I see there a lot of posts about Bloomberg. What is it? Trading firm? Magazine? Something else?
People from Google go to Bloomberg? Why? Is the pay so high?
Just curious
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Ultimately risk <> reward needs to be worth it for me
Bloomberg News is a supermassive (one of the largest) media corporations in the world. Coverage in every country and are typically first to break nearly every single story. Whatever you see on Fox, CNN, CNBC, etc. has already been put out by the Bloomberg News team.
Bloomberg L.P. Is the Bloomberg Terminal. $27,000 minimum per year subscription which rapidly escalates to ~$50,000 to $60,000 per user just for a seamless experience. Access to a wealth of exportable (and copyrighted/ licensed data you’d be unable to resell) will run you a baseline of $300,000 to $400,000 per licensed user.
The core of the Bloomberg Terminal is Fixed Income Trading. Without a Bloomberg, well, you’re not gonna have a way to trade fixed income. There really is no other way of doing it. This is held sticky by Bloomberg’s Fixed Income pioneering and calculation creation. Nobody can match it. Not even close. Some people tried to leave but it’s impossible to match the thousands of complex situations which run the calcs system. These people usually give up and go to something easy to obtain data (aka Stocks, Equities, exchange trades things that they can easily scrape/ subscribe to and reorganize the data. This is Factset, CAPIQ, Reuters, literally every other fintech)
Bloomberg has every single datapoint you’d want though. Not even employees know how to view everything. The Big Short? How did Michael Burry see all the mortgages inside CLOs? Bloomberg data. You wanna live track oil vessel shipments? Gotchu. Wanna run advanced stress tests on trading strategy backtesting? Yup. Built in Python+Jupyter service custom to Bloomberg? Yeah we literally hired Jupyter to build it for us.
Think of anything that has a dollar impact to anything. We track it, we analyze it, study it, then keep it to ourselves and hope you find it. That’s about 5% of what Bloomberg does.
People either start careers here and leave within 3 years to bad ass jobs if they did it right or they leave their industries and bring us their wealth of knowledge and we give them the best retirement gig to exist.
We also never fire people before 2 6 month assessments to try to get them back on track. Decent pay, not top tier, but if you’re smart and you know how to use the unlimited internal data extraction and how to analyze it then you can just add $300K to your salary plus whatever you make from our lack of trading restrictions despite unlimited access to private/ non-public information.
You stop by one or two of about 13 snack pantries between you and your desk. You grab some free breakfast and decent coffee, tea, or any coke/Pepsi brand drink and a Bloomberg business week magazine. You don’t read em, you just collect em.
You get to your desk and log in. An hour has already passed and you’ve got 7 hours at most left. You spend some time reading the news, maybe sending some Bloomberg chats (IB), and you are free to do whatever industry expert research you’ve spent your life doing. You enjoy this.
4 hours passes in no time and people are thrilled to hear you speak in a lowkey meeting. You get to voice your opinion and people listen, best part is, they understand what you’re talking about.
You leave the meeting, step out for an hour long lunch and come back to finish the day doing whatever it is you might be doing.
Perhaps you have some daily work but you probably don’t. Once you’re in the 30-45 minute mark for the end of day it’s time to go home. Nobody is working overtime and neither are you. This is the way.
You’ve netted the solid 160-200K salary that takes no effort and enjoy some of the best healthcare for free. Your 401K has a 50% match up to 15% and you have free admission to nearly every museum/ educational place in your country.
You’ve also got a mandatory 20 vacations days to take with unlimited sick days. You enjoy the best WLB in all of finance.
Life is only as stressful or busy as you want to make it, and screw it, $0.85 for every dollar you’ve made the company just went to charity. You realize that money isn’t real and all that matters is helping others. You start having real thoughts of moving to the forest, becoming one with nature. You want to take your family with you to all just life free from everything. It’s beautiful.
But there’s just one thing… one itching thing… like the nicotine addiction you had back at Capital One; you find yourself drawn to something you can’t live without.
You’ve drank the punch. Congratulations! You’ve developed an addiction to Bloomberg’s Pure Blue Crystal Information.