Be obsessively organized on everything you do.
Francisco J. Faraco is CEO & Founder of Faraco Partners, LLC, which is incorporated to do business in the State of New York. The firm provides Wealth Management Services to Individuals, Families, and Corporations Globally.
Prior to starting his own firm, Francisco was an Executive Director and Financial Advisor at Morgan Stanley in New York, handling accounts for High Net Worth Individuals (HNWI) and Corporations across Latin-America. Earlier, he spent 6 years as an Executive Director at J.P. Morgan, offering Investment Advisory, Portfolio Management and Trading Execution Services to Private Clients in Mexico, the Caribbean and Andean Regions. He previously worked as a Vice President/Portfolio Advisor at Banco Santander, Financial Analyst at Merrill Lynch and Associate Director at Safra National Bank of New York. Francisco began his career as a Prop Trader at Eurobanco in Venezuela, overseeing all Local-currency and US Dollar Funding, Repo Trading, Short-dated Interest Rates Businesses and Emerging Markets Dollar-denominated Bond Trading.
Francisco holds an MS in Financial Mathematics from the University of Chicago, an MA in Economics, with concentration in Financial Economics and Economic Development Policies, from the American University in Washington, DC, and a BBA in Banking & Finance from Universidad Metropolitana in Caracas, Venezuela.
Francisco currently resides in Scarsdale, NY with his wife and three children.
What’s one trend that excites you?
Artificial Intelligence is a topic that truly excited me. AI has made a tremendous impact in real-life situations across all industry sectors and will definitely change the world as we know it today. The scope of AI is literally limitless and I am so looking forward to experiencing how this technology would evolve and become part of our day to day life.
What is one habit of yours that makes you more productive as an entrepreneur?
I always have a daily plan of attack to start off my day. I have a structure in place that I try to follow as close as possible; yet, I tend to be nimble and even be able to improvise a bit when unexpected situations arise that require me to make decisions on the spot.
What advice would you give your younger self?
I would borrow a quote from Jack Ma, founder of Alibaba and one of the greatest entrepreneurs of our times, “Before you turn 20 years old, be a good student and get some experience. Before you turn 30 years old, it’s not which company you go to, but which boss you follow.” To me, this is one of the most important steppingstones for success.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Be obsessively organized on everything you do.
What is the best $100 you recently spent? What and why?
Over the Christmas holidays, my family and I partnered with our local church and donated a meal to a low-income family from the area. I didn’t want to just put a $100 bill in an envelope and sent it to the organizers. I wanted my kids to participate as well. Thus, we took them to the supermarket and asked them to help us do the groceries for this family. In the end, they were so careful choosing the food, excited to contribute to the happiness of others and learned a life lesson – there are times to receive and times to give, especially to those who are less fortunate than us.
What is one piece of software or a web service that helps you be productive?
Ranking right at the top of the list is Bloomberg! It’s very difficult, if not impossible, to be in the Investment field and not be a compulsive dependent of a Bloomberg terminal 🤓
What is the one book that you recommend our community should read and why?
There are several books about Finance and Investments that have left great memories on me for decades. Inventing Money by Nick Dunbar is the best book ever written about the hedge fund Long-term Capital Management: from the Partial Differential Equation to derive the Black-Scholes-Merton option pricing formula to the guys who mastered it to the excesses and subsequent fail of LTCM. Another interesting book is Reminiscences of a Stock Operator by Edwin Lefevre. This is a classic book and tells, in first person, the story of a character inspired by the life of Jesse Livermore, who was a very famous stock trader in the US during the first decades of the 1900s.
What is your favorite quote?
You just can’t beat the person who never gives up. – Babe Ruth
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.