"The only place where you really don't see any evolution in process at all is on Wall Street. There are a lot of conflicts of interest embedded in that compensation program."
"If you sit somewhere on Wall Street and your strategy is that you're a value guy or gal, or you're a smallcap fund manager, you are gainfully employed to market these strategies no matter what is happening."I would add that such conflicts of interest -- and job insecurity (they have to keep up) -- is no small element in the thrusts that tend to characterize late-stage bubble activity.
One more from Keith that jibes with my message from last evening:
"I’m just a Gen-X guy who remembers my Wall Street friends losing ½ of what was in their 401k, twice in the last 20 years, without going through a divorce."Me, I'm just a Baby-Boomer who vividly remembers those two episodes, and several that preceded them...