Ultimate client: Difference between revisions
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{{g}}The [[ultimate client]] himself is probably some benign, well-meaning, atavistic pensioner with few expectations beyond seeing out his autumnal years dandling a grand-daughter on his knee, watching her blow dandelion fronds around a meadow bathed in golden light. | {{g}}The [[ultimate client]] himself is probably some benign, well-meaning, atavistic pensioner with few expectations beyond seeing out his autumnal years dandling a grand-daughter on his knee, and watching her blow dandelion fronds around a meadow bathed in golden light. | ||
To this unitary goal he has ploughed the meagre returns of a lifetime’s manual work, spent down a pit or something, via diverse routes (stewarded by personal [[investment adviser|investment advisors]] who signed him up by reading a lengthy [[disclaimer]] from a [[playbook]]) into ISAs, retirement schemes, life [[insurance]] policies, and [[investment fund]]s, each of whose [[asset managers]] outsource their trading functions to third party [[dealing desks]], who [[hedge]] their actuarial [[delta]] with units in [[fund of hedge fund]]s whose managers in turn invest in dynamic portfolios of ''actual'' [[hedge funds]], who invest the proceeds [[Stock loan|borrowing]] securities to [[sell short]] on margin, pledging as they do the collateral to their [[prime broker]]s, who upgrade it by using it as [[collateral]] for high-credit quality bonds lent by [[agent lenders]] on behalf of the — ahh — pensioners for whom they hold those assets... | To this unitary goal he has ploughed the meagre returns of a lifetime’s manual work, spent down a pit or something, via diverse routes (stewarded by personal [[investment adviser|investment advisors]] who signed him up by reading a lengthy [[disclaimer]] from a [[playbook]]) into ISAs, retirement schemes, life [[insurance]] policies, and [[investment fund]]s, each of whose [[asset managers]] outsource their trading functions to third party [[dealing desks]], who [[hedge]] their actuarial [[delta]] with units in [[fund of hedge fund]]s whose managers in turn invest in dynamic portfolios of ''actual'' [[hedge funds]], who invest the proceeds [[Stock loan|borrowing]] securities to [[sell short]] on margin, pledging as they do the collateral to their [[prime broker]]s, who upgrade it by using it as [[collateral]] for high-credit quality bonds lent by [[agent lenders]] on behalf of the — ahh — pensioners for whom they hold those assets... | ||
Revision as of 15:04, 27 August 2020
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The ultimate client himself is probably some benign, well-meaning, atavistic pensioner with few expectations beyond seeing out his autumnal years dandling a grand-daughter on his knee, and watching her blow dandelion fronds around a meadow bathed in golden light.
To this unitary goal he has ploughed the meagre returns of a lifetime’s manual work, spent down a pit or something, via diverse routes (stewarded by personal investment advisors who signed him up by reading a lengthy disclaimer from a playbook) into ISAs, retirement schemes, life insurance policies, and investment funds, each of whose asset managers outsource their trading functions to third party dealing desks, who hedge their actuarial delta with units in fund of hedge funds whose managers in turn invest in dynamic portfolios of actual hedge funds, who invest the proceeds borrowing securities to sell short on margin, pledging as they do the collateral to their prime brokers, who upgrade it by using it as collateral for high-credit quality bonds lent by agent lenders on behalf of the — ahh — pensioners for whom they hold those assets...