I’d known Jeff (not his real name) for many years, as a client and as a friend, but I’d never seen him so thrown. I could feel his fear, his sense of uncertainty.
And it was with good reason.
Jeff was the head of sales for a company whose product was, more or less, impossible to sell.
His company, Golden Global (also not its real name), is an active fund manager. Active funds invest in particular stocks that they think will do well, as opposed to passive...