Stories
Stories
You Can Bank on This
The
rise and fall of the Dow has been variously correlated to hemlines,
Christmas tree sales, Super Bowl results, and tea leaves. But
Ray Soifer (MBA '65), chairman of Soifer Consulting,
a firm that focuses on global financial services, has his own
prognostication theory: The more Harvard MBAs who go to Wall Street,
the worse the market will do. "It's not that Harvard
MBAs are stupid," Soifer assured the Financial Times
(September 12, 2001). Instead, he explained, Wall Street firms
make generous offers in good times when the market is doing well,
thus attracting lots of Harvard MBAs. When the outlook is murkier,
Wall Street's offers aren't so enticing, and the cream
of the crop considers offers from other sectors. If 10 percent
or fewer of graduating Harvard MBAs opt for careers in financial
services, Soifer says that's a long-term buy signal; if 30
percent or more of MBAs choose such careers, it's time to
trim your stock portfolio.
Psst-the Class of 2001 saw 32 percent of its members head
to Wall Street.
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