Spotting fish who you can overcharge is not really a sustainable business model. You can do it once but your colleagues will find out, move to a competitor, and next time they'll rip them off a bit less than you did and you'll have to rip them off less than that.
There is, eventually, a shortage of dumb money. The sustainable way of making money involves competition, and this involves knowing the "right" price within a tight tolerance.
lordnacho|1 month ago
> You need quants and sales and trading. Which is why all banks have all three.
I don't think anybody said you can just run without one of those. But it seems the magic is in spotting the fish, not hauling it in.
fancyfredbot|1 month ago
There is, eventually, a shortage of dumb money. The sustainable way of making money involves competition, and this involves knowing the "right" price within a tight tolerance.