the New York Times is willfully glossing over, like the fact that it was probably family or family friend money) to start a “hedge fund.” Now the fund manages $300 million and Gabriel makes “seven figure payouts.”
Others, according to inside sources at the New York Times, get promoted straight to Associate without going to B-school, including people dressed in business formal looking earnestly (yet cautiously, knowing the burden of being so uniquely and massively successful) into a blurred cityscape at Citi.
Others, actually attending B-school and now wanting to kill themselves, were forced to attend by PE firms.
Hedge Funds and Private Equity Alter Career Calculus [New York Times]
Posted by Web Van , Sep 17, 2007 11:44AM
This just in: MBAs skipping b-school to start dot coms
Posted by Fake Liz Claman Over Here at Fox , Sep 17, 2007 12:15PM
Didn't Lou Dobbs become a "CEO" of "AnkleSocks.com" or somesuch?
Posted by geezer , Sep 17, 2007 12:16PM
Thanks DB. I have collected similar articles over the years. They are greater market indicators (not necessarily to the benefit of the people or group profiled).
Nothing better than being in your 20's and making money. You are not burdened by what you don't know, because you obviously have it all figured out.
Posted by , Sep 17, 2007 12:25PM
Such a terrible Times article. Any story that mentions a top 30 under 30 is a complete joke.
Posted by Three Letters CFA , Sep 17, 2007 1:07PM
Did anyone read this article? What is the Certified Financial Advisor thing that everyone is getting!?!!
Posted by Shrek , Sep 17, 2007 2:03PM
"Nothing better than being in your 20's and making money. You are not burdened by what you don't know, because you obviously have it all figured out."
Totally agree
Posted by comfortablynumb , Sep 17, 2007 3:40PM
Three Letters CFA,
I was wondering about the same thing, this article will go down in the long line of times' journalistic excellence.
Posted by Ed , Sep 18, 2007 7:32PM
What a douchebag. I hear down 16.4% in August by the way.