A little more

THE greatest and saddest sports journalism I have read is Brin Jonathan Butler's "Requiem for a Welterweight." Published in SB Nation in late 2013, it is ostensibly about Manny Pacquiao after he was knocked out by Marquez, but it really is about the sordid reality of boxing. I soured on boxing after I saw what happened to Muhammad Ali and after realizing Ali was the rule and not the exception. There are many great lines and quotes in the lengthy article, but the most powerful to me is quoting Cus D'Amato, "To see a man beaten not by a better opponent but himself is a tragedy." Another is, "Boxing's not so well-kept secret is that, financially, most fighters can never stop." The article goes on to show this has happened to nearly all the great champions — Joe Louis, Sugar Ray Robinson, Ali, Tyson. I bring this up not to write an article about boxing, though I urge all of you to read that very well-written and profound article in sbnation.com. It is a long article, and if you don't like to read long articles and books, then that reflects on you, not the writer, as I think having the discipline to read at length is an important virtue. I can tell you the intellectual stamina one develops doing that has served me well. Some points must be discussed and understood at length and thoroughly, and can't be reduced to slogans or explained with brevity.

This column reflects on not knowing when to stop and when to move on whether financially, professionally or as we are seeing in American politics with both Biden and Trump, politically. My profession from 1986-2022 was investment banking and, in particular, on what is called the sell side (which means representing issuers and corporates in their capital raising or advisory work) versus the buy side (traders and brokers who use their employer's capital and clients who are mostly fund managers or individuals that buy and sell stocks or bonds). Most sell-side bankers usually retire or are asked to resign unless fired earlier in their 40s unless they are part of the small percentage that become management. It is not that those who leave spend the rest of their lives playing golf, but they usually move on to something else. Often something related like joining a client as senior management or director, or joining an asset management firm, or starting their own business. Some become professors and lecturers at universities or become active at nonprofits. A few go into government and politics. This is due to several reasons. The drive of younger bankers to move up, burn out among the seniors, financial security leading to less hunger to win deals and quality of life, among others.