It seems likely that “to have been Bernied” will enter the lexicon.
I would like to say that I am more bemused than amused – but I am not. More often than not when I told counterparties over the past year or so (when there was still a debt market) that long term relationships are worth more than a few basis points I am met by a confused agreement that “we are relationship driven.” Which meant; if we can steal this piece of business for a few basis points we will but when times are harder dont’ expect us to be around.” Or the definition of a banker (see umbrella and rain.)
The constant search for brilliance where only luck existed (see any number of soon to be defunct hedge funds) obscured the reality that only the very brilliant outperform consistently; and almost none beyond their public recognition.
I wish it were sad. It is not. It is how life is. We will return to a form of normality which I knew when I started in this business; most are not very good, and by the time you get to hear of the rest it is too late already.
