That’s entertainment: Caveat Lector column
The days of portfolio managers accepting invitations from banks to exclusive restaurants or top sporting events seem to be numbered – but is there such harm in these practices?
We all know there is no such thing as a free lunch, yet we seem to be past masters at procuring them. The origin of the phrase is supposed to come from the Wild West, where saloons offered a “free lunch” to those who bought drinks. Portfolio managers know that both the food and the drink and a lot more besides comes for free, if you play your cards right.
One of the oldest jokes in the City is about the difference between a fund manager and a shopping trolley; a joke to which there are two
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