Quote of the Day: Where’s Wall Street Coming From?

Hedgeye CEO Keith McCullough understands how it works:

“The only place where you really don’t see any evolution in process at all is on Wall Street. There are a lot of conflicts of interest embedded in that compensation program.”

“If you sit somewhere on Wall Street and your strategy is that you’re a value guy or gal, or you’re a smallcap fund manager, you are gainfully employed to market these strategies no matter what is happening.”

I would add that such conflicts of interest — and job insecurity (they have to keep up) — is no small element in the thrusts that tend to characterize late-stage bubble activity.

One more from Keith that jibes with my message from last evening:

“I’m just a Gen-X guy who remembers my Wall Street friends losing ½ of what was in their 401k, twice in the last 20 years, without going through a divorce.”

Me, I’m just a Baby-Boomer who vividly remembers those two episodes, and several that preceded them… 

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