Strategists: Who Needs ‘Em?

We have generally found bulge bracket strategists to be worthless. They tell you what happened after the fact, and like to say “I told you so” a lot.  Worst of all, they don’t run money. If they did you would get to see how bad they are.

Here is a great idea for the BSD’s running the shops around the Street:

Next time you have to cut costs, lay off a strategist. They are parasites that suck the bonus pool dry. The only people that care about them are journalists who need a story, and loser CIO’s on the BuySide who need people to buy them lunch.  At least in gets them out of the office.

Morgan Stanley’s strategists and economists are dropping like flies. Henry McVey is leaving Morgan Stanley to go to Fortress.  Economist Stephen Roach, who must have a wicked case of asian contagion, also decamped recently.

Henry, you are supposed to join the BuySide before the firm goes pubic!

McVey Quits as Morgan Stanley Investment Strategist
Bloomberg

Charlie Rose: A Conversation with Henry McVey and Stephen Roach about the Markets
Video

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