Hey there! Dan DeFrancesco in NYC. NASA claims this place is where sound goes to die, but I bet my toddler could give it a run for its money.
I need your help! I’m collecting questions for a future mailbag that will run on May 26. If you missed the last one, check it out here. So submit any questions you have via this Google Doc. (Don’t worry; it’s anonymous.) Just no personal finance questions. You wouldn’t want advice from me anyway.
Also, I’ll be chatting with my colleague Hayley Cuccinello on LinkedIn about all the creative ways the ultra-rich save on taxes. If you’re around at 12:00 pm EST today, check it out here.
Today, we’ve got stories on when to call it quits on investment banking, Andreessen Horowitz’ new strategy for sussing out early-stage startups, and how to work two full-time jobs without getting caught.
But first, can I give you a tip?
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1. The secret of my success.
I’ve got some career advice for you from an unlikely source.
At first glance, Kristofer Baxter doesn’t seem like an ideal candidate for offering tips about succeeding on Wall Street. Baxter has only been at Ken Griffin’s Citadel for a little over a year. He spent the majority of his career at companies like Netflix, LinkedIn, and Google.
He also exists in a world that’s different from traditional roles in finance. Baxter leads the hedge fund’s user-interface team, Citadel X, which you can read more about here.
But it’s for all those reasons why Baxter is exactly the type of person you should be listening to. His outside perspective offers a unique look at what it takes to find success on the Street.
Baxter spoke to Insider’s Bianca Chan about the seven key lessons he’s learned throughout his career that have proved vital at Citadel.
I found much of Baxter’s advice applicable to my own job, despite us working in very different fields. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked.
They also, conveniently, typically omit relevant details about what really led to their success. (Did you get that job because of your ability to network or because one of your parents has a standing tee time with an MD at the firm?)
Baxter’s tips, meanwhile, are less LinkedIn fodder and more actionable steps all of us could apply to our day-to-day gigs.
Read more on key lessons from a top engineer at Citadel about finding success.
In other news:
2. Life after Goldman. Chris Hladczuk spent only one year as an investment banker at Goldman Sachs before he decided to quit for a job at a startup. He explains how he knew it was the right decision.
3. Andreessen Horowitz is letting early-stage VCs do the hard work for it. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups. More on the plans here.
4. CME Group considers life outside Chicago. Terry Duffy, CME Group’s CEO, told Bloomberg that the exchange operator could leave the Windy City “if we had to.” The main issue? The potential for more taxes, of course. Here’s what has got Duffy so upset.
5. If you’re making six-figures, do you feel like you’ve “made it?” If you’re in NYC, probably not. We asked five young people who have an annual salary above $100,000 how they spend their money and if they feel comfortable. Some of the answers might surprise you.
6. Tiger Global’s big bet on the private market continues to sour. The firm, which pushed heavily into startups during the pandemic, is now looking to offload some of its $40 billion portfolio in the space, the Financial Times reports. For more on how Tiger Global’s aggressive approach to venture investing backfired, click here.
7. TPG scoops up Angelo Gordon. One way to end the dealmaking drought: Start buying up fellow investment firms. More on the $2.7 billion deal here.
8. What happens when all these boomers retire? The departure of the older generation from the workforce could create a labor shortage that will last for decades, Insider’s Aki Ito writes. That’s a good thing for the rest of us.
9. From side hustle to second gig. This 22-year-old earns $144,000 working two full-time remote jobs. (Hmm, maybe Jamie Dimon did have a point.) Here’s how he gets away with it.
10. A tropical vacation that doesn’t require a passport. Forgot to get your passport renewed? Never got around to getting one? Fear not. Visit these eight islands without having to wait on the paperwork. Check them out.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.