Quants: The Alchemists of Wall Street
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I agree that trading desk employees should have some skin in the game – but given that markets do go through bull & bear phases, there exists a role for specialists to move moneys out of the markets into safe harbour when overvaluations / bear phases commence. Anyone who has survived a bear market will agree that there is a tremendous destruction of wealth – which could be avoided, by simply stepping aside.
This however is not achieved without considerable training and practice – so the money manager does actually serve a very useful purpose, if you can find / become the right one …
I would disagree – deciding when to be out of the game is actually a profoundly easy decision and can be taught to anyone in five minutes. The technique is easy whereas the execution is hard.
‘…tremendous destruction of wealth – which could be avoided, by simply stepping aside….’
No disagreement Chris …
It’s the time and money that one invests in acquiring the ability to execute the exits –