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When you take the other side of a financial contract, you must read it with peril-sensitive sunglasses. | When you take the other side of a financial contract, you must read it with peril-sensitive sunglasses. | ||
Now this “cheapest-to-deliver” concept is no long-lost curio from the history of the structured credit market. Being a foundational premise of the [[agency problem]], it is in turn a cornerstone of any service industry. You know, such as the [[Financial service|financial services industry]], or the [[legal services]] industry, and the [[Management consultant|consulting industry]]. | |||
Any organisation to whom one outsources one’s operational framework for the long term will measure its success by how closely it can tack, on average, to the bare minimum whilst not too regularly over-stepping it. | Any organisation to whom one outsources one’s operational framework for the long term will measure its success by how closely it can tack, on average, to the bare minimum whilst not too regularly over-stepping it. | ||