July 11, 2002
East-Coast Culture Is Different From West-Coast Culture
I was saying, "...an 802.11b company..." when I was interrupted. "This is not California. I don't know what you mean."
Posted by DeLong at July 11, 2002 12:13 PM
I was saying, "...so I thought implieds were rich and sold 50 million ATM short June Euro straddles..." when I was interrupted. "This is not Wall Street. I don't know what you mean."
I wouldn't equate shared technical jargon look-up tables with geography-based culture.
I trade derivatives in New York, and have more in common professionally with my counterparties in Singapore than I do with the advertising execs on the floor below me. But I would never say Singapore's China-Malay core culture is similar to polyethnic New York.
I met at a coctail party a Merril investment banker who had recently transferred from their LA office back to NY headquarters. His impression: people in LA glazed over when they heard he was a banker who could not help with their screenplay. IN NY, people actually understooed that not everyone at Merrill sold stocks, but actually had opinions about the relative strenght of Merrill's capability in equities, fixed income, money markts, M&A, and so on.
Look, it's a cute story, but the East Coast includes the greatest city in the world, so watch it. Why don't we award this one to G. Zachar and move on? And what the heck is a 802.11B company, anyway?
Here at the East coast of Sweden people would tend to use Wireless Lan or WiFi, but then why make it easier when you can have it more complicated. I have to admit that I don't know what the reply form the West coast (of Sweden once more) would be.
By the way what is an ATM, surely ML didn't sell 1 mio Automatic Teller Machines (aka hole in the walls)
Wow, I can help: ATM is "At The Money".
You know, the Prof said "different", not "less educated". But asxz a New Yorker, I'm alsways on "auto-bristle". Maybe that's another difference.