The Garden of Betrayal - Lee Vance [4]
When Walter’s son, Alex, first suggested setting me up as an independent energy analyst a year and a half after Kyle vanished, I was hesitant. I needed the money, but I didn’t know if I was capable of committing to a job the way I had before, or if I could be successful as a freelance pundit even if I did. My entire career had been on the sell side, peddling research on oil companies to clients of the investment bank I worked for. Eighteen months out of the market, and lacking the institutional connections that had made people want to talk to me, I was afraid I wouldn’t be able to deliver anything of value. Save one or two old friends, I was right to think that my former sources would abandon me but wrong to worry that it would matter. Cobra was the granddaddy of the hedge-fund community, progenitor of multiple generations of firms that gossiped and fought and generally behaved like an extended family. Alex and his father made a few calls on my behalf, and suddenly I had a dozen clients, all funds that Wall Street was clamoring to do business with. Pretty soon there wasn’t a sell-side guy on the Street who wouldn’t drop everything for me, anxious for a favorable mention to my clientele. And as I grew more influential, my old sources started reaching out to me again. Business prospered. Even the recent market crash had been a blessing in disguise, the clients who went under replaced by newly de-levered and deeply chastened survivors desperate for genuine ideas and analysis to supplant their soured credit strategies.
The biggest plus was that I rarely had to travel anymore. The traditional asset managers I’d covered had kept me on the hop across America and Europe, demanding my physical presence as an act of fealty, and dinner and a nice bottle of wine as tribute. It had been tough with a young family. I regularly kissed Claire and the kids good-bye on a Sunday night, knowing I was committed to spending the rest of the week in a series of barren hotel rooms and that I was leaving her to deal with most of the parenting alone. I missed being with them and felt bad about abandoning Claire, but—God help me—I never backed away from an assignment, craving the success, and the recognition, and the monetary reward. My new job let me be home most nights, my hedge-fund clientele indifferent to face time and insistent on buying their own meals, but the sad reality was that no amount of time now would ever make up for what I’d lost.
My office is on the southern half of the floor, around the corner from the trading room. After grabbing a cup of coffee from the kitchen, I settled in at my desk and went through the business and international news. I pay attention to bylines and keep track of reporters who seem particularly insightful or well connected; I’m wary of Wall Street group-think, and journalists are surprisingly easy to cultivate. There’s always something they haven’t been able to write, or want to write, or already wrote but don’t feel they fully understand. And with more than twenty years’ experience with the energy markets, I’m a great guy to bounce things off. I understand the industry upside down, am free with information, and never publish anything of my own—although I can be cajoled into dictating the odd market piece when a friendly reporter is in a bind. GAS PRICES SET TO SOAR AGAIN OR TEN OIL STOCKS SMART INVESTORS OWN NOW. In return, they ask questions of people my Wall Street connections might not have access to, feed me tidbits they haven’t figured out how to hang a story on yet, and give me early warning of big stories that might have market impact. Everyone wins.
At about eight, I banged out a two-page market update to my client base, telling them what they should be watching out for. I stood, stretched, and gave myself fifteen minutes to stare out the window next to my desk. The window was what made me decide to co-locate with Alex and Walter. It might