Scottrade My Way To Riches

Well, I finally did today what I have been thinking about for a long time. I opened an account with Scottrade online today with the hopes that I too can cash in on the amount of money being made in the markets. Every day I read the financial news and see how much cash is floating around out there and how the world economic markets are amassing fortunes for individuals and I wanted in. I funded my account with a small amount of money with the idea that the less I have invested directly in the market, the less I may lose. Of course, the less I have invested, the less money I’ll make, but I put in what I was comfortable with for now. I realize that for every equity trade I execute, there will be a $7 commission I will have to pay (still the cheapest of the online brokers), but I plan to stick with various mutual funds to safeguard my cash and hedge any risk from a global economic downturn (as is predicted by many in the near future). I have paid attention the past few years to stock recommendations in BusinessWeek, the Wall Street Journal, and other publications, but now will finally have direct control over what I buy or sell. My decisions will bring me fortune or frustration. Like it has for so many other people, picking winning stocks may become a game to me. And as with any sport, you win some and you lose some. After years of sitting on the sidelines, I am ready to get off the bench and play.

Ten Days as a Father

My daughter is now ten days old. Yet, it feels as if she has been here longer, perhaps because she must be watched by one of us almost every minute of the day. She is healthy and is doing well. I expected her to be able to do more, but then I realize that she is only ten days old. I’m sure the talking and moving and laughing will be here soon enough. Tomorrow I go back to work for the first time since she was born and my wife will stay at home alone with her, something she has never done, not only because she has never been a mom before, but because as a doctor, she has hardly had the chance to sit still for the past several years. Staying at home with or without a baby is new to her and the next few weeks could be challenging for her, especially given that she sometimes feels only like a milk factory.

My ten days of fatherhood so far have been interesting. I have tried to help out as much as I could, although I do not have a mother’s touch, not to mention any food, but I have also in some ways tried to continue on with life as I knew it. I want to go to the gym, spend some time reading what books I want, get out to the City, watch some tv – all things that I used to do when my wife was at home or busy at work. Now, however, I can’t just do what I want. Not only would it not be fair to my wife to leave her with the baby full time, but because I have a responsibility and a privilege to help. Don’t get me wrong, I am happy to help and do what I can, but I am beginning to get a glimpse of what my life will be like as she gets older and demands even more time and attention. Looking back I know that my parents made sacrifices for me, and now it is my turn. Life is not always about me. I am a parent now and with that comes the obligation to raise my daughter. I am just glad that I do not have to do it alone. Click here for an updated picture of Hanna Mei.

She’s Here!

After forty weeks of preparation, excitement and nervousness (at least for me), I am happy to announce that my beautiful baby girl is here. She was born on Friday May 18, 2007 at 6:55 pm. The labor was long (and as we were told many times, “they don’t call it labor for nothing”) and did not look fun or comfortable, but my wife stuck it out and did a great job. We named her Hanna Mei Sanchez. Surprisingly, she was a big baby, 8 lbs 9 oz and 21 inches long. She is healthy and is doing wonderful (she even let us sleep last night). I was happy to see that she has her Mom’s eyes and nose and maybe her cheeks. We’ll see what part of me crept into her. She also had a head full of dark hair and beautiful eyes. We came home on Monday the 21st, our three-year wedding anniversary. I think it has hit me by now. I’m a father. Wow. I must enjoy every moment because the time will fly. Click here for a picture of our little Hanna taken Monday night.

Nichibei Exchange

Since I left Japan almost seven years ago I have been fortunate to live in areas where there are large amounts of Japanese. Last September I discovered a group in New York that has been meeting for over twenty years now. The group, called The Nichibei Exchange (Japan-U.S. Exchange), meets about once a month (or more if they can get the speakers) in midtown for presentations on various topics. Attendance is free and the only common thread among the diverse group is that everyone shares an interest in Japan. Among the group are lawyers, bankers, journalists, artists, authors, students, public relations professionals, consultants, and even a few Zen Buddhists and Japanese gardeners, among others. I have been impressed with the group since I discovered it and was again impressed last night when the founder and managing principal of Japan Intercultural Consulting (click here for bio) spoke to us regarding recent trends in U.S.-Japan HR training and practices. Her thoughts were relevant and practical and the participant’s questions and comments were insightful.

Of course, not being one to walk away from opportunities, I also spoke with a few people afterwards, including the General Manager of HR for Sumitomo Mitsui Banking Corporation and a Japanese lawyer at Morgan Lewis. I sent the HR Manager my resume this morning and he said he’ll be in touch should a specific need develop. It’s likely nothing will come from it (and I like the position I’m in now), but you never know which contacts may be helpful in the future. Of all of my favorite speakers at Nichibei so far, however, I must say that I enjoyed the author of Shutting Out the Sun the best. His insights into modern Japan and attention to detail were truly fascinating to listen to. The only downside I can see to attending Nichibei regularly is that it makes me want to go back to Japan. And given that I’m not in a position to pick up and do that quite yet, Nichibei will have to suffice for now.

A New York Point of View

It’s interesting living in New York. Like so many other large cities, a large number of people that you meet here are not originally from here, like myself. Yet, once someone has lived here even a short while (including, unbelievably, summer interns), they believe they’re a New Yorker. And that’s just it. Once they start calling themselves a New Yorker to distinguish themselves from all of the obvious tourists, they become almost oblivious to everywhere else, as if other places no longer matter (and take my word, once you have lived here a while, most other places really don’t seem to matter). The only other places in the United States that seem to get any respect from New Yorkers are Washington D.C. and California (the SF & LA California, not the Redding and Fresno California). The remaining people and places in between in this country are merely a part of Flyover Country (Sorry, Yuan).

Now I admit that after living here for three years I do feel in many ways as if I have more in common with people my age living in London, Hong Kong, Paris or Tokyo than in Des Moines, El Paso, Charleston or Butte, despite the linguistic or cultural distinctions, but that is not the point. New Yorkers who live in Manhattan even go as far as to call those that live off the island and commute the Bridge and Tunnel Crowd, referring to the means of transportation used to travel onto the island. Many of these people are the type that know they could take their education and New York working experience to a great job in Dallas and afford to buy a huge house rather than continue to pay their $3800 a month rent for a one-bedroom apartment on East 48th Street. The problem, as these people see it, is that they would then have to live in, say, Dallas, and that would just not cut it after living in New York.

In a sense, I share their sentiment, for I too felt long before I moved here that New York was the place to be and there was no substitute for the city, its people, or its opportunities. But I knew when I moved here (and yes, despite trying to convince my wife otherwise, I am part of the Bridge and Tunnel Crowd) that I would only be here long enough to get through law school and build a foundation that would launch my career. I’m happy to say that law school is now behind me and I hope that the foundation I am building will stand the test of time and open doors for me in the future. All I know is that whenever it is that I leave, I will miss this city for what it is, warts and all. 

Golfing With Daddy

On Saturday I had some spare time and I sat down to do what ten years ago would have been absurd to me. I watched golf on television. And I enjoyed it. While I would like to become a better golfer, the reality is that the sport is expensive and can be very time consuming. I have only golfed a full eighteen holes once in the past eighteen months, but have managed to get to the driving range twice (followed by the same number of blisters on my hands). I respect the sport and even find watching it on television to be exciting, especially in a close match in the final two days of a tournament. Today, one of the partners at our firm that I occasionally work with is out golfing with some clients. As a lawyer in New York City, whether I like the sport or not, I need to improve my game if I want to stay in this industry and not be too humiliated. Golf is not an easy sport and I respect the game and its stars. It says a lot that Tiger Woods is the highest paid athlete and one of the most recognizable people in the world. In general, I have very few regrets in life, but in retrospect, golf is one of those things I should have done more of when I could have growing up.

And on a different note, no, still no baby yet for us. She has her parent’s stubbornness and refuses to come out and be “born.” Just when I had accepted that she was finally coming and was hoping to take this week off work, she taunted me and made me get up early on Monday morning and head to the office. But hey, it’s still early in the week. Maybe one day I’ll get my baby girl to enjoy the game of golf. With some patience and dedication, I can perhaps raise the next Michelle Wie.  

Mother’s Day, Again

Mother’s Day has not been the same for me the past thirteen years. Ever since my mother passed away in 1994, I have had no mother to celebrate on the second Sunday of May each year. I have had a stepmom, but it is not quite the same. The Mother’s Day cards I have sent in the past decade have mostly been to my Grandma on my mother’s side. This year, for the first time since 1995, Mother’s Day is beginning to take on a whole new meaning. Granted Mother’s Day did start to look different after I got married because even though my wife was not yet a mother, at least there was a woman in my life that had the potential to be a mother. And it was on that special day each year that I tried to celebrate her.  This weekend is the amended due date of our first child and is also Mother’s Day. If the baby decides to come this Sunday, my wife may be the recipient of the most exhausting and most beautiful Mother’s Day one could ever ask for. I hope the baby comes this weekend, as my wife is finally, at an amazing 38 weeks pregnant, starting to become tired. I hope the baby is healthy. I hope the baby is as beautiful as her mom. Happy Mother’s Day, both to my one and only mother and to my one and only wife, the mother of my first child.

The Unconference

A common societal misconception is that doctors and lawyers are rich. Some are, it’s true. But the vast majority of doctors and lawyers in the U.S. get by in life and are able to provide decently for their family. The salaries may be respectable, but most of the lawyers and doctors I know are far from rich. And given my situation, I know a lot of doctors and lawyers.

In this country, more than any country I know of, it is ideas that have the potential to make one rich. A good idea and solid execution (and sometimes luck) is what’s behind the wealth of this country (read YouTube guys). Once properly executed, all the idea requires is maintenance and the ability to change when change is needed. While some ideas fail, many have revolutionized the world, and the people behind that idea have made a fortune in the process. There is an interesting article in this week’s BusinessWeek magazine (click here for the article) regarding the idea of the unconference. Essentially, the unconference is a conference on a particular topic(s) that everyone who attends may actively participate in, similar to the concept of a wiki online. The days of watching PowerPoint slides and paying to listen to speakers in hotel conference room without ever opening your mouth will soon be behind us. At an unconference, you can get up and leave when you want to explore the other various presentations, decide the day of to be a speaker, and even ask the presenter a question whenever you want (no Q&A sessions exist at the unconference). It’s the conference 2.0, if you will. While reading the article I had the same feeling that I did when I first learned of Second Life almost two years ago. The feeling that the world is changing right before my eyes and, to quote a hero from my generation, “if you don’t stop and look around once in a while, you could miss it.”

Yet, at it’s root, the notion of the unconference started as an idea. For those people smart enough to take advantage of this new phenomenon, wealth will flow their way. For the companies that refuse to embrace this for too long, disaster could be lurking. I, personally, am still searching for my idea. Any ideas?

3:00 PM Sugar Rush

Apparently one year ago today a group of lawyers that previously worked in the practice group of my law firm announced that they were leaving and heading to another firm. Oddly enough, today, in somewhat of a commemoration (or maybe celebration) of the one-year anniversary since their departure, my firm decided to have ice cream sundaes with all of the toppings. When I found out the occasion, it struck me as rather strange, but I am not complaining because due to the departure one year ago I have this great job. While I hope that there is no annual celebration when I eventually leave the firm, I do appreciate it when my firm does the little things that matter to employees, like feeding us. Of course, food is not a substitution for the recent salary raises that still don’t affect me (click here for more), but I appreciate the afternoon ice cream nonetheless.

Brotherly Love

I worry about my brother sometimes, but only because I know how tough of place the world can be. Don’t get me wrong, he’s an intelligent, happy, good-with-people person who will do well in life, and I’m happy for him that he’ll be getting married in August. For the most part there is nothing to worry about, except when it comes to what he is going to do with his life. He’s in college now and is maintaining almost a perfect GPA with a rough schedule and an upcoming wedding. There appears to be nothing to worry about, right?

I worry because I know personally that he has a lot of potential and may not be taking advantage of it right now. In other words, he is not as motivated as I think he should be. He will be a junior starting this fall and is interested in exploring opportunities in the world of finance and consulting with the hopes of obtaining an internship for the summer of 2008 in one of the large business cities on the coasts. Yet, his current summer job does not put him in a position to gain the know-how, skills, or experience that an employer will be looking for in the fall recruiting season. While I have no doubt that his resume outshines many at his college, it is not likely he’ll be getting the positions when the Indian-American from Stanford who has already published an article on how hedge funds can more effectively trade exchange traded funds is competing for the same position at one of the bulge bracket banks. Looking back, I often wished I had a mentor in college; someone to help explain the real world and the possible opportunities available for those willing to go after them. I had to do a lot on my own to get here, a process that has been an education, but at the same time makes me wish I could go back and approach college and graduate school differently. In an effort to prevent my brother from having those same regrets, I wish to direct him down the path that leads to prestige, great working experience and money. And while I recognize that investment banking or management consulting is not for everyone, for someone who is not sure what they want to do and wants to keep their options open, it can be a good place to start.

Getting Through Residency Was Not That Bad

My wife and I hit a milestone this morning. And no, I am not talking about the birth of our first child, who should be here any day now. I am talking about my wife making it through her last twenty-eight-hour shift as a pediatric resident. I confess that before we were married I had my concerns regarding marrying a doctor knowing that the first three years of our marriage would be spent with her at the hospital working. But we’ve managed to get through without being as bad as I thought. Sure, there were the Friday and Saturday evenings that I felt like going out, but stayed at home because my wife was on call and couldn’t leave the hopsital. But for the most part it was not as bad as I had previously thought it was going to be. In fact, it allowed me to get a lot done, whether it was catching up with work or meeting friends in the city (like at bryant-park.jpg), because I knew that I was not leaving my wife at home waiting for me to arrive. (She always joked that I liked it when she was on call because I could do whatever I wanted to. She was only half right).

Whatever concerns I had when she began her residency quickly disappeared as soon as I saw how productive I could be with my busy schedule knowing that she was safe and busy working all night. Instead, however, my fears turned to her returning home safely after a sleepless night in the hospital. Finally, two post-call car accidents because she fell asleep driving and three-years-with-her-being-on-call-every-fourth-night later, we’re all okay and have made it past a hurdle that statistically destroys many marriages. Our baby will be here soon and my wife can finally take the break that she deserves (as if having a new born baby will be a break). Good work Honey. Thank you.

Homeward Bound

There is usually only one good thing about working late: the car ride home. Most days I leave the office around 7:00 pm and take the subway up to GCT to catch the commuter train home. On a good day, it’s a one-hour trip from the time I leave my office to when I walk into my apartment door. But one of the few perks about working at a law firm in Manhattan is the car service provided if you have to stay in the office past 9:00 pm. I guess the rationale behind providing a Lincoln Towncar to shuttle around its lawyers to the suburbs is that it’s a safer, faster way to get them home. But of course, it’s the client that ends up paying for it.

The few times I have had to take a car home recently have been because I was at work until 11:00 pm or beyond, a time when the traffic on this over-congested island has finally subsided. Given where I live, the quickest route home from lower Manhattan is to take the FDR Highway along the East River until it reaches the TriBorough Bridge, connecting us to the Bronx. Once I give the foreign driver my address, his computer leads us home, leaving me with time to relax in the backseat of the luxury car. Although I don’t mind my commute, the train I take daily is not always the most relaxing means of transportation. As such, it’s nice to be able to put on some Brian Culbertson or other Smooth Jazz and watch the lights of the City fly by on my left and the views of Brooklyn and Queens on my right. In the hustle and bustle of my everyday commute, I don’t often have an opportunity to appreciate the size and beauty of the great City of New York. In many ways it is an engineering masterpiece, at least when looked at as a whole. To think that the colony of New Amsterdam has become what it is today in 400 years is impressive. It’s toughness and refiner’s fire drew me here.

Yet, there are times during the MTA delays that I wonder why I am in fact here. And it is in the car ride home, along the East River, that I remember. I have lived in other locations, and New York too, one day, will be a memory to me. But with the light dancing across the river from the outer Boroughs to meet me in Manhattan, I know why at this point in life I am here. I am home.

What is Your Identity?

Our own personal identity varies widely, even among people with whom we think we have a lot in common with. I was reminded yesterday of an exercise a college professor of mine did in a class on Globalization and Nationalism. He listed several roles on the board in the front of the class and asked us to write down each role or identity in order of importance to us. Some of the identities were as follows:

• Husband
• Son
• American (or any number of nationalities)
• Spanish (or any number of ethnicities)
• Mormon (or any other religion)
• Father
• Attorney (or other career or societal role)

There could be more identities listed, but you get the point. For me personally, my identity may be broken down by saying that above all at this point in my life, I value my role as a husband above all else (my role as a father will be close behind my husbandly duties when that day comes). In choosing what makes up who I am next, I would be inclined to include my faith, followed closely by my nationality – an American. I was born and raised in this county and it has shaped who I am. My ethnicity is unfortunately not a large part of who I am, although in the past many years I have taken strides to better understand and appreciate that part of me. Much lower on the list are the roles that may not matter in life as much. Yes, I am an attorney, but so what? There are too many of us as it is anyway. I am happy with my career choice, but do not define myself by what I do at work, let alone any other of my hobbies or interests. Yet, I understand that this list may vary for each person (i.e. there is probably someone out there that believes deep down he is a birdwatcher before anything else). Think about it. If you listed all of the roles you play in life, which is the most important to you? Which should be the most important? It’s quite an eye opening exercise.

Am I Really Worth $230 An Hour?

A recent study conducted by a law school ethics professor reported that most lawyers “pad” or increase the time they bill their client (click here for article). Padding, as the practice is known, can involve either doing unnecessary or trivial work and charging the client for it or it can involve bumping up the actual amount of time that they decide to charge their client. Personally, I believe that so long as there are such high billing expectations imposed on associates at law firms and the client chooses to be charged by the hours the lawyers spent working rather than by the project, padding in the law firm context is inevitable.

Believe it or not, my time is currently worth $230 an hour to a client. Compared to most associates in New York City, my time is actually quite a bargain for a corporate client. The problem with the system is that I am asked to keep track of my time myself. As such, there are bound to be mistakes throughout a normal, hectic day. Rare is the occasion that I sit down and work on one matter for eight hours. Instead, I am busy running around to my partners’ offices, speaking on the phone, and composing/responding to emails throughout the day. I can’t possibly keep exact track of the time I spend on a client’s behalf when my day goes something like this: twenty minutes here, then forty minutes there, and then 1.5 hours here again, not to mention the three hours I spent after lunch putting out the fire that arose with such and such matter (including being interrupted by phone calls with other lawyers on unrelated matters).

What I can do, however, is try to be as fair and honest as I can. In doing so, I am sure I have rounded up some of my billed time. Yet, to be honest, I am confident that there has also been some time that has not been accounted for. All in all, I do not feel that I “pad” my time, but believe that the time my firm bills the client for is fair. But I know that I am not perfect, and consequently, neither are my billing practices.     

Accidents Happen

Accidents can happen to anyone. This hit home for me this past weekend because my father and stepmother were involved in a serious solo car accident that could have easily taken their lives. From how the accident was explained to me, the car hit two guardrails on opposite sides of the highway going 75 MPH, knocking off one of the front wheels in the process, and then flipped at least once, instantly shattering all of the windows and caving in the top of the vehicle. Luckily, they both escaped with fairly minor injuries under the circumstances, although they appear to be somewhat shaken up emotionally. No one else was injured, but the car was completely totaled. Yet, it was the car, a Toyota Sequoia, that probably saved their lives given the size and build of the sturdy SUV. When speaking with my father the other night he inquired to no one in particular, why is it that some people walk away from devastating accidents, like the one he was involved in last week in eastern Oregon, while others suffer severe injuries from relatively minor accidents? Of course many factors may come into play, but is there more? Is there something or someone involved that we cannot see nor yet fully understand that chooses to protect or neglect us? Are there reasons for everything that happens, other than the obvious (my stepmother fell asleep and lost control of the vehicle)? Deep down, I believe so. Not everything is based on luck and happenstance. More is involved than we’ll ever know on this earth. This is something I have believed for a while and was reminded of this weekend, when I was spared the sad occasion of attending my father’s funeral.