David K. Donovan Jr. - The Dumbing Down of Buy-side

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    [nh Kxecmfj Kgzf go {nh Cx}%tmkh

    C} Kavmk @& Kgfgvaf

    [nh Shjxba{mgf FET .gs Shj FET- eas`h{ mfosat{sxd{xsh sxbht {na{ zhsh dgftgbmka{hk mf3

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    h~dnafjht tg {nh} daf jh{ oat{hs ka{a ohhkt zm{n {nh tgbh jgab go tdab|mfj {nh cx}%tmkhgskhs obgz&

    Ex{xab oxfk dge|afmht {na{ sh|shthf{ {nh |xcbmd {nsgxjn ;

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    {nh hqxm{} eas`h{t& Ogs h~ae|bh" mf {nh |at{" {nh thbb%tmkh zgxbk |sgvmkh qxabm{} bmqxmkm{}mf emk% afk teabb%da| t{gd`t c} xtmfj {nhms cabafdh tnhh{ {g dgeem{ da|m{ab {g oadmbm{a{h{sakht& [gka}" zm{n {nh eas`h{ osajehf{hk" bmqxmkm{} mf {ngth faeht mt fgfh~mt{hf{& At ashtxb{ go atth{ eafajhst fg{ jh{{mfj qxabm{} bmqxmkm{} mf emk% afk teabb%da| faeht" {nh}navh mft{hak {xsfhk {g mfvht{mfj mf h~dnafjh%{sakhk oxfkt afk csgakhs eas`h{ mfkh~ht a{

    {nh h~|hfth go tmfjbh t{gd` faeht {g jh{ eas`h{ h~|gtxsh {g {nmt jsgx|&

    \smdh Tbm||ajh

    [nh thbb%tmkh nat abtg khdmkhk {g mfvht{ afk ch{{hs abmjf m{thbo zm{n {nh NO[t" znmdn natdsha{hk a dgfobmd{ go mf{hsht{ ogs {nh cx}%tmkh& Fgz znhf a cx}%tmkh gskhs mt hf{hshk mf acsg`hsajh hbhd{sgfmd {sakmfj t}t{he" {nh cx}%tmkh hbhd{sgfmd abjgsm{nemd gskhs mt chmfjsgx{hk {g {nh dnha|ht{ vhfxh afk fg{ {g {nh vhfxh {na{ |sgvmkht {nh cht{ bmqxmkm{} afkh~hdx{mgf& [nhth dnha|hs vhfxht dgf{amf NO[ |shka{gst {na{ daf {a`h akvaf{ajh gosgcg{md gskhs obgz cathk gf _ZA\ abjgsm{net" shtxb{mfj mf |smdh tbm||ajh&

    \smdh tbm||ajh" ogs h~ae|bh" gddxst znhf a cx}%tmkh {sakhs |a}t +3?&8< ogs af h~hdx{mgf"

    znmdn mt +&

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    Zna{ {nmt ehaft mt {na{ h~dnafjht ash |sgvmkmfj NO[t zm{n {nh acmbm{} {g gx{ mft{m{x{mgfabgskhst& [nmt mf {xsf ea`ht {nh h~dnafjht dge|bmdm{ mf kmtakvaf{ajmfj {nh atth{ eafajhst"mft{m{x{mgft afk csg`hst {na{ navh a omkxdmas} sht|gftmcmbm{} {g {nhms dbmhf{t&

    Cx}%tmkh {sakhst ext{ |sg{hd{ {nhms omset gskhst c} akixt{mfj afk dnafjmfj {nhms eh{ngkt

    go {sakmfj {g avgmk NO[t& C} dgft{af{b} shb}mfj gf {nh taeh _ZA\ abjgsm{net {gh~hdx{h {sakht" {nh} ash th{{mfj {nhethbvht x| ogs {nh NO[t |shka{gs} ad{mvm{mht {nsgxjn|smdh tbm||ajh afk osgf{ sxffmfj& NO[t |sgom{ hvhs} ka} chdaxth {nh}sh |ba}mfj |g`hsafk daf thh hvhs}gfh hbtht nafkt&

    Kavmk @& Kgfgvaf mt _mdh \shtmkhf{ go Ta|mhf{ Jbgcab Eas`h{t" a cxtmfhtt afk{hdnfgbgj} thsvmdht |sgvmkhs {g {nh da|m{ab afk dgeegkm{} eas`h{t& \shvmgxtb}" KavmkKgfgvaf zat {nh |shhemfhf{ {sakhs a{ Omkhbm{} Eafajhehf{ / Shthasdn .OES-" znhshnmt vmtmgf afk jsat| go {nh mf{smdadmht go {nh jbgcab eas`h{ hfacbhk nme {g ea`h `h}khdmtmgft adsgtt Omkhbm{}t eaigs oxfkt&Kmtdbamehs9 [nh vmhzt afk g|mfmgft h~|shtthknhsh kg fg{ fhdhttasmb} shobhd{ {nh vmhzt afk g|mfmgft go Ta|mhf{ Jbgcab Eas`h{t gs af}

    g{nhs dge|af}&Ogs egsh mfogsea{mgf" vmtm{ zzz&kavmk`kgfgvaf&dge&

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