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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, and watching her blow dandelion fronds around a meadow bathed in golden light. | {{a|g| | ||
[[File:Dandelion girl.jpg|450px|thumb|center|The [[ultimate client]]’s granddaughter in a meadow, yesterday.]] | |||
}}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... | ||
{{sa}} | {{sa}} | ||