A portfolio is often the rarest thing you will find with full time developers who are working on key industry projects. Often they don't have time to code outside of their job or the last thing they want to do after coding at work all day is do the same when they get home in order to make a portfolio. If I see a developer with a portfolio who is not a contractor I start to wonder; do they have an unhealthy obsession with development and no social life or are they so devoid of work in their role that they have the time to do a portfolio on the side.
I think that these are all good, valid points. :)
I just think that it is a good way to judge the development skills of junior devs. When I got my first job, it was definitely being able to talk about the side project that I had created and the processes that I used that landed me the job, not my ability to solve fizz buzz and do SQL queries.
Once you are a mid-level or senior dev, I think that people are able to evaluate your skills in a different ways.
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