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Lumifer comments on question: the 40 hour work week vs Silicon Valley? - Less Wrong Discussion
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(1) Is true, just as it is true in scientific research, for example.
(2) Hiring people only if their expected contribution is greater than their expected cost is the baseline, standard, utterly normal practice everywhere.
(3) "People who can't devote just about every waking hour to work don't stay employed in finance very long" -- is false.
(4) "Once someone hits 40 or so they're usually burned out and leave the industry" -- is false.
I think you're confusing finance as an industry and small-scale, indie trading.
My brother used to do stock trading (in a small group) for Goldman Sachs before jumping ship for a hedge fund that offered him much more money. Of course, not everyone in finance does stock trading, so he might be seeing only a small part of what goes on...
Right, so ask him about the finance industry (which is mostly banks, by the way) -- prop trading is only a very small corner of it...