Prando's Asset Management - Beware of the butterfly

"I've only had one glass." "That's not what I said," I replied. "I was observing the two speeches we heard - and indeed the tone of the book - were in keeping with the end-of-the-party theme of our recent chats." "Ah," said the chairman. "I knew there was a reason I stopped listening. I thought we cleared this up last week - the FCA's Asset Management Market Study is not the end of the industry or even the death knell for anything that isn't passive. It is simple the chrysalis of opportunity from which the better active players will emerge like giant killer butterflies - at which point w...