Welcome back! Dan DeFrancesco in NYC.
I’m still taking questions for the reader mailbag. Drop any finance-related questions you have for me here. (Don’t worry, it’s anonymous.) I’ll answer them in Friday’s newsletter.
Today, we’ve got stories on why the world’s richest people aren’t spending enough on cybersecurity, a job in AI that pays six figures but doesn’t require a tech background, and what not to do at the gym.
But first, remind me where you went to school.
1. Non-target? Not a problem.
Who doesn’t love an underdog story?
Insider’s Emmalyse Brownstein has one about an investor’s unique path to Wall Street. Matthew Alfieri nabbed a job straight out of college within Goldman Sachs’ investment bank despite coming from a very non-Goldman school: SUNY Albany.
Alfieri, who spent nearly a decade at Goldman before moving to investment firm Centana Growth Partners, where he is a partner, shared some tips with Emmalyse for aspiring Wall Streeters who aren’t at so-called target schools.
I like this story a lot, but I’m completely biased. I’m a product of the SUNY system (Plattsburgh!). And while I’m not comparing myself to Alfieri — he was a rising star, after all — I can relate to going from a lesser-known school into an industry known for its elitism. So if the rest of this newsletter reads like a giant projection of my insecurities, you’ve been warned.
I hope Alfieri’s story isn’t just valuable to students trying to break into Wall Street. Stories like these should be a wake-up call to finance firms. The only acceptable junior talent doesn’t have to just come from the handful of schools with 11-figure endowments.
Let’s set aside the obvious fact there are intelligent, hard-working people who don’t end up at elite universities. Wall Street could also benefit from casting a wider net among universities to get some diversity of thought. If you hire a ton of people from the New-England-prep-school-to-Ivy pipeline, you’re bound to get some groupthink.
And at the very least, they’ll probably be a fun time at happy hour.
In other news:
2. The world’s wealthiest people are cheaping out on cybersecurity, and it’s costing them. Family offices aren’t willing to spend a ton on cybersecurity, and it’s making them a target for criminals. Here’s why the uber wealthy are so susceptible to attacks.
3. This fintech helps Wall Street keep tabs on employees’ messengers. Apps like WhatsApp and Signal have become popular communication tools across the Street. But they can also be thorn in a firm’s side from a regulatory perspective. LeapXpert helps finance firms secure these messaging apps for professional use. Check out the pitch deck it used to raise $22 million.
4. This VC is giving its backers early access to the startups it invests in. Base10 Partners has a new program that enables its LPs to co-invest with the VC in growth-stage companies. Here’s why it could help the firm compete with bigger VCs.
5. This is what the top minds in AI are focused on these days. The Cerebral Valley AI Summit was a chance for dozens of AI experts to discuss the future of the space. From the recent advancements to the risks, there was lots to discuss. These are the 3 biggest takeaways from the event.
6. An annual salary of $335,000 and no background in tech required. So you want to get in on the AI craze but you’re not a STEM expert? Your best bet might be a role as a “prompt engineer,” which entails writing questions and prose for AI chatbots to learn from. Read more here.
7. US banks have lots of unrealized losses on their books. About $620 billion from investments in bonds as of the end of 2022, according to Bloomberg. And while it’s not a death sentence for most banks, it’s still a problem they’ll need to consider going forward. Here are some cool graphics illustrating the data.
8. The kids want a seat at the grown-ups table. So-called “shadow boards,” which enable employees to work with senior execs on initiatives, are rising in popularity. Often it’s a way for younger employees to share their input. More on how Gen Z wants a seat at the table.
9. Before you get started on the weight-loss drug everyone is talking about. Here are 5 things you should know about Ozempic, the wonder drug that’s sweeping the nation. From the side effects you can expect to the different forms of the medication, here’s the advice from doctors.
10. If you want to take an old-school approach to weight loss… A gym owner shares some common mistakes people make when they are hitting the weights. Read them all here.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.