The faster metabolism of finance, as seen by a veteran broker
Prices are set at the margin. And the marginal trader is a hedge-fund manager
A FEW YEARS ago a stranger sidled up to me at a conference. I had been introduced as an equity salesman with over 30 years of experience. “Success or failure?” he asked impishly. I laughed. When I started in stockbroking, anyone older than 50 carried an air of defeat. If they hadn’t made enough money to retire early, they were seen as losers. Well, I’m still here and I’m not the only one. There is a lot more grey hair on the sales desks these days.
This article appeared in the Finance & economics section of the print edition under the headline “Sexagenarians and the City”
Finance & economics January 15th 2022
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From the January 15th 2022 edition
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The great-man theory of Wall Street
Why finance is still dominated by bold individuals
Hong Kong’s property slump may be terminal
Demographics and geopolitics will make a recovery harder
Why everyone wants to lend to weak companies
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American veterans now receive absurdly generous benefits
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Nobody is to blame. Everyone suffers
Trump wastes no time in reigniting trade wars
Canada and Mexico look likely to suffer