After Beating Cancer, Bernstein Analyst Goes Full "Jerry McGuire" | Zero Hedge
Description: "Ignoring a rigged system that is only getting worse won't benefit the financial services industry..."

Skip to main content

## Warning: the Smart Money and the Smartest Money Both Smell Inflation

by Phoenix Capita… - Jan 11, 2018 10:36 am

Stocks are always last to "get it."

## Gold Prices Rise To $1,326/oz as China U.S. Treasury Buying Report Creates Volatility

by GoldCore - Jan 11, 2018 5:50 am

U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign debt. Currency wars to return as China rejects U.S. hegemony in Asia

## Court Order Confirms DNC Fraud Lawsuit Appeal Will Proceed

by Elizabeth Lea Vos - Jan 10, 2018 3:50 pm

Attorneys for the plaintiffs in the DNC Fraud Lawsuit received good news from the 11th Circuit Court of Federal Appeals earlier today.

# After Beating Cancer, Bernstein Analyst Goes Full "Jerry McGuire"

After taking six months medical leave to deal his lymphoma, Inigo Fraser-Jenkins, the head of global quantitative strategy and European equity strategy at Bernstein Research in London, returned to work this week with a new perspective on life.

As BI notes, Fraser-Jenkins is perhaps best known for an essay he published in August 2016 titled "The Silent Road to Serfdom: Why Passive Investing Is Worse Than Marxism." It argued that active investors were trying to allocate capital most efficiently; socialist governments are at least attempting to allocate capital with some rationality through planning; but passive index funds don't even do that. Mindlessly tracking the S&P 500 could generate bubbles through vast piles of incoming cash being invested with the least amount of thought and analysis.

But now, as ValueWalk's Mark Melin writes, wth six months to reflect on his life while in the hospital, Fraser-Jenkins appears to have had an epiphany. Much like the movie character Jerry McGuire, the quantitative analyst woke up from a long mental slumber of day to day tedium, earning a paycheck, and wanted more to his life.

On January 8, his first full day back at work, he sent his clients a 3,921-word-long essay questioning why he does his job, the role financial services have had in creating inequality, and whether the sector has a future.

Jenkins sees himself differently now, yearning for a “social function” in this world. Unlike the movie sports agent McGuire, whose desire to put his client’s needs ahead of firm profit cost him his job, Jenkins finds that the zeitgeist of the financial services industry can provide a meaningful social function by working with, not against, the system.

### Ignoring a rigged system that is only getting worse won't benefit the financial services industry

While in the hospital, Jenkins has exited his day-to-day life to examine his larger goals and personal mission. Coming down from the mountain, the man who famously called “passive investing worse than Marxism,” looks at the financial services industry and says it needs some soul-searching.

When wages paid to average workers and the market cap of stocks diverge in different directions, the world is traveling towards Thomas Piketty’s political inequality dystopia. If changes are not made, those in the financial services industry who have largely benefited run the risk of being “shut down” and transformed into a public utility by “fiat politicians” who increasingly are at times serving what amounts to an unmet voter blood-lust.

Charges have been made the system is, of course, rigged. Author Michael Lewis initially generated elite establishment gasps when he made such a suggestion. But those with deep knowledge of how the system works know he’s not that far off. The worsening trendline now threatens the middle class and upper middle class to various degrees. Who is next?

Perhaps the most extreme example of the rigged system is MF Global.

The establishment ignored topic of blocked federal investigations will only get worse if it is not addressed. How is it possible that in an era where a judicial and investigative misconduct issue involving the White House is analyzed to death that documentation in the public domain of the trend of blocked Wall Street Federal investigations is not even examined? In a US Presidential election where the “rigged system” galvanized the grassroots on both the right and the left, how is it that the known operating mechanics of the “rigged system” remains a blacklisted topic?

This is the downtrend of the rigged system and if it isn’t addressed it will only get worse.

While Jenkins didn’t go this deep, the larger point he makes is that ignoring real issues, marginalizing valid concerns, is not in the best interests of the financial services industry at large.

### Address problem of inequality or it will eat the finance industry alive

When Jenkins looks at his chosen vocation and the larger finance industry, he examines it with a more nuanced eye that comes from six months of self-reflection.

At its core, he sees a principled industry that provides meaningful services to the economy and larger societal good. Like many others, he looks for the good. Most people in finance want the industry to respect the rule of law. From Jenkins perspective, it is income inequality that should be addressed otherwise it will eat this industry alive.

Finance is often derided for its greed and personal wealth accumulation. But taken from a larger perspective it “has an enormous amount to contribute” to the world order and easing social tensions, not just creating them.

In particular, the finance industry’s influence in the pharmaceuticals and technology industries, much derided for price gouging and informational manipulation can be a force for good. It is almost as if Jana Partners and the California State Teachers’ Retirement System (CalSTRS) urging Apple Computer to put profits aside and study the damage phone addiction is causing today’s youth was a casting call for Jenkins’ concept of doing good and finding work interesting and rewarding. At least they are making an effort to focus on something other than naked capitalism.

“Maybe the yearning for a social function is personal and merely the result of being older, or having been ill,” he writes, pointing to a “yawning inequality growing in society.”

Fix the problem, or it will eat you alive, he tells his fellow finance professionals.

Tags
Computer Hardware - NEC
Investment Management
Market Research
Brokerage Services
Investment Management & Fund Operators - NEC

## Comments

Vote up!
11
Vote down!
0
YUNOSELL Jan 11, 2018 1:22 PM Permalink

If you're the USA then you can't fix the system simply because it will mean moving to a more equitable multipolar neutral world reserve currency for settling contracts which would displace the petrodollar as the supreme unipolar world reserve and all the power and benefits this gives, and the Deep State will never allow this.

Only with another major economic crisis worse than 2008 or possibly Saudi Arabia switching to settling Oil contracts in Yuan will bring this change.

Vote up!
22
Vote down!
1
peddling-fiction YUNOSELL Jan 11, 2018 1:27 PM Permalink

If it did not kill him the first time, they will doubledown a second time. That is exactly what (((they))) did to my father.

In reply to Oh shit, now he's going to… by YUNOSELL

Vote up!
5
Vote down!
0
NugginFuts peddling-fiction Jan 11, 2018 1:38 PM Permalink

Inigo Montoya?

"Hello! My Name Is Inigo Montoya. You Killed My Father. Prepare to Die."

— Inigo Montoya

In reply to Yep, if it did not kill him… by peddling-fiction

Vote up!
7
Vote down!
0
Fritz NugginFuts Jan 11, 2018 1:40 PM Permalink

Someone slipped him a Red Pill.

In reply to Inigo Montoya?… by NugginFuts

Vote up!
3
Vote down!
6
Currency Pinto Fritz Jan 11, 2018 1:57 PM Permalink

I'm making over $14k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://disq.us/url?url=http%3A%2F%2Fwww.Jobzon3.com%3Ab8eR_DQLwGRPVGtFv…

In reply to Someone slipped him a Red… by Fritz

Vote up!
3
Vote down!
0
Never One Roach Currency Pinto Jan 11, 2018 2:05 PM Permalink

Anyone have an update on McShame's so-called "brain cancer?"

In reply to One bankster suddenly sees… by Currency Pinto

Vote up!
1
Vote down!
0
any_mouse Never One Roach Jan 11, 2018 2:22 PM Permalink

Give a hearty ZH welcome to Crypto-Pop! J-Pop on the B-chain.

https://www.rt.com/business/415604-worlds-cryptocurrency-pop-group/

Note the poppers are all flashing the 666 OK sign.

The Deep State approves.

In reply to Anyone have an update on… by Never One Roach

Vote up!
0
Vote down!
0
OverTheHedge Currency Pinto Jan 11, 2018 2:25 PM Permalink

You see? We Do have inflation.

In reply to One bankster suddenly sees… by Currency Pinto

Vote up!
4
Vote down!
0
newmacroman Currency Pinto Jan 11, 2018 2:51 PM Permalink

I make 14k an hour from my new herding fund called Sheepwave domiciled on bitcoin tax free Falkland Islands.

My co chief anal ysts are Brit Bob and NicPeeMe.

Otherwise known as Bob and PeeMe

<hilight link to bitcoin mining gear>

In reply to One bankster suddenly sees… by Currency Pinto

Vote up!
14
Vote down!
0
stacking12321 NugginFuts Jan 11, 2018 1:41 PM Permalink

Fixing extreme and growing income inequality?

to do that you must understand what’s causing it.

END THE FED!

In reply to Inigo Montoya?… by NugginFuts

Vote up!
17
Vote down!
0
peddling-fiction NugginFuts Jan 11, 2018 1:48 PM Permalink

My father realized that he inadvertently was part of the Economic Hitman squad, from Sweden, and was silenced, partly to leave no witnesses, and partly to scare me into silence (unsuccessfully may I add). Perkins is a company man and they want people to see the United States as a villain, so he is allowed to disrespect the U.S. Sweden however, needs to be seen as a victim, but it hardly is one, because the first Central Bank was founded in Stockholm, Sweden. Their Vasa royalty line is Jewish now as well, making Finland the (((duchy))) of Sweden behind the non-profit foundation scenes.

R.C. "Christian", are you entertained?

In reply to Inigo Montoya?… by NugginFuts

Vote up!
3
Vote down!
0
Scuba Steve peddling-fiction Jan 11, 2018 1:55 PM Permalink

Curious: Tell us more. Seriously.

In reply to My father realized that he… by peddling-fiction

Vote up!
15
Vote down!
0
peddling-fiction Scuba Steve Jan 11, 2018 2:14 PM Permalink

My father happened to be living and working:

1) in Iran during the Shah's last days.

2) in Spain during Franco's last days.

3) in Panama during Torrijos.

4) in Chile during Pinochet.

5) in Spain before the E.U.

6) in Croatia/Slovenia before the war (he nearly was bombed by Serbian Migs)

7) in Indonesia before Suharto was removed (he was in the Hilton during the siege of its capital)

For now I will say no more, but invite you to reread the Economic Hitman and see how his stays overlap in some of Perkins assigments. His role was not major, but probably was a supplier to the big boys.

In reply to Curious: Tell us more… by Scuba Steve

Vote up!
5
Vote down!
0
Giant Meteor peddling-fiction Jan 11, 2018 2:33 PM Permalink

"Perkins is a company man and they want people to see the United States as a villain, so he is allowed to disrespect the U.S. "

Now we're getting somewhere ...

Most all of what is seen or viewed by the good citizens, is direct from "company men."

All the news that is unfit to print, but get's printed anyway. This too, comports with the great dumbing down, and the good citzens being treated and talked too as if still in third and fourth grade, the "news" or what passes for it rather, so entirely dumbed down and purposely misdirected, it is no wonder the inmates have taken over the asylum ....

With the peoples own blessing .. I might add ..

In reply to My father happened to be… by peddling-fiction

Vote up!
5
Vote down!
0
Dukes peddling-fiction Jan 11, 2018 2:36 PM Permalink

BTW, thanks for responding and expounding further yesterday. I read through it all and found it intriguing. Thanks for taking the time.

In reply to My father happened to be… by peddling-fiction

Vote up!
4
Vote down!
0
peddling-fiction Dukes Jan 11, 2018 2:46 PM Permalink

Print it and store it. Share it to those in need.

In reply to BTW, thanks for responding… by Dukes

Vote up!
0
Vote down!
0
JRobby peddling-fiction Jan 11, 2018 3:11 PM Permalink

Those all ring many bells with one common trigger element.

The Corporate Interest Activists

In reply to My father happened to be… by peddling-fiction

Vote up!
0
Vote down!
0
East Indian peddling-fiction Jan 11, 2018 8:57 PM Permalink

Please tell me his present travel plans; I will diligently avoid those locations.

In reply to My father happened to be… by peddling-fiction

Vote up!
4
Vote down!
0
JRobby peddling-fiction Jan 11, 2018 1:50 PM Permalink

He will have "sudden complications" and disappear

In reply to Yep, if it did not kill him… by peddling-fiction

Vote up!
4
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 1:58 PM Permalink

(((They))) don't want to kill him. He is one of their messengers.

In reply to Yep, if it did not kill him… by peddling-fiction

Vote up!
1
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 2:18 PM Permalink

They usually do not allow non-messengers in the "limelight".

Sometimes they " die" a philosophical death though.

I use this moment to explain to others that are not in the limelight.

Careful with the snake you are holding:

https://en.m.wikipedia.org/wiki/Ophiuchus

In reply to They don't want to kill him… by Ophiuchus

Vote up!
0
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 3:28 PM Permalink

They can only kill me once.............

spit...

Kudos on emphasizing "limelight"

(mischievous grin)

In reply to They usually do not allow… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 3:48 PM Permalink

I can only be "killed" one last time, this time around.

Do you understand?

In reply to They can only kill me once… by Ophiuchus

Vote up!
0
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 4:09 PM Permalink

That can be interpreted by someone like myself in more than a few different ways.

Please elucidate further from your very unique perspective.

In reply to I can only be killed one… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 4:25 PM Permalink

If you get discernment, you are "annointed" electromagnetically by the Rookhit Qoodsha (Aramaic) with a neutral charge (N), meaning that your disembodied spirit will not be attracted to Earth (-). Most people have a (+) charged spirit, located right by your heart, and when disembodied, it will certainly be attracted to (-) Earth.

Read the books of Enoch to confirm that the "waters above" are (+). What I just shared with you, is not published anywhere, and I did not receive this valuable info from any human.

If you understand this, it may help crumble your cosmovision, and help guide you to the true light, and dump the snake you are holding.

In reply to That can be interpreted by… by Ophiuchus

Vote up!
1
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 4:52 PM Permalink

I'm very familiar with Enoch...

...and the 'spirit', (greek, breath), came across the water and (vibrated) SAID, "let there be light".

You must be implying that I may be tangled up in the Tetragrammaton.

I'm caught up in the Renaissance Era of art and may wrongly believe, "As above, so below"

Thank you...WILL consider.

BTW, what are your thoughts on Dr. John Dee?

In reply to If you get discernment, you… by peddling-fiction

Vote up!
3
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 5:07 PM Permalink

Just about everyBODY+SPIRIT is tangled and confined to Earth, until something changes inside you, within your spirit (anima/psyche/soul) as I just described. It has a quantic, photonic nature to it. The only way to achieve this ascension is to follow the old school path towards sainthood, and want to abandon the Earthly wants and desires; not too popular, but if you follow the seven virtues (sans church), you will eventually achieve this. It requires freewill and it is a choice few want or dare to take, and then persevere till the end.

There are three (3) immediate realms, and Earth is sandwiched between two of them. So I would immediately dispute that Hermetic claim.

John Dee (RC) was an alchemist and sorcerer, and working on the dark side. This kind of work will shun you from the upper realm, and eventually will lead to your disembodied spirit being herded and corralled electromagnetically in the lower realm.

My message is that only virtue can lead you to the upper realm; there is no other way. Word.

In reply to I'm very familiar with Enoch… by Ophiuchus

Vote up!
1
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 5:20 PM Permalink

Rudolph Steiner said virtue is the result of Right thoughts, Right Actions and Right words.

If Steiner is correct than .............

In reply to Just about everyBODY is… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 5:23 PM Permalink

Also (RC). Anthroposophy/Theosophy. True words (Zoroastrian), but wrong Kabbalistic actions. Less is more, you must let go.

In reply to Rudolph Steiner said virtue… by Ophiuchus

Vote up!
1
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 5:29 PM Permalink

Interesting...

I've been watching you very closely for awhile. I say that to ask this; in your opinion, is Platos' Allegory of the Cave an accurate analogy of this world that I AM caught up in?

What is your thoughts on the topic of synchronistic linguistics?

In reply to Theosophy. True words … by peddling-fiction

Vote up!
3
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 5:42 PM Permalink

Plato's allegory of the cave describes well and also is a manual (for leaders) on how our Rectors must deceive us; and deceive us they do very well. <applause>

However, there is a difference between sunlight and true light of the Creator. This has to do with the three realms, because our Creator's realm is a fourth realm, beyond the third.

That is why you must seek protection against them and the spirit world ("gods") that conspire successfully against you.

Who are the power brokers behind any Republic?

Yes, they are led by the big (G) that is NOT our Creator.

It is "counterintuitive" in our modern world to seek the gentle path of Able, versus the technological path of Tubal-cain's brothers; but this is what you must do. Otherwise your plan is to STAY in this realm; and that is openly their plan. Transhumanism has to do partially with this aspiration. Just about everybody is under their powerful spell; you can tell if what I explain, causes aversion or not.

In reply to Interesting… by Ophiuchus

Vote up!
2
Vote down!
0
Ophiuchus peddling-fiction Jan 11, 2018 6:04 PM Permalink

Thank you for your time.

Two more questions to help clarify my understanding of your position.

What is the Goat(G)?

Do you believe, as I do, that WORDS are the underlying tool (((they))) use to move the masses?

In reply to Plato's allegory of the cave… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction Ophiuchus Jan 11, 2018 6:25 PM Permalink

The (G) stands for the Great Architect, who is an impostor in the sense that he takes false credit for the creation of this realm. Nobody questions the fact that (G)'s minions are the Earthly architects of towers and buildings. He has been known to use many different names, like a chameleon, a master of disguises and the father of all lies, because he is the true puppeteer of puppeteers, depicted in the cave allegory.

The SPELLing and CHOICE of WORDS is a powerful part of his toolkit.

Specific words and lyrics, incantations and drum beats, certain enchanted music and frequencies, as well as microwaves, false images and symbols, sigils, false prayers, tarot, numerology, astrology, divination, ouija, scrying, trances, magic rituals, pharmakeia (drugs and alcohol), entheogens (like peyote, ayahuasca and mushrooms), sins, spells, perverse sexual acts, and blood sacrifices, are evocation, invocation and summoning KEYS of magick, that keep you away from the true light source, our Creator, and instead attract the big (G) and his fallen Egregore of Watchers (grigori from Old Slavonic). This is the wrong path our secret brotherhood members are pursuing.

I am not trying to be popular; the truth will never be popular on Earth under our current leaders.

In reply to Thank you for your time… by Ophiuchus

Vote up!
0
Vote down!
0
peddling-fiction peddling-fiction Jan 11, 2018 8:26 PM Permalink

Ophiuchus, I will answer you tomorrow on what my thoughts are on Synchronistic Linguistics.

In reply to Plato's allegory of the cave… by peddling-fiction

Vote up!
2
Vote down!
0
Crazy Or Not peddling-fiction Jan 11, 2018 3:32 PM Permalink

I guessed from previous comments there was some hard personal history. The lifting of veils is seldom easily navigated. As to Ophiuchus/ Abraxas etc a snake is a snake is a snake, Jörmungandr: https://en.wikipedia.org/wiki/J%C3%B6rmungandr

In reply to They usually do not allow… by peddling-fiction

Vote up!
3
Vote down!
0
peddling-fiction Crazy Or Not Jan 11, 2018 3:53 PM Permalink

The lifting of veils is an understatement for what I am going through.

Well it was my soul wish by my spirit.

My family history is the smaller part of this peeking, beyond the veil of this realm we call Earth.

All is as it is supposed to be.

In reply to I guessed from previous… by Crazy Or Not

Vote up!
0
Vote down!
0
Crazy Or Not peddling-fiction Jan 11, 2018 4:20 PM Permalink

Either I know not of what you speak or I know it well.
There are missions and missionaries and they are worlds apart.

I find Pullman's views interesting:

https://www.youtube.com/watch?time_continue=70&v=5N6vzZuPy1s

there are worlds and worlds and much activity building territories.

http://atransc.org/about-directors/

essentially Wachowski's were correct, the real commodity is duracell.

In reply to The lifting of veils is an… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction Crazy Or Not Jan 11, 2018 8:50 PM Permalink

I will share my views tomorrow.

In reply to Either I know not of what… by Crazy Or Not

Vote up!
0
Vote down!
0
cpnscarlet peddling-fiction Jan 11, 2018 3:19 PM Permalink

IS that you Peter?

In reply to Yep, if it did not kill him… by peddling-fiction

Vote up!
0
Vote down!
0
peddling-fiction cpnscarlet Jan 11, 2018 3:26 PM Permalink

Nope.

In reply to IS that you Peter? by cpnscarlet

Vote up!
1
Vote down!
0
daveO peddling-fiction Jan 11, 2018 3:38 PM Permalink

Headline misnomer, no one beats cancer, they are simply given a reprieve by the cancer machine.

In reply to Yep, if it did not kill him… by peddling-fiction

Vote up!
2
Vote down!
0
peddling-fiction daveO Jan 11, 2018 3:54 PM Permalink

That is what we are led to believe.

Should we trust our (G) doctors?

In reply to Headline misnomer, no one… by daveO

Vote up!
1
Vote down!
0
Branded YUNOSELL Jan 11, 2018 1:29 PM Permalink

If he's lucky, he'll only break his toe running down the stairs in heels and be sidelined at home for 6 months in a boot.

In reply to Oh shit, now he's going to… by YUNOSELL

Vote up!
13
Vote down!
0
Never One Roach Branded Jan 11, 2018 1:32 PM Permalink

"Mindlessly tracking the S&P Index" ... gave investors a 24% return last year.

Actively managed hedge funds (with huuuuuuuuuuuuuuuuuge fees) did piss-poor.

He forgot to mention that.

In reply to If he's lucky, he'll only… by Branded

Vote up!
0
Vote down!
0
auricle Never One Roach Jan 11, 2018 1:33 PM Permalink

He needs to partner with a financial crypto like Veritaseum.

In reply to "Mindlessly tracking the S&P… by Never One Roach

Vote up!
0
Vote down!
1
Moe-Monay auricle Jan 11, 2018 1:39 PM Permalink

He had breast cancer?

In reply to He needs to partner with a… by auricle

Vote up!
1
Vote down!
0
remain calm Moe-Monay Jan 11, 2018 1:51 PM Permalink

ovarian

In reply to He had breast cancer? by Moe-Monay

Vote up!
2
Vote down!
0
Cozy Vanilla Sugar Never One Roach Jan 11, 2018 2:09 PM Permalink

Did you sell? Until you do, your return is 0% + debt-funded dividends.

In reply to "Mindlessly tracking the S&P… by Never One Roach

Vote up!
11
Vote down!
0
knukles Branded Jan 11, 2018 1:42 PM Permalink

So Hillary's in a boot On her right leg. For a broken toe. People do not wear boots for broken toes. (Personal experience)
McCain had a boot on. Right leg.
Do they both still have them on?
Are they covering ankle bracelets?

Just curious

In reply to If he's lucky, he'll only… by Branded

Vote up!
1
Vote down!
0
Branded knukles Jan 11, 2018 2:18 PM Permalink

Correction, if I may:

McCain had a boot on his right leg . . . until he switched it to his left . . . right before he switched it back to his right again.

In reply to So Hillary's in a boot On… by knukles

## User login

Username
Password

- Create new account
- Reset your password

## New Comments

Loading...

## Today's Top Stories

Loading...

## Contact Information

Tips: tips@zerohedge.com

General: info@zerohedge.com

Legal: legal@zerohedge.com

Advertising: ads@zerohedge.com

Abuse/Complaints: abuse@zerohedge.com

Advertise With Us

## Suggested Reading

Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide

It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.

How to report offensive comments

Notice on Racial Discrimination.