Photo: Julia La Roche
One thing’s for sure: Wall Street still drinks when the stock market tanks.Yesterday’s “bloodbath” as one trader put it didn’t appear to deter people from throwing back some drinks.
Of course, some people had to stay at work. A managing director told us he couldn’t come out. I’m stuck marking and doing recaps for management. Everyone’s still here. Trying to put bandaids on bullet wounds.
But Stone Street, a popular watering hole in Manhattan’s Financial District, was packed last night.
While a number of our younger friends told us they lost thousands yesterday, more experienced traders seem to have avoided losses. A fund of hedge funds manager told us they made money yesterday, meaning that a number of hedge funds were well prepared and hedged. They might have flocked to cash and Treasuries, which had a great day yesterday), before the crash.
“I never lose sleep,” one banker from a mid-town bank said.
He also said he is planning on going long with his own investments.
“I gotta keep my eye on the prize,” he said.