Tim Bond and the impending bubble

A few weeks back I had a very amusing drink down some local City boozer with a senior director of a very large investment bank charged with building products and funds to sell to the likes of you and me. Quite the funniest part of the conversation was his evident disdain for strategists.

Obviously I didn’t take notes over my packet of crisps and half pint of lime top lemonade. But the gist of his views was these intellectual strategist types love to come across as all smug and usually bearish with their grand prognostications but, by and large, they were bloody useless in any meaningful trading or fund construction sense.  The top guys in the banks love to brag about their top-rated so and so, allowing them largely to dress as they want and say what they want, but my senior director was largely of the view they were useless in predicting inflection points and even worse tha...