Wednesday, July 11

Park And 61st


I assume this fellow, caught on Park Ave in front of the Regency, walking home from work, 3:45PM. Though he could just as easily be returning from the drug store.  At First Boston we had a similar guy : Paul Miller, who was from the olden days of investment banking before Salomon Brothers and the trading floor blew it up (and nearly destroyed the economy - but I digress). No, Miller was in his 70s and at the tail end of his, presumably, illustrious career.  He kept a corner office in PAZ (largest on the floor) and his ancient secretary would shuffle by the analyst bullpen without a nod nor hello, 10:30AM sharp, 15-minutes before Miller (Her day concluded five minutes after he left).  

I met Miller a few times in investment committee meetings where he was always impeccably dressed and rarely said a word.  Once, he stopped the table, surrounded by 15 or so of the firms most sr investment bankers, by noting: "These valuations are based on future cash flows. How the hell do we know what that means?" The conversation resumed following a respectful pause.

While I am far from contemplating retirement, I see some of my business school friends who are already into theirs.  How does one transition from work gracefully in this day and age, assuming one would wish to work indefinitely, as I do. The new economy, at least for MBAs, based more on capital flows and relationship services than hard-earned skills; most of us want it rich and want it now which is not necessarily a satisfying long-term strategy even if successful somehow.  Law is one profession that does it right : lawyers gain respect as they get older. Same as the Japanese.  

Me, I would like to go like "Uncle Ed" who I met at the Benjamen Moore paint shop in Providence, RI , in the summer of '87.  Uncle Ed in his 80s and helped around the store, always with a smile and friendly word to us painters. He loved his job.