I was thinking for a long time how to start my blog here. To be more specific, I was wondering should I start writing about my feelings before arriving to U.S. or about how was the trip, maybe about first impression in US and finally I came to conclusion that since this blog more or less reflects our life during internship here in U.S. it would be the best to tell about my ordinary working days, what takes the biggest part of my time during the week. I hope it will help you to make a picture what can you expect on your daily bases if you are participant of BAFF Professional Internship Program.
Before I begin I would like to provide some short information about my internship to make my blog post more understandable.
I'm interning at Lloyds TSB bank in New York. My background is in finance management and now I'm working with hedge funds while assisting to vice president. My key responsibilities include analysis of statistical data using quantitative and qualitative reasearch aspects in order to determine the mean variance optimization models required to better allocate assets within investment portfolio. Also, participating in manager selection effort when selecting hedge funds lies in analyzing the structure as well as the principals involved.
So here we go... My Tuesday!
I fasten the cufflinks, tighten my tie, put on the coat, take umbrella and leave the house. It is lightly raining, still the weather is warm and you can feel that spring is here. After a five minutes walk I'm in a subway. The train is fully loaded and there is no place where to sit even though it is still a quarter to seven in the morning. Well, I will have to read it while standing again. I’m starting to read a book that I have got from library yesterday. It is about… sure it’s about hedge funds. After forty minutes ride (reading) I’m in the center of Manhattan, the area where skyscrapers are all around you like trees in a forest and here is office were I work.
But today I have a breakfast session at JPMorgan Chase so it’s still about 10 minutes walk till the destination. JPMorgan Chase is one of the oldest financial institutions in the United States. With a history dating back over 200 years. It is a major provider of financial services, with assets of $2 trillion, and is the U.S. banking institution having the second largest market capitalization and third largest domestic deposit base behind Wells Fargo and Bank of America (according to data of 2009). The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States.
The streets are full of rushing people with almost every second person holding a morning cup off coffee. When I finally reach J.P. Morgan I have to assign myself at registration desk and pass the security check. I take a place at conference room and gather all presentation materials. I mark the most important numbers and make a brief overview about the fund that is going to be introduced in a fifteen minutes. Now I can go to take some fruits for breakfast, which are served in front of conference room together with hot drinks and bakery goods. After a moment I am sitting again in my place, having breakfast and waiting for presentation to start. The presentation takes about one hour including question session. After presentation I’m going straight to my work place. It’s right next to Bryant park and Bank of America tower, in huge Metlife building.
Lloyds TSB bank has 34th and 35th floors there and my work place is on 35th. The outstanding view to all skyscrapers is still breath taking even after a few weeks since I started my internship here.
The morning tea and a quick look at the newspapers while computer is loading. Now I’m ready to start working. Today, I have to prepare some reports. Until the lunch time I analyze different data from funds performances reports and information from Bloomberg’s terminal while trying to systemize it for reports. For those who are not familiar with investment Bloomberg terminal is a computer (machine) with two screens where investors can literally access, crunch, analyze, and store information on their favorite companies while, from the very same screen, teleconferencing with a colleague and monitoring the relationship between the United States dollar and the Japanese Yen. For professional mutual funds, hedge funds, private partnerships, insurance companies, banks, and other financial institutions, a Bloomberg terminal is considered an absolute requisite. To be honest, before coming to U.S. I knew that such a thing exists but I have never used it before in Lithuania. Moreover, I guess none of Lithuanian universities have it while here it’s almost vital if you are in finance field.
During a lunch brake I go together with few colleagues to get some food. In NY you can find any kind of cuisine which suites you the most for quiet good price. Usually, we buy food for going back to office where is a nice, spacious kitchen with tremendous view to time square. Also, sometimes I cook myself at home and bring the food to office and leave it in a fridge until the lunchtime comes.
Going back to work after having a nice meal is always difficult and I guess most of would agree with me on this statement. There is a lot of intense work waiting for me since I have technical analyzes training session in One Beacon Court (also called the Bloomberg Tower) at 4pm. Again, for those who have no idea what is technical analysis I’ll try to explain: the official definition would be - It’s a method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity. In simple human language it’s the way of prediction in investment world while analyzing different charts and according to past data try to predict how can the price change. So, there are some special methods and tools how to do that and these training are exactly about that.
Alter finishing work with reports, together with some colleagues from Lloyds TSB we go to Lexington street where in modern building we will have this seminar. It’s three subway stations away and five minutes walk after getting out of metro. Still raining quit heavily. We go straight to reception to get permission to pass the security. I’m here for the first time so the person takes a picture of me and prints a batch for visitor with it and details were I’m going to. The building is really amazing with the modern furniture, big aquariums, and glass walls.
We make a small tour around before the training starts. Through the glass you can see the TV studios and the programs for Bloomberg’s channel being filmed, how people lead radio programs, and other stuff how it’s being made.
The training takes more than two hours. Fist speaker introduce the most common the methods how to analyze the chats while the second one about new ways which are not that popular yet. Also In the end of training as usually Bloomberg (I noticed that later from other Bloomberg events) introduces the futures on Bloomberg terminal, which can be used to improve the efficiency of work. All in all, a lot of new information
After the training I grab some snacks, which are served in hall in front of conference room and rush to the library. It is not far from my work. I have to make it there as soon as possible because working hours are only until 8pm. and now it’s almost 7pm. In library I give back the borrowed books and take a few new ones. I made everything in time. Now I can go home.
8.40pm. and I’m walking down a street were I live. It’s still heavily raining. Mostly, during weather like that people feel sad and depressed but not me, especially today. It was a tiring but great day. I was doing a stuff I like, saw a lot of things new for me and for this reason I am almost singing in the rain…. There is still reading session left and time to communicate with friends in Lithuania (those who can't sleep at night), but the the most interesting part of the day have passed.
This was my Tuesday.
P.S. Pictures are taken not on that day.