I sat next to an interesting young guy on a flight to India recently. He is an asset manager. We got onto a conversation about the money business and he said this about the micro-lending industry, "I am not saying that don't do some good, but they do more harm than good."
I told him my view on stoke brokers and asset managers, and he didn't disagree, but he did say that his work can be important, and in the humblest way. I do believe that protecting one's assets is necessary, but what I don't understand are smug asset managers and stock brokers who act like what they do is the ultimate thing in the world. The way most of them go on and on one would think that if they were not there then the world would not function.
We need all kinds to make the world go round. But more importantly, we need the building blocks. The fundamentals. Without the assets to manage these guys would have no deals to make. And the last time I checked there was no university degree or course called deal making.
The get-rich-quick mentality in the world just seems to be increasing. People want to make deals, and get bucks. I am not sure what this means. I do know that the money industry used to be the domain of older men. And now, we see more and more younger people, who know nothing about nothing, tell you how the world works. I liked the young guy who I met recently. He told me he listens to his mother. I meet many "money people" and I call tell you, they generally don't listen to anyone.
Posted by Ronnie Apteker