The advent of computers in the 1970s and 1980s made trading in stocks and bonds profitable business on Wall Street. The rising importance of trading, however, precipitated a culture clash among sophisticated Ivy League-educated investment bankers and the traders, whom the former considered inferior (note: some early traders did not even finish college). Here's a slightly edited joke that captures this, from www.workjoke.com:
An INVESTMENT BANKER and a Wall Street trader went to the races. The trader suggested to bet $10,000 on a horse. The investment banker was sceptical, saying that he wanted first to understand the rules, to look on horses, etc. The trader whispered that he knew a secret algorithm for the success, but he could not convince the investment banker.
"You are too theoretical," the trader said and bet on a horse. Surely, that horse came first bringing him a lot of money. Triumphantly, he exclaimed: "I told you, I knew the secret!"
"What is your secret?" the investmet banker asked.
"It is rather easy. I have two kids, three and five year old. I sum up their ages and I bet on number nine."
"But, three and five is eight," the investment banker protested.
"I told you, you are too theoretical!" the trader replied, "Haven't I just shown experimentally that my calculation is correct?!"
(Photo credit: Stockxpert.com)
