Tag Archives: finance

Good news. No one wants to become a Wall Street banker anymore


That may seem snarky, but it’s true. Despite efforts by firms like JPMorgan hiking entry-level pay, it remains to be seen if it will be enough to attract young people to come and work with them. It’s true, many are not attracted to the extreme hours required to do the job. It’s more than that, though. As Bloomberg argues, the real reason

… isn’t only the hours. All the exciting work has been regulated within an inch of its life, leaving millennials and Gen-Z employees searching elsewhere.

And that is great news. It means regulation of banks is working. Sure the work is boring. Boring banking is stable banking. After the Great Recession of 2008, the last thing we need for a long time (i.e. eternity) is exciting banks.

Let the young people looking for exciting careers look elsewhere. Let them go join firms and fight climate change, pandemics, world inequality. Leave the people looking for stable jobs to go into banking. Everyone wins that way. Even the banks. (Ask the people who used to work at Lehmans if you disagree.)

(Photo by Sean Driscoll on Unsplash )

Is this new Wealthsimple app Canada’s answer to Venmo?

Americans might find it unbelievable, but here in Canada we don’t have Venmo. We have other means of transferring cash digitally, but none of them are great, in my humble opinion. I’ve longed for something better.

Perhaps others have too because Wealthsimple has come out with an app, now in beta, that reminds me of what Venmo does. You can read about it here. It looks promising. I will definitely be looking at this over the year to come. I imagine the big Canadian banks will as well.

Can you finance a tiny home?


According to this, yes (kinda): Tiny House Financing Tips – Mobile Home Loans | Apartment Therapy

It’s not in any way straightforward like getting a loan/mortgage for a traditional home, but it can be done.

If you are interested in getting such a home, it’s worth reading those tips.

P.S. To buy the house in the image, go here. It will set you back around $11,000.

 

Why the stock market goes down and why it goes up (and what you should consider)

Stock market gains chart since 2009

Since the start of the great recession in 2009, two things have happened in the stock market:

  • In the short term, events have occurred that correlate with declines in the stock market
  • In the long term, the stock market has steadily improved significantly

This leads me to two conclusions

  • Always take a longer term view of the stock market
  • The things that drive the stock market in the long term are very different than the short term drivers

The second conclusion is something that this piece tries to tackle: Gradual Improvements Go Unnoticed. It is easy to see what drives the stock market down in the short term: it is difficult to ascertain what drives the stock market up in the long term. Gradual improvements could be a contributor. Other things, like the activity of the central bank, affects this. Even how other markets in the world in the world can affect the stock market.