Quote:
Originally Posted by OldShooter
If @Freedom56's source was actually able to make reliable predictions of the market, why was he/she stuffing themselves into a suit and commuting to work for Credit Suisse in a building where the windows didn't even open? If there are actually people who can make reliable market predictions, they are certainly not working for a living. Probably they are sitting on private tropical islands sipping from glasses garnished with orchids and making a few trades once in a while when the checkbook gets low. Personally I don't think there are any such people, but if there are you can be sure that we will never see them or be able to take advantage of their skills.
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Short answer, he did it for the money. Salaries of wealth managers in large firms are pretty phenomenal when you include the bonus. He didn't predict anything, Credit Suisse had some good fixed income research analysts who saw what was coming and got their wealthy clients out while telling their retail investors to buy. He also retired a few years before I did and lives in the Westwood area of Los Angeles. It's not a tropical island but not a bad place to live. The story about Credit Suisse getting their wealthy clients before the 2008 bear market out was written in the press.
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