<p>This thread has made me jaded.</p>
<p>It’s important to realize this is not a cult and all do not think alike. This AM I had conversations with 2 first year analysts. Both have had a year to be indoctrinated. I’ve been out of the office for 3 months so haven’t been talking to these guys day to day.</p>
<p>Analyst #1 wanted my thoughts on what impact recent events would have on globalization. He wanted to know which sectors I thought would now consolidate quickly through mergers or acquisitions. He had a lot of his own thoughts to share on these topics and obviously had been doing research to formulate his own ideas. This kid loves his job, he wants to be part of saving corporate America. He is so busy trying to figure out workable deals that he doesn’t have time to ponder his ego’s next desire.</p>
<p>Analyst 2 wanted to know if bonuses would be the same 40% of 2007 bonuses next year. He wondered if he would have to stop flying business class and whether it was the end for private room dinners at his favorite steak house.</p>
<p>Clearly these two kids joined the bank for different reasons and there lies the divide that exists in all of these firms. Most teachers really wanted to teach and engineers are really into the process. At the banks this is an era of people really being into the money in large part. When money becomes the major draw, problems have to follow.</p>
<p>Then I thought about a recent conversation I had with a fifty something Princeton prof. He’s leaving Princeton citing the fact that in the last decade the pre profesional mentality that has taken over disgusts him. He enjoyed working with scholars he said, not classrooms full of would be ibankers.</p>
<p>Then throw in that during the dot com boom, ibanks went begging for analysts and associates. These kids decided Silicon Valley was the road to faster riches and the banks were getting the left overs.</p>
<p>Was the get rich quick mentality always there at elite colleges? I don’t think so but it’s decidedly at these schools today. So in that respect when I gave this more thought, the colleges do play a role in Goldmansachs Head. If this is what your peer group is thinking about and talking about, it’s hard not to be impacted.</p>
<p>At many other schools big bucks is a pie in the sky dream, not a matter of just being in the top 10% of your class.</p>
<p>I worry about any arena where money is the key draw.</p>