Time for a sober, but hopefully hopeful, possibly short, 🧵. Every year, at this time of the year, I am contacted by several interns across a swat of HF/prop trading firms who were just told, sometimes informally, that they will not receive return offers. 1/

These are people from some of the best schools, used to excel at everything they do (and they often do many things), people demanding toward themselves, and competitive (but in a friendly way) with others. 2/

They are disappointed with themselves and with their managers, and sometimes concerned about their future. They come with questions and requests for advice. I am less qualified as a decision-maker than as a friend of sorts: 3/

Since my IBM Research days, I have delegated the final decisions to others in my team, and deferred to them. But I know all too well the bitter taste of rejection, and if you hadn't yet, well, welcome to the club. Which brings me to the first two bits of advice. 4/

First, I genuinely feel for you, and so does everyone with whom you confide your summer's outcome. Because everyone has experienced at some point what you are experiencing now, and just the memory of rejection burns. But then, like me, everyone will be a bit closer to you. 5/

So, without making a drama out of it, talk to a friend and start from there. Second common-sense advice: if you're in your 20s and have not failed at *stuff*, get ready for the Law of Large Numbers to brutally kick in with a p(failure) ~ 0.5. This Is The Way. 6/

Finance is built out of being right only slightly more than being wrong. You don't learn how to succeed. You just learn how to suffer successfully. Working in finance is like being Jackie Chan's nose in a 1980's Honk Kong martial arts movie. 7/

The bad news is that eventually you look like a tuber. The good news is that ugly noses can be famous too. The big question is, of course, how many punches can a nose bear before stopping functioning altogether. 8/

The non-scientific answer to this question is: surprisingly many. Practical advices: 1. apply to several firms, not just Shaw or Jane. But also, don't aim for second tier firms only. If you get interviews and they fail, learn from them. 9/