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One of those cognitive dissonances that, for now, has passed into embarrassed history, but is sure to re-emerge the moment the financial markets regain their resting state of giddy optimism fueled by the delusional self-confidence of vain men. | One of those cognitive dissonances that, for now, has passed into embarrassed history, but is sure to re-emerge the moment the financial markets regain their resting state of giddy optimism fueled by the delusional self-confidence of vain men. | ||
Back in the day, a resourceful [[salesperson]] with a clever new product (one that, you know, embedded [[leveraged alpha]], or something) had to go through the motions of justifying its “extraordinary potential”<ref>i.e., for [[sales credits]]</ref> when pitching it to | Back in the day, a resourceful [[salesperson]] with a clever new product (one that, you know, embedded [[leveraged alpha]], or something) had to go through the motions of justifying its “extraordinary potential”<ref>i.e., for [[sales credits]]</ref> when pitching it to {{sex|his}} [[mark]]s<ref>Did I say “[[mark]]s”? I meant “sophisticated [[client]]s properly categorised for [[MiFID]] purposes as professionals who weren’t carpet-bagging blaggers, had the slightest clue what they were about, effortlessly saw [[charlatan]]s coming a mile off and weren’t remotely influenced by the [[corporate entertainment]] — golf, motor racing, fine dining and [[hookers]] — with which they were lavishly festooned”.</ref>. | ||
The problem with financial markets was, is, and always will be this: ''you can’t anticipate the future''. This isn’t a shortcoming of contemporary financial management techniques, by the way: it’s in a market’s very nature. If you ''could'', you couldn’t make money betting on it. | The problem with financial markets was, is, and always will be this: ''you can’t anticipate the future''. This isn’t a shortcoming of contemporary financial management techniques, by the way: it’s in a market’s very nature. If you ''could'', you couldn’t make money betting on it. | ||