“We might have hit near bottom, but the
Michael McNaught-Davis, CFA
Profi le | page 13
16
32
20
25
38
12
featur
WHERE DO WE GO FROM HERE?
e
8
REGULATION ROUNDTABLE
Senior industry heavy hitters look at the impact the 25
MANAGING EXPECTATIONS
There is a big gap between a fund’s total return and an
credit crunch will have on future regulation. investor’s actual profi t, because individuals and their
advisers often buy into a fund at the wrong time writes
16
WE SHOULD HAVE SEEN THE CRISIS COMING
Christopher Traulsen, CFA.
James Montier dismisses the view that the credit crisis
was a ‘black swan’.
28
EQUITY MANAGERS BUY WELL
BUT SELL BADLY
20
WHAT NEXT FOR INVESTMENT BANKING? Managers are good at spotting winning and losing
Suzanne Hsu, CFA, looks at what follows on from the shares, but their returns are hit hard because they sell
disappearance of the independent investment bank. the winners at the wrong time and hold on to the
losers, says Malcolm Smith, ASIP.
22
ARE SECURITY ANALYSTS
FASHION VICTIMS?
Analysts follow management fashions, but it can be 30
SURVIVAL TACTICS FOR CITY STAFF
The credit crisis has changed both the job functions,
detrimental to businesses and corporate strategy, argue
and the pay, of City employees, write Sarah Dudney
Ann-Christine Schulz and Alexander T Nicolai.
and Yuan Yuan Xu.
2 WINTER 2008/09
02-3 contents.indd 2 27/11/08 16:35:47
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