It's time to take a rest. After 10 weeks of getting up at 6am in the morning and spending my days on the trading floor, I am officially on my well-deserved holiday!! I got a fantastic full-time offer, which has surprised me quite a bit in terms of the bonuses offered. Definitely very tempting! I do not want to make the same mistake as with McKinsey and sign something because of the money, but when you are in the situation, it is not that easy, especially when the tuition fees are due in October! But let's see, I will go on holiday, think, relax, meditate, and then take a good decision. I have another trick up my sleeve but I will not share it till September. More on that later :-).
The summer has been fantastic. I have learned about leveraged buyouts, infrastructure, commodities, credit markets, and derivatives. I have made friends with my lovely fellow Summer Associates. I have had amazingly friendly, helpful, cheerful, smart, funny and diverse colleagues from all over the world (yes - even one real English person was among them!!!). I have been invited for drinks and dinners over and over again. I have been able to watch the market action live. Especially this week has been amazing. Imagine sitting next to the FX traders in the bank that is the biggest FX house in the world in London, the global centre of the foreign exchange markets, during the week that the carry trades unwind. To see the action among the traders when the ozzie dollar plunged yesterday has been unprecedented. Some people have lost a lot of money, and others have made a lot of money. I don't know if it is true or not - one trader on my floor is supposed to have made $40 million yesterday. At least the whole desk was clapping and cheering (that was when the yen rose and the high yielding currencies plunged), and that was the number I picked up, but I cannot be sure.
But overall people on the trading floor are worried. During the last weeks, nobody was too worried and everybody seemed to be making money happily. But this week has been different. They have seen their clients lose a lot of money, and this eventually comes back to hit you if you are a financial services firm, no matter how good your proprietary traders are. I know the emerging markets and credit people weren't too happy. I guess only the Distressed desk is open for business now. Commodities also seemed to be going well so far. Nobody knows how it's going to evolve, which is exciting but also worrying.
Tonight I will celebrate with my best friends with a dinner and drinks (even though many of them have another week to go in their internships with other banks), and tomorrow I'm off on holiday for two weeks. I just noticed this has been my 100th post. It's nice I kept the 100th post for special news!