Loyalty discount: Difference between revisions

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 Now none of this is to defend, much less justify, city pay levels. Should we shed tears about relative disfavour among a group as systematically overcompensated as city drones? We should not. And we do not. But still, we should understand the [[systemantic]] forces at play.
-Fundamentally, the deployment of capital to investment — this is the sun total of what the financial services machine, at its most basic level, does — is a risky, important and therefore valuable thing. Markets that most effectively allocate capital do best. In any case those who are good at it stand to make a lot of money. This will not change. Effective capital allocation is worth paying for.
+Fundamentally, the allocation of financial capital — which is the sum total of what the financial services machine, at its most basic level, does — is a risky, important and therefore valuable thing. Markets that most effectively allocate capital do best. In any case, those who are good at it stand to make a lot of money. This will not change. Effective capital allocation is worth paying for.
 The [[JC’|JC’s]] operating premise is that those who do get to do it do ''not'' do nearly as good a job of it as they should. Our [[roll of honour]] refers.