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The devil is not in the detail. The devil is the detail: Difference between revisions
The devil is not in the detail. The devil is the detail (view source)
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{{Quote|Der Teufel mag im Detail stecken, aber Gott steckt in den Lücken.<ref>The Devil may be in the detail, but God is in the gaps.</ref> | {{Quote|Der Teufel mag im Detail stecken, aber Gott steckt in den Lücken.<ref>The Devil may be in the detail, but God is in the gaps.</ref> | ||
:—{{Buchstein}}, {{dsh}}}} | :—{{Buchstein}}, {{dsh}}}} | ||
It is a well worn trope: there is so much one can commoditise, but the final mile one must walk in the moccasins of utter expertise. It may be true that 80 per cent of your bond documentation is total boilerplate, but the rest — oof — is a monster. | |||
On this commonplace is much of the [[Magic Circle]]’s patter premised: they are ably aided in it by their clients, many of them refugees of that brotherhood whose livelihoods are similarly guaranteed by the presumption. | |||
And, to be sure, should you peruse your average securitisation — here’s the prospectus for [https://capitalmarkets.fanniemae.com/media/6516/display Multifamily Connecticut Avenue Securities Series 2019-01 Notes Due October 2049] — you will soon be scooping out your eyes with the proverbial spoon. | |||
{{sa}} | {{sa}} | ||
*[[Document risk]] | *[[Document risk]] | ||
*[[Die Schweizer Heulsuse]] | *[[Die Schweizer Heulsuse]] | ||
{{ref}} | {{ref}} | ||