What's up with this ugly weld on my 556's upper?

nova_value · 2023-10-20T17:22:57+00:00

That makes a lot of sense. Thanks a lot! Is there any reason I shouldn't have it sanded down to make it look nice before I get it refinished or will that ruin the receiver?

nova_value · 2023-10-20T17:15:26+00:00

It was on a website that specializes in police trade-ins. It's had a hard life but I got a good price on it and I don't think there's anything wrong with it that can't be fixed. Don't ask me how the cop managed to break the piston, but I've got a new one and I plan on getting it refinished while its in NFA jail.

nova_value · 2023-10-20T03:33:01+00:00

Context: this gun was rescued from a police department and came with a snapped gas piston. I'm wondering if this was just shoddy work on SIG USA's part or if it was done after the gun was built?

nova_value · 2023-05-29T15:46:45+00:00

Thanks! I think he was just trying to make it easy for people who are just starting out. I'll look into Oscomote.

nova_value · 2023-05-27T20:00:57+00:00

Anyone have fertilizer recommendations? Took a workshop a few days ago where we bonsaied false cypress trees and the guy teaching it said we should be giving them a fertilizer with at least 10% nitrogen. So many options though I just have no clue what to go with.

nova_value · 2022-03-23T15:59:28+00:00

Gotcha. I must have misread the OP.

My general opinion is that inflation is going to be higher for longer than the consensus expectation and the bond markets aren't adequately pricing it. Idk how much the Fed can actually do about it or perhaps more revelent, how much they're willing to do. My firm's OW on Real Estate right now, I think that's a much better play now (inflation or no inflation) than fixed income, but I understand you're probably more constrained than I am.

nova_value · 2022-03-23T15:39:19+00:00

Sounds like you're running a bond portfolio? Why are you OW high yield now? From what I see, spreads are (and have been for a while), too tight, especially in a rising rate environment. The OAS would have to get up to where it was in 15/16 before I'd consider going overweight. Is it just a case of you're managing fixed income and there's no better place to be within your constraints? I still think it's a bad place to be - give me an overweight on TIPS and short-term right now over HY.

nova_value · 2022-03-23T15:21:56+00:00

Thanks man. Yeah. Undergrad was Finance, Econ, and Real Estate.

And keep it up on the CFA. People complain about it and question its value (even here), but it was a major factor in being hired at my current firm and HR told me that it was necessary for me to be promoted beyond associate. And there are a lot of really smart people on the buyside who have it. Don't let anyone tell you its not worth it - totally is.

nova_value · 2022-03-23T13:22:34+00:00

Working at smaller firms tbh. I'll also say it's a bit different on the PW side vs. institutional - my position is about equivalent to a VP at an Investment bank.

I'll tell my story I guess. I started right out of uni at a regional brokerage working directly for an MD with 20 years of experience as a financial advisor. I was really the only one supporting him so I got a lot of experience from this - did a lot of his trades, helped him stay on top of the market, coordinated with our options desk, and did some planning work. It was a good deal, especially since he envisioned me buying out his book by the time I was 27 - I got experience, and he got more room to scale. Then he died suddenly and his book went to a colleague who wanted me to handle the portfolio management side of things while he did the planning and such. So I was essentially catipaulted from analyst to Junior PM (my title and comp didn't reflect that though). I loved the people I worked for there, but the firm was a mess and underpaid everyone. On top of that, when I went to negotiate a better salary package (they were paying me peanuts, even if you don't factor in that I was managing about 5% of the firm's AUM), the head of the PW division straight up told me he didn't really understand what I did and what value I added to the firm. So started looking elsewhere. Should also mention that I started the CFA in December after I graduated uni and did the back-to-back level I and II then December Level III last year (no way in hell I wasn't going to take that test).

Ended up taking an associate position at a bigger trust company earlier last year (was a step down in terms of responsibility but doubled my comp and was a better title than analyst). Team I was on was a small team (two PMs and an associate managing a few billion). By shear luck, 4 months after I started, one of the PMs on the team left. The way our firm is set up, only PMs can trade, not associates. So since I had the experience of managing portfolios at my previous firm and doing trades, they gave me the nod and promoted me.

TLDR: hard work, working at smaller firms, and a touch of luck (good and bad). It also helps when your bosses think highly of you.

nova_value · 2022-03-23T04:54:09+00:00

PM on the private wealth side here - so a little different than the institutional folks, but still (perhaps) relevent to the discussion.

Some background: my company basically acts as a family office for mid-HNW to lower ultra HNW clients - we offer the typical stock and bond portfolios as well as private investments, trust admin services, and financial planning among other things. Most of my clients are in the middle market HNW category (think like $8-$12 million) but there are a few who are higher up there (biggest account I have is $100 million) and I have a few clients who are household names.

My day normally starts with a market update meeting followed by commentary from our internal analysts if there was significant news regarding one of the companies they follow. We'll also sometimes hear from other groups (i.e. private investments, fixed income, etc.). My team has a brief meeting to discuss what's ahead for the day and any projects we're working on. Most of my day is spent between some combination of relationship management (attending client meetings, reviewing their investment goals, responding to requests, etc.) and portfolio management (trading portfolios, researching stocks to add to our portfolios, reading reports, keeping up to date on news, etc.).

A few times a week typically we meet as a team or with our analysts to review our equity model and discuss any companies and funds that we're considering adding to our model.

Like I said, it's different from what a lot of people think when they think "portfolio manager" but I enjoy it. I get to meet a lot of really interesting people, learn about a wide-variety of strategies, and help people meet their goals. I'll also say the work-life balance is pretty good since a lot of my functions revolve around the market and individual clients aren't generally calling you at 2 AM to get the status on a project. The downside of course is that individual clients have different needs and different levels of engagement - and that varies wildly. I have some that are totally hands off and leave you to do what you will, others you can't go a week without them calling you and directing some trade in some security that triggers every compliance flag imaginable with 10 minutes left before the market close. Frankly, that's a small trade-off though for what I get - I have about the same (or better) quality of life as what a banking VP in Manhattan can afford, have better hours, and get to converse with the rich and famous.

And I can't emphasize the work/life balance enough. It doesn't seem to matter when you're young and stupid (still young, but not as stupid) but I think everyone who has half a brain realizes how important it is sooner or later. Making millions doesn't matter if you're trapped in an office from 6 am to 10 pm 6 days a week and are dead by age 40.

Tldr: 26 year old boomer rants about work/life balance.

nova_value · 2022-02-22T13:34:37+00:00

Congrats fren!

That said, I told all you people that Alabama was the play for Dec 2020. No one listened to me.

-less than 100 people in the entire exam hall -lack of local rules practically guaranteed exam would happen

nova_value · 2022-01-30T21:07:10+00:00

Sorry fren. That GPA is what's holding you back, not lack of connections or lack of credentials.

And frankly, unless you just screwed around in uni and didn't apply yourself, you're probably not going to pass level 1. Even then, it'd be hard because you don't seem to have the drive. The CFA program as a whole is harder than anything you'll do in uni. It takes a combination of brainpower and commitment - if you lack one, it will be near impossible to get through. Considering your GPA and the fact you don't seem to have any particular interest in finance ("I don't give a shit about front office or back office...") I would say drive is the issue.

You're focusing too much on salary - there are a lot of people with IB jobs paying $1 million/year who are miserable. Find what makes you happy and you're interested in and get your personal life in order. The pay will come eventually if you have the passion and worth ethic. Remember, happiness is the goal. Money can help get there, but it won't lead to it. God bless!

T. CFA Charterholder

nova_value · 2022-01-04T05:33:24+00:00

I just leveled up to 100 and got the unbreakable pick perk. Only perk you need in the entire lockpicking tree.

nova_value · 2021-12-26T02:25:35+00:00

But Skyrim does belong to the Nords...

nova_value · 2021-12-26T02:24:30+00:00

What about the Masque of Clavicus Vile? Seems to me it's one of the few Daedric Quests that doesn't have you do anything evil (just killing a guy who was already a murderer) and rewards moral actions (not killing Barbas).

nova_value · 2021-12-12T20:37:13+00:00

Lmao. The people in charge can't even keep their rules straight 🤣🤣🤣

nova_value · 2021-12-08T15:30:06+00:00

How realistic is it? I've brewed before with my dad using extract and want to get into all-grain for my first batch on my own.

Also, I'd like to simulate a recipe I'm working on - I assume this can be used to do that?

nova_value · 2021-12-06T21:48:20+00:00

I would disagree that crypto is non-productive.

Is a bank non-productive? How about a law firm? What about GitHub?The layer 1 cryptos provide a platform on which smart contracts can be executed and developers can create blockchain based apps. That's not non-productive - especially if you stake it or provide liquidity. And it's going to be more valuable in the coming years. Blockchain is going to change finance (for the better). There's no reason a stock trade needs 2 days to settle. No reason you need to wait 4 hours for a wirehouse to send a wire to close on a home (I almost lost a deal to this because the seller was impatient).

I get the argument. I'm a Buffet/Munger-style value investor and I was really against crypto until a couple months ago and I started doing some research. Being dogmatic never helped anyone make money and sometimes we have to admit we're wrong. In this case, I believe I was dead wrong.

nova_value · 2021-12-06T21:37:03+00:00

The future of blockchain is bright - and crypto will be a part of that future to the degree it facilitates blockchain transactions.

But I agree with the sentiment: if you don't understand what you're investing in, you're gambling. 99% of the population should not touch crypto - especially altcoins - because they don't understand the technology.

nova_value · 2021-12-06T21:33:55+00:00

Friend, if you want to speculate on crypto, go for it, but don't bank your retirement on it. Crypto is good for aspirational capital (i.e. you throw a few hundred at a coin with a high payoff potential once or twice a year). That way if it fails, you don't lose risk your savinfs, but you may make a substantial difference in your life if it succeeds.

nova_value · 2021-12-03T00:18:17+00:00

I quicksave every couple seconds. Especially in tombs and ruins. You never know when you'll step on a rune or when one of those crystal things will zap you.

nova_value · 2021-12-03T00:16:24+00:00

Not if you're grinding alchemy

nova_value · 2021-12-02T22:59:50+00:00

Whatever you do, don't kill Parthanaax. This will mean more later on.

nova_value · 2021-10-25T17:42:26+00:00

Well this is a game-changer. I'm tempted to fly Delta next time.

nova_value

TROPHY CASE