The success of South Asians on Wall Street

[golfguru]

Their advantage? They are skilled in math and love taking risks.
And they all speak English.

http://www.thedailybeast.com/blogs-and-stories/2011-04-21/raj-rajaratnam-trial-spotlights-wall-streets-growing-south-asian-elite?cid=bsa:relatedstories2:1

[JDPriestly]

1. Gamblers.

No work ethics. They grew up in the shadow of a caste culture in which hard work was the fate of the inferior.

[econoclast]

3. No work ethics?!?!?

How do you think they came by their math skills? You think they slept with the calculus book under their pillow?

As someone who went to school with many southeast Asians and Indians, let me clue you in. On average they worked Waaayyy harder than anyone else. Underestimate them at your peril.

[JDPriestly]

5. What may seem difficult for you may be play for another person.

I know that because there are several mathematicians in my family. My father did calculus and other advanced mathematical problems for fun. It isn't hard work for everyone. If you have a talent for math, it is quite easy.

Besides, what is going on on Wall Street and in the investment business today is just gambling. It is not investment in real companies making real products doing real things or at least those real investments are not where these fortunes are being made for the most part.

You have to differentiate between people who make money juggling numbers and gambling on Wall Street and those who make money inventing products and running companies that provide useful services and things for humanity.

[golfguru]

8. If you think it is that easy, why don't you do it and get fabulously rich?

But never mind. It takes more than math and risk taking. It also
requires an ability to differentiate between a good risk and bad risk.
Most of us do not possess that ability. If it was easy we would all be
Billionaires like that Rajratnam dude.

[JDPriestly]

9. Thank God, most people don't want to make their money

in a game in which one side loses big and the other wins big. Many investors do not just play with money, they invest in things they believe in.

The problem with our society today is the greed for easy money. Using mathematical skills to siphon off money from real enterprise is downright shameful. Might as well play at a casino.

No one can predict the stock market.

[golfguru]

11. classic sour grapes n/t

[JDPriestly]

12. of traditional Protestant work ethic.

I don't approve of casino gambling either.

[eridani]

13. Read what he said. He said that math is child's play for people born with mathematical talent

And it is. Even with my comparatively modest level of talent, I never had to do any actual work in a math class until I hit calculus.

[golfguru]

16. I read that and my point is math alone won't make you rich

You also need the ability to figure out which risk is worth taking and which investment is not worth the risk.

On top of that one needs the courage of a male lion to risk your personal funds in a risky investment. Reward is usually directly proportional to risk.

Very few of us possess all 3 of these abilities.

[eridani]

17. "Courage" is a word to describe people who gamble with money they can afford to lose?

If they gambled their mortgage or rent, that would be different.

[golfguru]

18. Every one of these "successful" south Asians on Wall Street

are self made. They did not inherit a pile of dough.
They started out working as financial analysts in one
of the firms, saved a bit of money instead of blowing it
on fancy cars, fancy homes or fancy vacations. Then they
put those funds at risk.

Like the poster said there are a lot people gifted with
math skills. But they do not do the other hard tasks
necessary to succeed.

I for one will not pooh-pooh their success. I think they
show all of us that one can succeed beyond one's wildest
dreams in United States of America, and are to be admired.

[eridani]

19. I don't thinl that parasites of any nationality are to be admired

The financial sector currently adds no value to the real economy.

[idlisambar]

4. Pretty ignorant comment

The Indians who come here are typically hard-working and focused just like other immigrant communities. It's true the ones who go into Finance are selling their soul, but that's the same with anyone who goes into Finance. The sense of entitlement only comes later as the money pours in.

[golfguru]

7. Jealousy rearing its ugly head in your comment?

The top engineering & medical schools in India are turning out
graduates who will eclipse any others in knowledge & competency.

And if you think just gambling without knowing the math behind it will make
you successful, give it a try. Just don't gamble with your food & rent money.

[eridani]

14. Right, That's why they need training from the people they replace

--who formerly got paid more.

[Lucky Luciano]

15. Nope...the ones on Wall St make millions just like the Americans. nt

[upi402]

10. Like saying westerners are...

Depends on which Asian culture you're speaking of.
Gambling is popular there in general, but 'no work ethic' is a less than valid generalization, I'd say. Caste is an India thing. Social hierarchy is a better description in Thailand. Each very different.

[Lucky Luciano]

2. It is true. There are loads of Indians in finance.

They make as much as the whiteys. They ate not hired as cheap labor. They ate hired to make the banks and funds as much as possible.

[OllieLotte]

6. My experience has been that they do work and study hard.

They also are not afraid to negotiate and in fact like the process.