Trade metabolism | The New Economist


How the profession’s customs and everyday life have developed in 30 years


Photo by Nicholas Cappello, Unsplash

A few years ago, a stranger approached me at a conference. I had been introduced as a stock salesman with over 30 years of experience. “Success or failure?” he asked me mischievously. I laughed. When I started in stockbroking, development in the over 50 field was synonymous with failure. If those concerned had not earned enough money to retire early, they were considered losers. I’m still here and I’m not the only one. There are a lot more gray hairs on sales tables these days.

Growth versus value stocks

This is not the only change. Trading revenues have declined due to regulation and new technologies. The method of remuneration for sell-side analysts [la partie du secteur qui s’occupe de la création, de la promotion et de la vente d’actions, ndt] and the sellers have changed. But the biggest difference is the type of conversations I have and who I have them with. Twenty years ago I was barely speaking to the public interested in quick wins. Today I spend most of my days with him. The share price is set on the margin. And both the buyer and seller of margin is a hedge fund manager.

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