The Trader Who Donates Half His Pay
nytimes.com
The Trader Who Donates Half His Pay
1–10 of 193 posts
Re: The Trader Who Donates Half His Pay
#2I think that this is great!
Here's an idea, and one that may already be implemented (please tell me if you know that it is and who is doing it): One could set up a charitable nonprofit that uses HFT systems to maximize the growth of donated assets before sending them off to other charitable organizations. Investors would be able to influence where the money is donated at the end of the day. In a sense, use the "easy money" from wall street to back altruistic endeavors.
The problem that I see with this is the easy chance for corruption and graft; however, given a clear altruistic management philosophy, a truly dedicated group of people could run a tight ship and make a difference for people in need.
Maybe.
Re: The Trader Who Donates Half His Pay
#3$200K in pretax income ... nice.
Re: The Trader Who Donates Half His Pay
#4Here's the view of the trader's professor (Peter Singer) on being ethical with one's money (in the first few minutes he gives his famous example of a child drowning). https://youtube.com/watch?v=dBvsZVlcXR4 (7 min)
This 14 min lecture goes through Singer's example, and it explores his view further. https://youtube.com/watch?v=Pyzv2UWzaos
Re: The Trader Who Donates Half His Pay
#5$200K in pretax income ... nice.
Keep in mind, he does live in NY and works on Wall St so he likely needs $100k to live a decent middle class life tbh.
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Since it doesn't want me to reply again [I'm submitting too fast]
If you can support a family of 4 in NY with less than $100k while qualifying as middle class, I'm curious how you manage it. :)
http://council.nyc.gov/html/action/acpdfs/middle_Class_squee...
Fyi:
Real median household income for all working age residents adjusted for a family of four peaked in 2001 at slightly over $72,000, and for middle class households at just over $111,000. During the 2001-2008 cycle, however, median middle income actually fell despite the strong growth of the City’s economy, and has continued to fall during the recovery – for reasons that will be discussed further on – declining 7.8 percent in inflation-adjusted terms.
For NYC, $100,000 is a very average middle class income. Cost of living by area does matter.
Re: The Trader Who Donates Half His Pay
#6This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.
Re: The Trader Who Donates Half His Pay
#7I think that this is great! Here's an idea, and one that may already be implemented (please tell me if you know that it is and who is doing it): One could set up a charitable nonprofit that uses HFT systems to maximize the growth of donated assets before sending them off to other charitable organizations. Investors would be able to influence where the money is donated at the end of the day. In a sense, use the "easy…
Those HFT traders profit from the clumsier pension funds and other similar funds. e.g. algorithm detecting a broker, on behalf of a fund, is buying some stock with one batch per hour, so front run them. They are profiting from teachers and the elderly. I suppose at the end of the day half of the resources lost to those two groups are given to the even more worse off, albeit giving charity administrators a cut.
Re: The Trader Who Donates Half His Pay
#8I think that this is great! Here's an idea, and one that may already be implemented (please tell me if you know that it is and who is doing it): One could set up a charitable nonprofit that uses HFT systems to maximize the growth of donated assets before sending them off to other charitable organizations. Investors would be able to influence where the money is donated at the end of the day. In a sense, use the "easy…
HFT isn't easy money.
Many foundations invest their money, with the idea that they will have a greater overall impact. I guess a prominent example is university endowments.
Re: The Trader Who Donates Half His Pay
#9This may be an unpopular opinion, but I've always felt it selfish when people of means partake in 'aid trips' over sending money to an appropriate organization. If you care to help, leverage your abilities efficiently; make the money doing what you're best at, and let others administer the aid.
That's certainly a logical opinion, and I agree that efficiency is key. However, I think it's also important to keep in mind the personal value of traveling on aid trips, which allow for an improved understanding of the need that lies. Perhaps this encourages potential donors to increase the frequency and quantity of their contributions.
Re: The Trader Who Donates Half His Pay
#10We all almost do through taxes. He goes further and donates 50% more from the remaining money.