Satyajit Das, author of "Traders Guns & Money - Knowns and Unknowns in the Dazzling World of Derivatives", p.54-
I used to be responsible for showing the trainees around the trading floor. "Look, it's quite simple," I said, breaking down the hierarchy of the trading floor. "There are salespeople - they lie to clients. Traders lie to sales and to risk managers. Risk managers? They lie to the people who run the place - correction, think they run the place. The people who run the place lie to shareholders and regulators." I remembered our quantitative colleagues. "I forgot the quants - our fabulous rocket scientists! When last heard from, they were trying to develope a model for lying,"
"And clients?" one of the trainees asked tentatively. I thought about it for a few seconds. "Clients. They lie mainly to themselves!" To enter the world of derivatives trading is to enter a realm of beautiful lies.
If you are seeking investment help, look at the video here on my services. If you are seeking a different approach to managing your assets you have landed at the right spot. I am a fee only advisor registered in the State of Maryland, charge less than half the going rate for investment management, and seek to teach individuals how to manage their own assets using low cost indexed exchange traded funds. Please call or email me if interested in further details. My website is at http://www.rwinvestmentstrategies.com. If you are new to investing, take a look at the "DIY Investor Newbie" posts here by typing "newbie" in the search box above to the left. These take you through the basics of what you need to know in getting started on doing your own investing.