Monday, June 13, 2011

Trading firms put their money on poker experts

The Chicago Tribune reports:
Chris Fargis thought his big job interview was over. But when the partners at Wall Street upstart Toro Trading finished with their questions, they broke out a deck of cards and a green-felt card table. Mind playing a few hands of poker?

It was a final test, and Fargis was relieved. The 30-year-old never went to business school or even took a finance class. But he knew poker. He had made a living playing the game online for six years from his Manhattan apartment, betting on up to eight hands at a time.

Within a few days, Fargis, with no Wall Street experience, was offered a position trading stock options, a job that entails making multimillion-dollar gambles. His poker skills sealed the deal.

"If someone's been successful at poker, then there's a good chance they could be successful in this business," said Toro Trading partner Danon Robinson. "If you have no interest, that's almost a red flag. ... It's almost the equivalent of not reading the Wall Street Journal."
An MBA after reading his article?