Banks have acted like sheep for years – if JPM are doing it, everyone should be doing it – but now they have changed.  They now all flock together in a very nervous way.  In fact, banks were more like wolves in sheep’s clothing at the start of this century.  They looked like they flocked together, but they were more like a pack of wolves chasing the easy money prey.  Now, the regulators have beaten the wolves into submission, so much so that they all behave.  Now, when they provide the roads or rails, then they do this in a very nervous way.  They are meticulous about details, recording, reporting and ensuring total transparency, openness and honesty. They have to in order to keep their licence.  That is why the boutiques are winning as the boutiques can at least take decent risk to get a decent return.

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