From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Thu, Dec 15, 2011 at 7:00 PM
Subject: Re: Re: Introduction: Liam - Day Eight
To: xxxxx@gmail.com, acohen@——-.com
Mr. Cohen,
Every day I awake and, like a child on Christmas morning, rush to my computer to see if you have chosen to respond to my thoughtful and heartfelt messages. Despite my sincere disappointment that I have not yet received a response from you, I tell myself that I have made a personal commitment to you and to myself that I would contact you for at least thirty straight days in order to demonstrate my valuable inner qualities of desire, perseverance, and ambition. I commit to you once again, here and now, that I will not cease my efforts until I have convinced you to engage me in a conversation concerning a potential position in your trading group at ——- Financial LLC. As you can see, my word is my bond, and just like a bond it has value.
As I sit here, watching CNBC covering yet again the supposedly nonpartisan Congressional Budget Office (“CBO”) economic equality study, I cannot help growing increasingly frustrated at the portrayal of the so-called 1% as somehow undeserving of their position at the top of economic pyramid. These are individuals who have through their own efforts, and yes, perhaps some inherent advantage, nonetheless thrived in an economy where global scale allows economic advantage to accrue to those with the best ideas and those who accept the challenge of constant innovation. And the argument is that the reward for their excellence is additional taxation as well as the tag of social pariah? While I am no member of the so-called 1%, I am striving to crack into that elite company. I am sure that you do not receive emails from hundreds of individuals on a daily basis striving to join you in your profitable enterprise. No, only those with the drive to succeed shall succeed. In that sense, I am the 1%, the 1% willing to work hard enough to inhabit that rarefied air. By now you can surely see my sincere desire to put in the hard work necessary to accomplish these objectives. If I am this passionate about merely securing an interview, please allow yourself to imagine how fervently I would attack the job of finding value in this volatile market. I hope that you will take the opportunity to meet with me so that we might discuss how I might assist in your endeavors in a mutually-beneficial manner.
I look forward to your reply.
Warm regards,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: December 14, 2011 6:59:21 PM CST
To: xxxxx@gmail.com, acohen@——-.com
Subject: Re: Re: Introduction: Liam - Day Seven
Mr. Cohen,
I hope that you are well. Knowing how volatile the markets have been lately, I can’t imagine that you have been doing anything but taking profits! I must admit, this is a problem that I one day wish to have. Given the opportunity, I hope that one day I will be able to share wild and potentially lucrative days like this with you.
Ours is a strange profession, indeed, in that we manage to make money both in bear markets as well as in bullish times as long as we are able to remain agile and ready to turn on a trade in an instant. I believe that my intellect is well suited for this profession. There is nothing I enjoy more than slaying the sacred cows of established wisdom. Whereas the bulk of market participants are wed to ideological orthodoxies, I believe that attacking conventional assumptions yields superior returns than simply following the herd. If you have not had the chance to read Michael Lewis’ masterful work of non-fiction, The Big Short, I highly recommend that you heed my advice and allow Mr. Lewis to explain this philosophy in action. While not every trade is worthy of a book, in and of itself, I believe that a trader should always question the collective judgment of the masses and align himself with those truly thinking hard about the underlying assumptions inherent in established positions.
As you can see, I am no mere parrot of the established orthodoxy. Far too often in business school at The Ohio State University I witnessed what can only be called a blind adherence to the myth of the efficient market hypothesis. At first I was a willing adherent to this pseudo-religious dogma, only to reject it fully when my once robust stock portfolio withered like an autumn leaf in September of 2008. I now know that the tidiness of academic theory is a poor substitute for the ordered chaos of the world’s markets. I stand ready to demonstrate my unconventional approach to finance if you would be so kind as to have coffee with me in the near future. I am confident that you will find an equally ambitious partner to help you write what may well be the next The Big Short.
Warm regards,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Sun, Dec 11, 2011 at 1:07 PM
Subject: Re: Re: Introduction: Liam - Day Four
To: “xxxxx@gmail.com” <xxxxx@gmail.com>
Mr. Cohen,
I trust that you had a wonderful Saturday. Mine was both relaxing and productive. Perhaps the best part about the cold weather this time of year is that the lakefront running trails in Chicago are virtually deserted. Only the true fitness enthusiasts can be found. That is the type of crowd I prefer to surround myself with, those self-motivated enough to be elite. That self-selection of motivated individuals, I believe, is what people just don’t get about our chosen profession. Those with the drive and passion to succeed will benefit monetarily, while those unwilling to put in all the early mornings and late nights simply will not.
How anyone could find this amazingly efficient system to be “unfair” simply astounds me. I mention this fact not to make an obvious political point, but to convincingly demonstrate to you that I know what it takes to be elite. I harbor no allusions that my success will come from anything other than my own sweat equity. Given the opportunity, I am confident that I will provide this value to you. I trust that these messages are beginning to persuade just how mutually beneficial a potential partnership between us could be. Perhaps we could discuss this further over coffee this week? Please provide me with a convenient time and place to meet and I will be sure to be there.
All my best for a successful week ahead. I hope to hear from you.
Warm regards,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Sat, Dec 10, 2011 at 1:16 PM
Subject: Re: Re: Introduction: Liam - Day Three
To: “xxxxx@gmail.com” <xxxxx@gmail.com>
Mr. Cohen,
I hope you are having a nice and relaxing weekend after what I am sure was a hectic week in the markets. The weekends, Saturday in particular, are when I like to pause and take stock of what I have accomplished during the course of the week. Sunday, on the other hand, is more forward-looking in nature, where I set goals for myself to accomplish in the week to come. This week, I believe, may end up being one of the more important weeks in my life. That is because I have dedicated myself to the task of proving to you that I deserve a chance to become your partner at ——- Financial LLC.
I doubt that most people realize that business is really a “people-person” game. As you are aware, the markets are not some abstract entity, blindly exchanging financial instruments. No, the markets are about interpersonal interactions that are often build upon layers of trust and past history, which inform and lend predictability to what might otherwise appear opaque and unknowable. As a “people-person” myself, I believe that my ability to read people and form instant connections will allow me to quickly gain insight into the tumultuous maelstrom of personalities and institutions that are the markets. Perhaps a meeting would convince you that I possess this valuable trait. That, in addition to my proven tenacity and perseverance, would make me a formidable ally in what should ultimately be a dynamic and exciting partnership between us. You need not take my word for it, as I place the judgment squarely in your hands. I hope that you will not only entertain, but accept, this promising offer.
Enjoy the weekend. I hope that you are well.
Warm regards on this cold day,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Fri, Dec 9, 2011 at 12:20 PM
Subject: Re: Introduction: Liam - Day Two
To: “xxxxx@gmail.com” <xxxxx@gmail.com>
Mr. Cohen,
A happy Friday to you, and so closes the first week of my attempt to engage you in a fruitful dialogue concerning a potential financial partnership between us at ——- Financial LLC. However, I know that as a trader of world currencies and futures, the work-week is never truly over. As the sun sets in London so too does it rise in Tokyo, fresh with new markets to make. As a result, I will not take the easy route and cease my efforts over the next two days despite the fact that most laypeople call it quits when the weekend rolls around. That is the type of dedication I bring to my mission and one that I would enthusiastically bring to your trading team if you are so generous as to give me fifteen (15) minutes of your time to discuss my future.
I couldn’t help but think that, just as the leaders of the EU were able to finally deduce that their financial interests were better served in the spirit of mutual cooperation (see the noteworthy Wall Street Journal article reproduced in part below), that so too you might be able to see how engaging a young and hungry financial markets enthusiast might be beneficial to both of our long-term prospects. As you can no doubt see, I remain keenly aware that events abroad trigger opportunities here at home. I trust that you know an opportunity in the markets when you see one and hope that you might see an opportunity in me as well.
I hope you have a lovely weekend and I look forward to your eventual reply.
Warm regards,
Liam
EU Leaders Forge Fiscal Pact
BY MATTHEW DALTON AND FRANCES ROBINSON
BRUSSELS—European Union leaders Friday agreed to forge ahead with a new deal on economic governance without the support of the U.K., but they again balked at marshalling the large sums experts believe will be necessary to ensure financing for Italy and Spain and prevent a collapse of the euro zone.
The 17 countries of the euro zone formally agreed to run only minimal budget deficits in the future and allowed the European Court of Justice the right to strike down national laws that don’t enforce such discipline properly.
http://online.wsj.com/article/SB10001424052970203413304577087562993283958.html?mod=WSJ_hp_LEFTTopStories
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Thu, Dec 8, 2011 at 11:25 AM
Subject: Introduction: Liam - Day One
To: “xxxxx@gmail.com” <xxxxx@gmail.com>
Mr. Cohen,
As promised, today is day one of my month-long effort to convince you that a meeting between the two of us would be mutually beneficial. I am sure you can appreciate my candor in saying that I am willing to stop at nothing to make my dreams a reality. If you would like I could put you in touch with my high school cross-country coach who said to me one crisp fall morning after a particularly grueling race in which I outpaced our rivals by only a few feet: “Liam, you aren’t the fastest guy on our team, but g-ddamnit if you don’t want to win more than anyone else.” For all the accolades I have won over the years, I perhaps treasure that moment the most.
I think you would agree that a healthy athletic background teaches not only discipline, but teamwork, and how to strive together towards excellence. I have noticed in doing my due diligence on your background that you were a member of an Ivy League lacrosse team. That is quite impressive. I am sure that your athletic prowess combined with your Ivy League intellect has made you a more valuable trader. I firmly believe that I, too, have benefited from my own athletic and academic past. If you allow me to join your team I can assure you that you will find nothing less than a true team player whose unwavering dedication to the bottom line will propel our fortunes into a new realm.
I greatly look forward to your eventual reply.
With kind regards,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Wed, Dec 7, 2011 at 1:37 PM
Subject: Re: Introduction and Trading Opportunities
To: “xxxxx@gmail.com” <xxxxx@gmail.com>
Mr. Cohen,
I trust that you had a lovely Thanksgiving holiday with loved ones and are excited for the onset of Hanukkah. I had a lovely weekend with family myself which was only offset by my continued CFA studies. What I am truly thankful for, however, is that the CFA is now behind me. While it was quite a bit of work, I am sure that you would agree that personal sacrifice is often the price that must be paid for greatness.
I am distraught that I have not received a reply from you since I first reached out to you approximately 30 days ago. I realize that finance is a business where persistence pays, so I intend to demonstrate just how hard I am willing to work to secure a meeting with you. As you might have guessed, my favorite movie is “Wall Street” featuring Michael Douglas and a young Charlie Sheen. If you have seen it already (which I assume that you have), you know that early in the movie it is revealed to the audience that a young Bud Fox (Sheen’s wonderfully ambitious and flawed protagonist) has been contacting Gordon Gecko (the legendary character played by Douglas) on a daily basis in order to secure an interview. You will recall that, in a pivotal scene, Fox arrives at Gecko’s offices on Gecko’s birthday armed with a box of smuggled Cuban cigars and, in the process, manages to obtain five minutes with the money maven himself. From there the two become a team, bringing great fortune to both that is only ruined when (for the sake of Hollywood drama) Gecko attempts to buy out Fox’s father’s employer and liquidate the company. Save for that dramatic excursion, the two experienced a mutually beneficial relationship that put the financial world in awe as the popular media struggled to understand why markets were moving the way they did.
Absent that last Shakespeare-ian twist, I believe that you and I are a bit like Gordon and Bud. To prove it, I will take a page from the Book of Bud Fox, and email you on a daily basis until you agree to meet me. If need be, I will come down to the Board of Trade armed with cigars of your choosing to get fifteen minutes of your time. Perhaps now you will realize that I am not merely sending blast emails out to financial firms the world over. I have done my research and realized that ——- Financial is the launching pad from which you and I could build a financial empire. While I am sure that you will test me on my resolve, I can assure you that my word is my bond. I look forward to meeting you soon.
Warm regards,
Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Tuesday, November 15, 2011
Subject: Introduction and Trading Opportunities
To: “acohen@——-.com” <acohen@——-.com>
Hi Adam,
Still looking forward to hearing from you. Perhaps you are on vacation, but I will be down by you around lunchtime Thursday and Friday. Please let me know what works best.
Regards, Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Sunday, November 13, 2011
Subject: Introduction and Trading Opportunities
To: “acohen@——-.com” <acohen@——-.com>
Adam,
Below, please find each of my correspondences with you. I wasn’t sure whether I had the right work email for you, or whether it was going straight to your spam, so I decided to take the initiative and track down your personal account. Please see my requests below and let me know when you can meet to chat. Again, I think it would be mutually beneficial for us to get together.
Regards, Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Saturday, November 12, 2011
Subject: Introduction and Trading Opportunities
To: “acohen@——-.com” <acohen@——-.com>
Adam,
I have now reached out to you twice without any response. Like I said, I know you’re a busy guy but I have big aspirations. As you can tell, in addition to being ambitious I am persistent, and I’d really like to talk to you in person.
I won’t stop until you agree to coffee! Please let me know when you have availability.
Regards, Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Mon, Nov 7, 2011 at 5:25 PM
Subject: Re: Introduction and Trading Opportunities
To: acohen@——-.com
Mr. Cohen: I haven’t heard back from you but just wanted to make sure you saw my email. Again, I know you’re busy but I think we would really benefit in the long run by talking.
Regards, Liam
From: Liam Prescott <liam.j.prescott88@gmail.com>
Date: Sun, Nov 6, 2011 at 9:24 PM
Subject: Introduction and Trading Opportunities
To: acohen@——-.com
November 5, 2011
Dear Mr. Cohen:
Please allow me to introduce myself. My name is Liam and I am a recent graduate of the Fisher College of Business at the Ohio State University. While I graduated with a concentration in accounting my true passions lie in the field of high finance. My interests led me to apply to a semester long internship at Deloitte & Touche LLP where I served as a special projects assistant on a major engagement with the Congressional Budget Office (“CBO”) and the Commodities Futures Trading Commission (“CFTC”). Following graduation I was retained on a permanent contract basis that is now winding down.
I find the derivatives market in a down cycle environment to be truly fascinating. I too wish to be among those who experience the ups and downs of a volatile trading market. After reading the novel “To Big to Fail” I was inspired to follow my dreams and pursue a career in which I hold in such high regard.
Please let me know if you could spare some time (perhaps thirty minutes) to chat/lend some advice about breaking into the exciting and potentially lucrative trading world. Given my demonstrated interest I believe it would be wonderful for us to have a frank and all-encompassing conversation regarding a path to realizing my true potential.
Thanks in advance and I look forward to your response!
Warm regards,
Liam J. Prescott
Liam J. Prescott
Graduate, Fisher School of Business
The Ohio State University
