Extracts from Backstage Wall Street by Joshua Brown: One of the main differences between those who work in the money management industry and their customers is that the former are trained to never to allow the latter to catch even a glimpse of doubt. While this is obviously disturbing, there is also something oddly admirable about that near-universal dedication to the Precision Myth among financial professionals. “Pick up those phones, people, and let them know it’s going to be OK.” But what if the professionals themselves are unconvinced that things will be OK? Is this permissible? Is there room in this line of work for a molecule of indecision or doubt? “Be right, be wrong, but have an opinion.” Is this a logical line of thinking or a spate of nonsense worthy of only the most grotesque character from the pages of a Lewis Carroll story? “Hold their hands, be reassuring. This is what they’re paying us for.” You’d be amazed at how true this statement actually is, particularly in the ...
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