How the Economic Crisis/Recession has Affected Your Job and Your Employer

[Munger]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

I work for a large corporate law firm - product liability litigation, IP litigation, patents, etc. The practice areas range from doing ok to booming. In downturns, generally, litigation goes on regardless. Lately it has been getting quite difficult to get clients to pay their bills though.

[mcgurme]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Hi Joel, great to see another person from the bicycle industry here... My main job is in academia, but I also started a bike shop recently, to address exactly the issues you bring up. All of our local bike shops are still focused on the high-end road and mountain bikes, and could care less about promoting bikes as transportation (electric, cargo, Xtracycle, etc). Given that I've been tinkering with things like electric bikes since 1994, and riding an electric-assisted Xtracycle sports utility bike for 3 years now (and saving $1000's per year in gas and parking costs), I decided to bring some of that expertise into opening a shop. We started up just about a year ago, right before gas prices went crazy (but after I had started reading iTulip). Everyone says "your timing is very lucky," to which I respond, "it was not an accident." Even with gas prices dropping, we've been doing ok, for such a new business.

We did get stuck with a strange situation with our lease. We were forced out of our original location due to the landlord running afoul of zoning issues, and all the places available were (in my opinion) very high rent. We ended up signing for one of those high rent places for 3 years, BUT we did get a clause that rent will be renegotiated if "prevailing rents" drop. At least it is some protection. I wouldn't have known to do that, if it weren't for iTulip.

On the academic side, times are tight, but since I am in biomedical field, it is going ok. I am on a search committee for a faculty member in a field where previously good applicants were scarce (bioinformatics). This time, we had a deluge of applicants - over 100 of them. At least 20 of those were top notch. Most of my colleagues don't know how bad this will get, they just make jokes about sagging retirement funds.

I like the fact that my bets are hedged - I have feet planted in two "growing" areas, which hopefully makes up to some extent for the debt we've gone into to open the bike shop.

Well, enough of the bad news...I am fortunate enough to work in the Bicycle biz, and business is pretty good right now. I suppose selling one of the cheaper forms of transportation while gas climbed to $4 this summer helped...where I see a real weakness is in the upper end-$3000 and up. Business is off fairly significantly.

Where business is going bonkers is in repair (folks dusting off that old forgotten bike) parts and accessories (folks updating to new lights, bags, fenders, tires etc) and utilitarian type bikes-bikes that can carry groceries, or kids, electric assist bikes, or commuter bikes that just get you around town.

[grapejelly]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

I market various information products. My focus has been mortgage and debt relief. Business has been quite good. I also have some other markets I'm in and those are promising as well.

[Guest]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Sorry folks. I can't help but note the overwhelming impression of this thread, which has "awarded itself" five stars - is a golden opportunity for everyone to proudly trot out their credentials. :rolleyes: It's the credentials which are being lavished with all the attention here - the report from the ground on the deteriorating business conditions is looking distinctly like the window dressing for the main exercise. A collection of well dressed gentlemen all depositing their smart looking business cards - like one of those upscale cafe's, where everyone gets to see and be seen. (yawn). I do apologize, my enthusiasms get so wilted by any traces of pomposity. Now doubtless a few red faced and grievously affronted contributors will lambast me for this unseemly confession. ;)

[Jim Nickerson]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Sorry folks. I can't help but note the overwhelming impression of this thread, which has "awarded itself" five stars - is a golden opportunity for everyone to proudly trot out their credentials. :rolleyes: It's the credentials which are being lavished with all the attention here - the report from the ground on the deteriorating business conditions is looking distinctly like the window dressing for the main exercise. A collection of well dressed gentlemen all depositing their smart looking business cards - like one of those upscale cafe's, where everyone gets to see and be seen. (yawn). I do apologize, my enthusiasms get so wilted by any traces of pomposity. Now doubtless a few red faced and grievously affronted contributors will lambast me for this unseemly confession. ;)

Luke, you were full of shit the day you showed up here and nothing has changed an iota. Have a happy holidays.

[goadam1]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Why is saying honestly how your business going like putting out a business card? I see layoffs coming in advertising. Right now my company is busy. What happens in 2009? It doesn't look good. But the future is the future.

Are you upset things aren't worse?

[phirang]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Lookie went long silver when it was pretty high, and he's just bitter about getting reamed.

Hey, lukester, i got some of my gold at 910. Does that make you feel better?

[Guest]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Phirang - Take care who you needle, lest you find yourself with your trousers down on public display. I've taken a hit on my silver, quite a large hit actually, but I'm not bitter about it in the slightest. I find the idea of wandering around looking for someone to blame for that to be an expression of weakness, and in fact I would consider such behavior an embarassing display.

If you read my comments in fact you'll find me continually talking the opposite of my own book, as I'm vocally quite bearish on the metals going forward. Most people here who are long the inflation hedges are continually posting their research why these investments are going to soar "next week, just wait and see". And by temperament when it comes to nursing my wounds, I'm quite unlike you, who recently was doing the rounds with your wailing and moaning about "bad advice" from iTulip - on a crusade to drum up reproachment of EJ and iTulip for having "steered you wrong" into these investments, when you "knew all along that going long the Yen" would have been the supremely savvy trade. Watching that caterwauling was frankly a little embarassing. I understand your hit was in precious metal junior stocks? I wouldn't touch precious metal mining junior stocks with a barge pole even back when they were soaring (way back in 2006).

For a guy who purports to be an analyst (who even prefaces his bio with the flamboyant "I fancy myself") you have not demonstrated much maturity in your investment classes. Looks like a lot of frenetic fancy foot daytrading, combined with some highly injudicious flaming firecracker junior stocks selected "for the long haul". Anyone holding a basket of precious metal juniors in 2007 had little or no judgement at all. My investment in gold and silver is most definitely a keeper. I bought lots of the less common Euro gold coins at 15% over spot back when gold was in the $400's, then loaded up on silver in the $8.00 and $10.00 ranges. I was buying the tar out of silver's collapse in the spring of 2006. Russian 5 Rouble coins (400 of them) in mint condition (with the mint burr still on the edge after 100 years) for 15% over the spot price at $400 gold, and they are now selling with a 100% premium over gold at $760. I'm only looking to sell about 20% of my metal holdings because they really are large positions. But it's all solid metal, segregated to private accounts overseas in some of the most private jurisdictions in the world.

If I compare that to your basket of junior stocks, and the fact that I don't purport to be anyone's "investment advisor", I come to the conclusion my untutored common sense is a fair bit sounder than your purportedly tutored one. Last I heard you were banging the drums to buy Citi stock because of their implicit government backing, so you are definitely not on a hot streak these days, eh?

Lookie went long silver when it was pretty high, and he's just bitter about getting reamed.

Hey, lukester, i got some of my gold at 910. Does that make you feel better?

[shadrack]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

I work in IT, project management, software development, and it seems opportunity for new work is less than it was a couple of years ago. Recently, a multi year grant funded project through a local public university did not materialize as I expected it to. I'm considering leaving the industry or starting a business.

My wife is a family physician in a single practitioner office and her business has never been better. Nevertheless we are preparing for the worst by reducing expenses where possible. If things get really bad I will likely work there full time which means I wont have to worry about landing IT jobs.

[Chomsky]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Sorry folks. I can't help but note the overwhelming impression of this thread, which has "awarded itself" five stars - is a golden opportunity for everyone to proudly trot out their credentials. :rolleyes: It's the credentials which are being lavished with all the attention here - the report from the ground on the deteriorating business conditions is looking distinctly like the window dressing for the main exercise. A collection of well dressed gentlemen all depositing their smart looking business cards - like one of those upscale cafe's, where everyone gets to see and be seen. (yawn). I do apologize, my enthusiasms get so wilted by any traces of pomposity. Now doubtless a few red faced and grievously affronted contributors will lambast me for this unseemly confession. ;)

As if every one of your excessively logorrheic posts isn't a monument to your own towering and overweening pride.

[Basil]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Sorry folks. I can't help but note the overwhelming impression of this thread, which has "awarded itself" five stars - is a golden opportunity for everyone to proudly trot out their credentials. :rolleyes: It's the credentials which are being lavished with all the attention here - the report from the ground on the deteriorating business conditions is looking distinctly like the window dressing for the main exercise. A collection of well dressed gentlemen all depositing their smart looking business cards - like one of those upscale cafe's, where everyone gets to see and be seen. (yawn). I do apologize, my enthusiasms get so wilted by any traces of pomposity. Now doubtless a few red faced and grievously affronted contributors will lambast me for this unseemly confession. ;)

Yes Lukester, you are quite right. For people like you and me, its our humility that makes us superior.

[Guest]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

Chomsky has got a bug up his nose. Come over here Chomsky, and I'll stroke your ruffled feathers till you calm down. Sorry to upset you. Apologies to all the worthy gents for taking a poke at the general tone of this thread.

[hoodoo]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

No credentials in my post - just a statement of the type of work that I do so people can assess the perspective I have on the information that I am offering.

If a clerk at McDonalds posts here that they are cutting hours in their store that's useful info. If a PhD says, hey last week there were only three people in line at Subway during lunch I think you'll have to admit that's less useful. It's not the credential that matters, it's the context in which it puts the anecdotal information.

Hoo

Sorry folks. I can't help but note the overwhelming impression of this thread, which has "awarded itself" five stars - is a golden opportunity for everyone to proudly trot out their credentials. :rolleyes: It's the credentials which are being lavished with all the attention here - the report from the ground on the deteriorating business conditions is looking distinctly like the window dressing for the main exercise. A collection of well dressed gentlemen all depositing their smart looking business cards - like one of those upscale cafe's, where everyone gets to see and be seen. (yawn). I do apologize, my enthusiasms get so wilted by any traces of pomposity. Now doubtless a few red faced and grievously affronted contributors will lambast me for this unseemly confession. ;)

[pianodoctor]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

You can guess from my screen name what I do. I serve private homes, piano retailers, and the cruise ship industry- what I called my 3 legged stool.

Private homes business has stayed about the same so far. I primarily serve a fairly well-to-do territory.

My retailer friends are in deep doo-doo. This is true all across the country. Piano retailers going under left and right. Much of their business was furnishing nice newly bought homes with pianos these past several years. Now it seems they are hit not only by the housing collapse itself, but also by the more widespread contraction in durable goods sales as people batten down. While there are a certain number of good buyers still out there, there are so many going out of business sales with drastic price cuts that the buyers are avoiding the stores who may otherwise have been able to hang on and they are vulture-shopping the fails. Any potential survivor has to be able to wait this out. So there's a real triple whammy working against any dealer not yet gone under. And thus one of my 3 legs is unlikely to be there in 2009.

I have just received word from the (entry level) cruise ship industry that there will be drastic cutbacks in 2009 in the budget for our maintenance work. I know more details than I can really give out, but let's just say that leg has significantly weakened. It doesn't sound like they are in as much trouble as the retailers, but they are cutting back significantly on all kinds of things.

So all in all it looks like I've got about 1 1/2 legs left of the 3 legged stool. But I feel worse for my retailer friends. Some have done it all their lives and don't have any other legs.

[BrianL]

Re: How the Economic Crisis/Recession has Affected Your Job and Your Employer

I'm in the video game industry. The industry has continued the consolidation its' been going through the last few years. It may be speeding up, but it is difficult to tell.

Very little direct impact so far. One challenge is hiring. Gcompanies employ a large number of specialists in different domains (graphic programming, animators, etc). The middle-to-top tier talent is spread out, as the industry has many hubs. If there is a lot of growth in your hub, hiring from elsewhere in the country or world has been common place.

One of the big hubs is in California. Anyone who owns a house down there isn't moving for obvious reasons. A lot of the senior talent owns homes. As a result, the hiring pool for Seattle, Vancouver and elsewhere is much smaller than it has been in the past.

Long term, this will probably cause projects to be killed which will endanger studios. It's odd how unemployment is going up but lack of qualified applicants may cause studio to consolidate and lay people off.