Friday, June 22, 2007

Retire Young Retire Rich - 30 Under 30 – Tim Sykes

Timothy Sykes, Cilantro Fund Partners, New York
Age: 26
Trades: Equities – small-cap; micro-cap

If you want to retire young and retire rich, you have to plan or start an investment banking career while at school. I have reiterated this in my blog. Tim Sykes is a young man who has successfully executed this idea. If you recall, he’s number 26 (alphabetically) on the list of 30 Under 30 top traders. Let's get to know more about him.

Timothy Sykes - Bio

1981 – Born
1999 – Started day trading while at high school
2003 – Founded Cilantro Fund Partners

2003 – Established The Timothy Sykes Daytrading Award for the Talented
2003 – Graduated from Tulane University, New Orleans
2006 – Nominated 30 Under 30 Top Traders

Timothy Sykes, 26, runs a top-ranked, short-bias fund called Cilantro Fund Partners, which he founded in 2003 in his senior year at Tulane University in New Orleans.

At the age of 22, Tim started his $3.2 million Cilantro Fund Partners before graduating from Tulane University. He began with $100,000 from his parents and $900,000 of his own money. Sykes says he amassed his share from successful day trading during high school and college, having started at age 17 with $12,415 saved from bar mitzvah gifts. Trading, he says, "is basically like a video game for me."

How is Tim’s Cilantro Fund doing?
With AUM $3 million and four fund-of-fund investors and a 21 per cent three-year annualized average return, Cilantro was ranked the top short-bias fund in the Barclays Fund Rankings, released in early 2006.

How did you get your first job in finance?

Here’s what Tim says: My parents gave me permission to open an online brokerage account with $12,415 of my Bar Mitzvah gift money during my senior year of high school thinking I would lose it all and that it would be a great lesson about money. It turned into a great lesson for me as I turned it into a fully audited pretax sum of $1.65 million from 1999 to 2002. After that feat, friends and family wanted me to trade on their behalf so I created a hedge fund. Source: DealBreaker Read the full interview

The Timothy Sykes Daytrading Award for the Talented

Whilst some young guys had to seek financial aid to further their studies, Tim was actually contributing to the Tulane University, at the age of 22. In 2003, he endowed this cash award which honors members of the Tulane community pursuing non-traditional academic endeavors. Read more

Quote from Tulane University:
The award was endowed in 2003 by Timothy Sykes, a Tulane College graduate who built his talent for daytrading on the stock market into a lucrative business and who wanted to encourage others to pursue their interests and talents. Sykes now lives in New York City, where he started his successful Cilantro Fund Partners LP before his Tulane graduation.

Answer to my previous question: What’s the difference between a CV and a resume?

Nowadays few people care to differentiate the two terms. However if you are hiring a resume writing service, you’ll notice that writing a CV costs far higher than writing a resume. So there must be a difference between the two.

A resume is usually one or two page in length, summarising your skills, experience and education. A CV (Curriculum Vitae) is usually longer and with more detailed history of your educational and academic backgrounds as well as teaching and research experience, publications, presentations, awards, honors, affiliations and other details.

Both documents are aimed for job hunting. Not until you are looking for a very senior managerial role, a CV is not necessary. Therefore my blog title is Investment Banking Resumes, as my target audiences are young bankers and undergraduates.

Test of your general knowledge:
Tim Sykes started his day trading with his bar mitzvah gift money. What is bar mitzwah?

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Retire Young Retire Rich

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