Thank you Russell.

For anyone interested in a more detailed analysis of the overall labor market head here:


Expand full comment

I think what you've described, Russell, is really the result of passive management and the concentration of capital in ever fewer hands.

Another revealing example: Residential property prices in Global Tier 1 cities have soared, but transaction volumes have fallen. So real estate agents are actually struggling in a bull market.

Expand full comment

Unfortunately, finance is one of those fields where anyone and everyone can talk to talk, but only a few actually deliver. In such a bad crowd, good gets lost among bad. Despite the modis operandi talks of meritocracy, it is driven by crony capitalism. Even on the buy side, many talks about how they stand out in their research, due diligence and what not, but in my experience, a close look will easily show that most hiring PMs and CIOs shy away from experienced hires, (either threatened by the talent, or their ego gets best out of them, picking the low hanging but useless juniors...) It is ironic.

Expand full comment