One dark evening in October 1994, I was standing in a small meeting room that faced on to Fleet Street, waiting for my last interview before I could escape into the rainy streets. Then a young trader strode in and asked me an unforgettably difficult question: why should Goldman Sachs — for that is where I had applied for a job — bother to spend money training a raw graduate like me to become an investment analyst when it could probably make better returns with a trading programme run by a computer?
In light of the awful performance of the investment...
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