Nice guys don't usually end up last.
Bloomberg News reports that maybe the secret to success on Wall Street is being nice.
In the world of high finance, it’s been an article of faith among some that the only way to succeed — or even survive —is to be ruthless. But a new study in the latest issue of the Personality & Social Psychology Bulletin suggests those money makers at the top of the food chain, hedge fund managers, could benefit from being a little less mean. It turns out that people who exhibit what health professionals consider psychopathic traits actually perform worse than their peers over time.
Psychologists define a “psychopath” as someone who, among other things, lacks a conscience — an individual who often acts in a manipulative fashion for personal gain. While such traits aren’t the best way to win friends and influence people outside of work, they are seen by the more mercenary as advantageous when it comes to climbing the career ladder or making money.
This may not be the case. Psychology professors Leanne ten Brinke, of the University of Denver, and Dacher Keltner, of the University of California at Berkeley, teamed up with a hedge fund expert, Aimee Kish of San Francisco-based investment firm TeamCo Advisers, to study the personalities and performance of 101 hedge fund managers.
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