The release of "Wall Street 2" last week only reinforced a long-held reality: that there are a million Bud Foxes and and Jake Moores (that's Shia LaBeouf's character) out there — Bros who want to make it big in finance like Gordon Gekko and pull down the seven- and eight-figure bonuses. These days, however, for those who have already made it to Wall Street, there's a new goal: breaking away from one of the big banks, grabbing a couple of analyst and trader friends, and opening up your own hedge fund in Greenwich. But how does one actually pull that off?
Vanity Fair today offers a seven-step guide to starting a hedge fund, including expert tips from a big-shot hedge-fund manager and a brilliant D.I.Y. "punch-out" hedge fund kit (it includes a bottle of Grey Goose, a BlackBerry, and a wheelbarrow of cash).
Among our favorite recommendations:
Step 1: Create a hedge-fund team!
…A big selling point to potential investors is that you have a well-oiled, cohesive unit with a history of "crushing it."
Step 2: Name your fund!
Actual big-shot hedge-fund manager’s tip: “The goal is to project sturdiness without rapaciousness. You don’t want to be Three-Headed-Dog-Guarding-the-Gates-of-Hades Capital. And you don’t want to use your own name. Typically, guys use streets and towns from their childhoods. Or a tree, to convey strength and deep roots.”
Step 7: Hire a good P.R. person!
Actual big-shot hedge-fund manager’s tip: “When you have over a billion dollars at least, that’s when people start shooting at you. There’s so much Schadenfreude out there that you’ll need Schadenfreude-defense. But remember—that’s way down the line.”
Read the whole article over at Vanity Fair, and start calling your fellow Wall Streeters...
[photo illustration detail by Hamish Robertson/Vanity Fair]