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This Week In Great Discoveries Made By The New York Times

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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]