The Buy Side

1. Early Life: A Different Path

Maybe I just don’t want to be like my father.

Contrasting paths. Growing up in Maine, the author, Turney Duff, felt fundamentally different from his hardworking, disciplined father, a former wrestling star who valued structure and physical labor. While his father envisioned a future in wrestling or engineering, Turney dreamed of being a chef, a conman, or running hotels, seeking attention and excitement rather than predictable effort. This early divergence in aspirations set the stage for his later unconventional journey.

Family influences. Despite their differences, his father instilled a strong work ethic and discipline, albeit through methods Turney often resisted. His uncle, a successful figure in finance, represented a world of excitement, travel, and money, offering a glimpse into a life far removed from Kennebunk, Maine. This contrast between his father's grounded reality and his uncle's glamorous world shaped Turney's perception of success and opportunity.

Unconventional start. Turney's early attempts at conventional paths, like journalism, met with failure, highlighting his lack of traditional skills valued in those fields. His brief, awkward foray into high school wrestling, despite a natural ability inherited from his father, solidified his desire to avoid paths dictated by others' expectations. These experiences underscored his need to find a unique way to succeed, one that leveraged his personality rather than standard qualifications.

2. Breaking into Wall Street: Connections Over Credentials

In fact, I don’t remember, in any of my Wall Street interviews, being asked a question that might qualify me for a job in finance.

Uncle's lifeline. After struggling to find a job in New York City, a desperate call to his Uncle Tucker, a finance professional, opened unexpected doors. Within days, Turney had multiple interviews lined up on Wall Street, not for journalism, but for sales roles, a field he knew nothing about. This demonstrated the power of connections over traditional qualifications in the finance world.

Perfunctory interviews. His interviews at prestigious firms like Lehman Brothers, Merrill Lynch, and Morgan Stanley were surprisingly superficial, focusing more on background details like sports played rather than financial acumen. This experience reinforced the idea that entry into this world wasn't solely based on academic achievement or technical skills, but perhaps on something less tangible.

Morgan Stanley break. His interview at Morgan Stanley, facilitated by his uncle's contact, Stephanie Whittier, highlighted the importance of personality and social connection. A casual conversation about a TV show proved more impactful than any discussion of finance, leading directly to a job offer. This solidified his early realization that navigating Wall Street might require a different kind of intelligence.

3. The Sell Side: Finding an Edge Beyond Trading

Right then, I begin to realize that social skills might be as important on Wall Street as an Ivy League MBA.

Starting as a floater. Turney began his Wall Street career as a "floater" in Private Client Services (PCS) at Morgan Stanley, a temporary role assisting brokers. This period was marked by awkwardness, mistakes, and feeling out of place among Ivy League graduates, reinforcing his initial insecurities about his lack of traditional finance background.

Leveraging personality. Despite his struggles with technical tasks and feeling like an outsider, Turney discovered the value of his social skills and personality. He built relationships with coworkers and found creative ways to navigate bureaucratic hurdles, like using humor in emails to the back office. This hinted at an alternative path to success on the Street.

Building connections. His ability to connect with people, particularly women in the office, and his willingness to engage in the social scene outside of work, like at the bar Cite, began to pay dividends. These interactions, initially just social, started to build a network that would prove crucial for his future career advancement, demonstrating that relationships could be as valuable as market knowledge.

4. Joining the Buy Side: Culture of Excess and Information

Each day expect to be fired,” he says. “If you’re not, then you’ve had a good day.”

The Galleon opportunity. A chance call from a former Morgan Stanley colleague, Keryn, led to an interview at Galleon Group, a rapidly growing hedge fund. Despite knowing little about hedge funds or the specific job, Turney's personality and connections secured him a trading position on the buy side, a highly coveted role.

High-pressure environment. The culture at Galleon was intense, demanding, and often brutal, characterized by constant pressure, fear of making mistakes, and unpredictable bosses like Gary Rosenbach. The expectation was perfection, and any error, no matter how small, could lead to humiliation or threats of termination, creating a constant state of anxiety.

The pursuit of edge. The core principle at Galleon was obtaining an "edge" – getting information faster or more effectively than competitors. This often involved leveraging relationships with the sell side through lavish entertainment and, as Turney discovered, sometimes venturing into ethically questionable territory to gain an advantage and maximize profits.

5. Becoming a Head Trader: Developing an Unorthodox Style

I trust my instincts. And, so far, it’s working very well. Meow.

Rising through the ranks. Following the departure of his mentor, Dave Slaine, Turney unexpectedly became the sole trader for Galleon's billion-dollar healthcare portfolio. This sudden promotion, born out of necessity, forced him to step up and take on significant responsibility, accelerating his development as a trader.

Cultivating relationships. Unlike the aggressive, often bullying style of other buy-side traders, Turney leveraged his "good cop" persona to build strong relationships with sell-side brokers. This approach, initially driven by insecurity, proved effective, leading to valuable information flow and preferential treatment, demonstrating that being liked could be a powerful asset.

Developing a unique edge. Lacking traditional analytical skills, Turney developed an unorthodox trading style based on instinct, reading people's body language, and leveraging his network for information. He even used unconventional methods, like embedding the number 69 in his trades, to signal his activity and gain attention, turning his social skills into a trading advantage.

6. The Descent into Addiction: Fueling the Lifestyle

Drugs, alcohol, money, and sex are all ingredients in the elixir of power.

Embracing excess. As his success and income grew, Turney fully immersed himself in the lavish Wall Street lifestyle. This involved frequent, often excessive, partying fueled by alcohol and cocaine, attending exclusive events, and spending money without restraint, viewing these as perks of his buy-side status.

The White House. A key hub for this lifestyle was the "White House," an apartment used by sell-side brokers Randy and James to entertain clients with drugs, alcohol, and escorts. Turney became a regular, finding a sense of belonging and excitement in this environment, despite the inherent risks and moral compromises.

Addiction takes hold. What started as occasional partying escalated into a full-blown addiction, particularly to cocaine. The drug became intertwined with his work and social life, used to enhance performance, manage stress, and maintain the high-octane persona expected on the Street. This marked a dangerous turning point, where the lifestyle began to control him.

7. The Cost of Excess: Impact on Relationships

I won’t allow that to happen to our child,” she says. “I can’t."

Strain on personal life. The excessive lifestyle and drug use began to take a heavy toll on Turney's personal relationships. His constant partying and unreliability strained his connections with his long-time roommates and friends, who noticed his erratic behavior and increasing detachment.

Impact on his relationship with Jenn. Meeting Jenn offered a chance for a more stable, meaningful life, and their relationship deepened with the prospect of starting a family. However, Turney's inability to stop using cocaine, even after Jenn's pregnancy and the birth of their daughter, Lola, created a deep rift, leading to lies, mistrust, and emotional pain for Jenn.

Fear of repeating history. Jenn's own painful history with her father's addiction and death made Turney's drug use particularly devastating. Her fear of their daughter experiencing the same trauma became a powerful catalyst for confronting Turney about his problem, highlighting the severe consequences of his actions on the people he loved most.

8. Hitting Bottom: The Wake-Up Call

I can’t live like this anymore.

Escalating chaos. Turney's life spiraled out of control as his addiction worsened. Missed workdays, erratic behavior, and increasingly desperate attempts to hide his drug use became commonplace, culminating in a fabricated story about being mugged to explain his physical state after a multi-day binge.

The fake mugging. The act of staging a mugging, injuring himself in the process, represented a new low. This desperate lie, born out of shame and the inability to face the consequences of his addiction, was a clear sign that he had lost control and was in deep trouble, both personally and professionally.

Confrontation and consequences. The fake mugging led to an unavoidable confrontation with Jenn, where he was forced to confess his cocaine use. This confession, while painful, was a necessary step towards acknowledging his problem. It also resulted in immediate consequences, including Jenn asking him to leave and the potential loss of his family.

9. The Path to Recovery: Rebuilding a Life

After twenty-eight days, I’m a different person.

Entering rehab. Facing the potential loss of his family and career, Turney made the decision to enter a rehabilitation center in Arizona. This marked the beginning of his journey towards sobriety, a difficult but necessary step to address his addiction and attempt to rebuild his life.

The challenges of sobriety. Sobriety brought its own set of challenges, including confronting the emotional numbness caused by years of drug use and navigating the awkwardness and mistrust in his relationships, particularly with Jenn. The transition back to "real life" after rehab was difficult, requiring constant effort and support.

Finding support and connection. In recovery, Turney found support in unexpected places, including fellow Wall Street professionals in sobriety meetings. These connections, based on shared experience rather than professional status, offered genuine understanding and encouragement, helping him navigate the complexities of staying sober while attempting to return to his career.

10. Navigating a Changed Landscape: Sobriety and Wall Street

The Street feels like it’s on high alert now.

Post-crisis environment. Turney returned to a Wall Street significantly changed by the financial crisis and increased regulatory scrutiny. The era of unchecked excess and questionable practices was facing greater challenges, with heightened awareness of fraud and a push for more transparency, impacting the traditional ways of doing business.

Job search challenges. Finding a new job proved difficult, not just because of his past issues, but also due to the altered landscape of the finance industry. While his network provided leads, the process was different, requiring him to articulate his value proposition in a more competitive and cautious environment.

Adapting his style. Sobriety forced Turney to re-evaluate his identity and trading style. Without the fuel of drugs and alcohol, the high-octane persona he had cultivated felt less natural. He had to find a way to be effective as a trader based on skill and relationships, rather than relying on the artificial energy and bravado of his past.

11. Finding True Meaning: Family and Sobriety

I love you and Mama more than anything in the whole world,” I say.

Prioritizing family. The birth of his daughter, Lola, and the near-loss of his family became the most powerful motivators for Turney's sobriety and desire for change. His love for Lola and his commitment to being a present and sober father became the anchor in his life, shifting his focus away from the superficial pursuits of his past.

Rebuilding trust. Rebuilding trust with Jenn was a slow and difficult process, requiring consistent effort, honesty, and patience. Moving out of the city and buying a house in the suburbs symbolized a commitment to a different kind of life, one focused on stability and family rather than the constant pursuit of excitement and excess.

A new definition of success. Ultimately, Turney's journey led him to redefine success. While he continued to work on Wall Street, the true measure of his success became his sobriety, his role as a father and partner, and the stability of his family life. The peace and contentment he found in these relationships far surpassed the fleeting highs of his previous lifestyle.

Last updated: May 16, 2025