>Couldn't help being reminded by this debate of the wise words my boss said
>to me the last time we discussed this sort of thing:
>"Remember this. You don't work for this company. You work for a small
>syndicate composed of me, you and [the other banks analyst]. Our
>relationship with this company is that it provides us with a desk each, a
>computer each, and a salary which saves us from having to bill our clients
>for research. We are customers of this firm, not employees. Our franchise
>is completely trasferable, and if I think we can get a better deal
>elsewhere, we'll take it. Remember: shareholders' capital is plentiful,
>specialised labour is scarce. All the rewards of business flow to the
>scarce factor."
>pretty f'kng strong stuff, I thought, for a public-school-educated twenty
>year stockbroker.
>dd
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