Plus: Chinese Retail Investors, Gold Financing, Monzo
As a former sell sider for 10 years and now a buysider for 18 years, this is a great piece of writing. What the street offers is greatly commoditized. They all need to demonstrate their “onlyness” except they can’t figure out what that is. Zero imagination.
I really enjoyed reading your insights, especially your approach on providing historical context which is so important to deeply understand the business.
I have read your other posts on asset management and banking. I am wondering if you have a perspective on the future of wealth management, you touched on it one of your posts but wondering if you might do a deep dive similar to this one or the AWS of finance one. I ask for my own selfish reasons. I am in wealth tech and am trying to discern what the business might look like a decade from now given the cost pressure and regulatory environment.