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Wall Street Must Wait 4 Years For Grandmaster

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Robert Hess, who interned at [Fortress] in 2008 and will attend Yale University in August, will try to see the future over the next seven days -- on a chessboard. The 19-year-old grandmaster is alone atop his group in the first phase of the 2011 U.S. Championship in St. Louis, and has clinched a spot in the semifinals. In five months, he plans to use his chess skills to help study finance at Yale in New Haven, Connecticut, and join the likes of Harvard University economics professor Ken Rogoff as grandmasters to attend the university. “These are the kinds of things that I like doing, strategizing and finding patterns,” Hess said in a telephone interview from St. Louis. Hess, who deferred from Yale for a year to play chess full time, worked a summer internship at Fortress. There, Hess analyzed entertainment stocks and developed an interest in finance. [Bloomberg via BI]


Matt Taibbi Is Disappointed In Wall Street

The next hedge fund manager to invest in Apple gets a horse semen pie to the face. ...all those super-rich people who turned to hedge funds with their millions in the hopes that bunches of Whiz-Kids from Wharton and Harvard and Yale would find unseen and wildly creative investment ideas to fatten their fortunes – all those rich clients are actually finding out now that those same Whiz Kids are buying Apple just like the rest of us [...] Jesus. After all that craziness in the last decade or so, after MF and the London Whale and all that nuttiness, this is what it comes down to? These guys are buying Apple? Couldn't we have just started off doing that and saved ourselves all that trouble? [...] Someday we'll get back to the time when the really smart guys from the best schools went to work for companies that built actual products, engineered more efficient cars, cured diseases, etc. Because it seems like our best minds kind of suck at investing. More Evidence That Wall Street Is Overpaid [TAIBBLOG]