The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Smith & Wollensky Nasdaq special: Every crash has a medium-rare lining

Smith&Wollensky has come up with the ideal recipe for those bankers and investors who are still smarting, and who are feeling slightly less flush in the wallet department. Despite sounding like a boutique financial firm, Smith&Wollensky is in fact one of New York's premier steakhouses, oft frequented for lunch and dinner by all echelons of Wall Street.

Starting last month the restaurant introduced its Nasdaq special. Until the end of August, on Friday lunchtimes only, diners will be offered not just the usual menu of rib-eyes, T-bones and other filling fayre, but also the chance to have a three-course meal whose price is pegged to the closing price of the Nasdaq Composite index the day before.

It wouldn't have caught on this time last year, when the Nasdaq was just coming down off its high of 5100. But as it's now hovering nearer 2000 points, it's a bargain.

When Euromoney, purely in the interests of research of course, visited in mid-April with some curious bankers from a couple of European firms, the Nasdaq had finished at 2160 points on Thursday, making the meal a round $22 each.

That's a pretty good deal, considering that a steak alone costs $27.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree