After Beating Cancer, Bernstein Analyst Goes Full "Jerry McGuire"

After taking six months medical leave to deal his lymphoma, Inigo Fraser-Jenkins, the head of global quantitative strategy and European equity strategy at Bernstein Research in London, returned to work this week with a new perspective on life.

As BI notes, Fraser-Jenkins is perhaps best known for an essay he published in August 2016 titled "The Silent Road to Serfdom: Why Passive Investing Is Worse Than Marxism." It argued that active investors were trying to allocate capital most efficiently; socialist governments are at least attempting to allocate capital with some rationality through planning; but passive index funds don't even do that. Mindlessly tracking the S&P 500 could generate bubbles through vast piles of incoming cash being invested with the least amount of thought and analysis.

But now, as ValueWalk's Mark Melin writes, wth six months to reflect on his life while in the hospital, Fraser-Jenkins appears to have had an epiphany. Much like the movie character Jerry McGuire, the quantitative analyst woke up from a long mental slumber of day to day tedium, earning a paycheck, and wanted more to his life.

On January 8, his first full day back at work, he sent his clients a 3,921-word-long essay questioning why he does his job, the role financial services have had in creating inequality, and whether the sector has a future.

Jenkins sees himself differently now, yearning for a “social function” in this world. Unlike the movie sports agent McGuire, whose desire to put his client’s needs ahead of firm profit cost him his job, Jenkins finds that the zeitgeist of the financial services industry can provide a meaningful social function by working with, not against, the system.

Ignoring a rigged system that is only getting worse won't benefit the financial services industry

While in the hospital, Jenkins has exited his day-to-day life to examine his larger goals and personal mission. Coming down from the mountain, the man who famously called “passive investing worse than Marxism,” looks at the financial services industry and says it needs some soul-searching.

When wages paid to average workers and the market cap of stocks diverge in different directions, the world is traveling towards Thomas Piketty’s political inequality dystopia. If changes are not made, those in the financial services industry who have largely benefited run the risk of being “shut down” and transformed into a public utility by “fiat politicians” who increasingly are at times serving what amounts to an unmet voter blood-lust.

Charges have been made the system is, of course, rigged. Author Michael Lewis initially generated elite establishment gasps when he made such a suggestion. But those with deep knowledge of how the system works know he’s not that far off. The worsening trendline now threatens the middle class and upper middle class to various degrees. Who is next?

Perhaps the most extreme example of the rigged system is MF Global.

The establishment ignored topic of blocked federal investigations will only get worse if it is not addressed. How is it possible that in an era where a judicial and investigative misconduct issue involving the White House is analyzed to death that documentation in the public domain of the trend of blocked Wall Street Federal investigations is not even examined?  In a US Presidential election where the “rigged system” galvanized the grassroots on both the right and the left, how is it that the known operating mechanics of the “rigged system” remains a blacklisted topic?

This is the downtrend of the rigged system and if it isn’t addressed it will only get worse.

While Jenkins didn’t go this deep, the larger point he makes is that ignoring real issues, marginalizing valid concerns, is not in the best interests of the financial services industry at large.

Address problem of inequality or it will eat the finance industry alive

When Jenkins looks at his chosen vocation and the larger finance industry, he examines it with a more nuanced eye that comes from six months of self-reflection.

At its core, he sees a principled industry that provides meaningful services to the economy and larger societal good. Like many others, he looks for the good. Most people in finance want the industry to respect the rule of law. From Jenkins perspective, it is income inequality that should be addressed otherwise it will eat this industry alive.

Finance is often derided for its greed and personal wealth accumulation. But taken from a larger perspective it “has an enormous amount to contribute” to the world order and easing social tensions, not just creating them.

In particular, the finance industry’s influence in the pharmaceuticals and technology industries, much derided for price gouging and informational manipulation can be a force for good. It is almost as if Jana Partners and the California State Teachers’ Retirement System (CalSTRS) urging Apple Computer to put profits aside and study the damage phone addiction is causing today’s youth was a casting call for Jenkins’ concept of doing good and finding work interesting and rewarding. At least they are making an effort to focus on something other than naked capitalism.

“Maybe the yearning for a social function is personal and merely the result of being older, or having been ill,” he writes, pointing to a “yawning inequality growing in society.”

Fix the problem, or it will eat you alive, he tells his fellow finance professionals.


YUNOSELL Thu, 01/11/2018 - 13:22 Permalink

If you're the USA then you can't fix the system simply because it will mean moving to a more equitable multipolar neutral world reserve currency for settling contracts which would displace the petrodollar as the supreme unipolar world reserve and all the power and benefits this gives, and the Deep State will never allow this.

Only with another major economic crisis worse than 2008 or possibly Saudi Arabia switching to settling Oil contracts in Yuan will bring this change.

peddling-fiction NugginFuts Thu, 01/11/2018 - 13:48 Permalink

My father realized that he inadvertently was part of the Economic Hitman squad, from Sweden, and was silenced, partly to leave no witnesses, and partly to scare me into silence (unsuccessfully may I add). Perkins is a company man and they want people to see the United States as a villain, so he is allowed to disrespect the U.S. Sweden however, needs to be seen as a victim, but it hardly is one, because the first Central Bank was founded in Stockholm, Sweden. Their Vasa royalty line is Jewish now as well, making Finland the (((duchy))) of Sweden behind the non-profit foundation scenes.

R.C. "Christian", are you entertained?

In reply to by NugginFuts

peddling-fiction Scuba Steve Thu, 01/11/2018 - 14:14 Permalink

My father happened to be living and working: 

1) in Iran during the Shah's last days.

2) in Spain during Franco's last days.

3) in Panama during Torrijos.

4) in Chile during Pinochet.

5) in Spain before the E.U.

6) in Croatia/Slovenia before the war (he nearly was bombed by Serbian Migs)

7) in Indonesia before Suharto was removed (he was in the Hilton during the siege of its capital)

For now I will say no more, but invite you to reread the Economic Hitman and see how his stays overlap in some of Perkins assigments. His role was not major, but probably was a supplier to the big boys.

In reply to by Scuba Steve

Giant Meteor peddling-fiction Thu, 01/11/2018 - 14:33 Permalink

"Perkins is a company man and they want people to see the United States as a villain, so he is allowed to disrespect the U.S. "

Now we're getting somewhere ...

Most all of what is seen or viewed by the good citizens, is direct from "company men."

All the news that is unfit to print, but get's printed anyway. This too, comports with the great dumbing down, and the good citzens being treated and talked too as if still in third and fourth grade, the "news" or what passes for it rather, so entirely dumbed down and purposely misdirected, it is no wonder the inmates have taken over the asylum ....

With the peoples own blessing .. I might add ..

In reply to by peddling-fiction

peddling-fiction Ophiuchus Thu, 01/11/2018 - 16:25 Permalink

If you get discernment, you are "annointed" electromagnetically by the Rookhit Qoodsha (Aramaic) with a neutral charge (N), meaning that your disembodied spirit will not be attracted to Earth (-). Most people have a (+) charged spirit, located right by your heart, and when disembodied, it will certainly be attracted to (-) Earth.

Read the books of Enoch to confirm that the "waters above" are (+). What I just shared with you, is not published anywhere, and I did not receive this valuable info from any human.

If you understand this, it may help crumble your cosmovision, and help guide you to the true light, and dump the snake you are holding.

In reply to by Ophiuchus

Ophiuchus peddling-fiction Thu, 01/11/2018 - 16:52 Permalink

I'm very familiar with Enoch...

...and the 'spirit', (greek, breath), came across the water and (vibrated) SAID, "let there be light".

You must be implying that I may be tangled up in the Tetragrammaton. 

I'm caught up in the Renaissance Era of art and may wrongly believe, "As above, so below" 


Thank you...WILL consider.


BTW, what are your thoughts on Dr. John Dee?

In reply to by peddling-fiction

peddling-fiction Ophiuchus Thu, 01/11/2018 - 17:07 Permalink

Just about everyBODY+SPIRIT is tangled and confined to Earth, until something changes inside you, within your spirit (anima/psyche/soul) as I just described. It has a quantic, photonic nature to it. The only way to achieve this ascension is to follow the old school path towards sainthood, and want to abandon the Earthly wants and desires; not too popular, but if you follow the seven virtues (sans church), you will eventually achieve this. It requires freewill and it is a choice few want or dare to take, and then persevere till the end.

There are three (3) immediate realms, and Earth is sandwiched between two of them. So I would immediately dispute that Hermetic claim.

John Dee (RC) was an alchemist and sorcerer, and working on the dark side. This kind of work will shun you from the upper realm, and eventually will lead to your disembodied spirit being herded and corralled electromagnetically in the lower realm.

My message is that only virtue can lead you to the upper realm; there is no other way. Word.

In reply to by Ophiuchus

peddling-fiction Ophiuchus Thu, 01/11/2018 - 17:42 Permalink

Plato's allegory of the cave describes well and also is a manual (for leaders) on how our Rectors must deceive us; and deceive us they do very well. <applause>

However, there is a difference between sunlight and true light of the Creator. This has to do with the three realms, because our Creator's realm is a fourth realm, beyond the third.

That is why you must seek protection against them and the spirit world ("gods") that conspire successfully against you.

Who are the power brokers behind any Republic?

Yes, they are led by the big (G) that is NOT our Creator.

It is "counterintuitive" in our modern world to seek the gentle path of Able, versus the technological path of Tubal-cain's brothers; but this is what you must do. Otherwise your plan is to STAY in this realm; and that is openly their plan. Transhumanism has to do partially with this aspiration. Just about everybody is under their powerful spell; you can tell if what I explain, causes aversion or not.

In reply to by Ophiuchus

peddling-fiction Ophiuchus Thu, 01/11/2018 - 18:25 Permalink

The (G) stands for the Great Architect, who is an impostor in the sense that he takes false credit for the creation of this realm. Nobody questions the fact that (G)'s minions are the Earthly architects of towers and buildings. He has been known to use many different names, like a chameleon, a master of disguises and the father of all lies, because he is the true puppeteer of puppeteers, depicted in the cave allegory.

The SPELLing and CHOICE of WORDS is a powerful part of his toolkit.

Specific words and lyrics, incantations and drum beats, certain enchanted music and frequencies, as well as microwaves, false images and symbols, sigils, false prayers, tarot, numerology, astrology, divination, ouija, scrying, trances, magic rituals, pharmakeia (drugs and alcohol), entheogens (like peyote, ayahuasca and mushrooms), sins, spells, perverse sexual acts, and blood sacrifices, are evocation, invocation and summoning KEYS of magick, that keep you away from the true light source, our Creator, and instead attract the big (G) and his fallen Egregore of Watchers (grigori from Old Slavonic). This is the wrong path our secret brotherhood members are pursuing.

I am not trying to be popular; the truth will never be popular on Earth under our current leaders.


In reply to by Ophiuchus

pliny the longer peddling-fiction Thu, 01/11/2018 - 22:23 Permalink

ok PF, i'll bite. i've been reading most of what you've been saying.  for what its worth, here's a two-cents:  my father was in Iran prior to what we would call the shah taking power.  he always spoke of things leading up to the shah situation.  i was about 7 years old, it was gobbltygook to me.  he always said it was about the opposite of what was reported to be.  whatever he was involved in, it was low level.  he did his one tour and was out but it affected him. 

he was a savant of sorts.  he would read 2 books at once, was an electrical engineer but alas, mostly wanted to be a farmer during the 70s and early 80s.  he worked his EE job full time, had a farm, took up welding and acetyline torch work and had livestock.  it was me and my brother's job to handle the livestock mostly and help out farming.  You can guess how that and the farm ended up.  he had a horribly violent temper, not surprisingly we did not have what one might consider a 'normal' childhood.  we had all the miller high life and cutty sark we wanted, from a very early age.  thing is, we didn't like it!  my brother used to drive one of the pickup trucks everywhere at age 13.  it was an entirely different world, it might as well have been mars.  

but here's the thing: our 'entertainment' was shooting.  we had guns. lots of guns.  to a kid, it was fun.  during shooting (we shot across a field, to an old, abandoned car, this was normal), he would talk about the spiritual. we did this while grilling pork chops.  we'd literally grab a hot pork chop off the grill with one hand and a gun in the other hand as a 9 year old.  but he'd speak of need for the eschew of this world, how fake, transitory, illusory it all is.  again, i thought he was nuts at the time.  damned if over time, i didn't but come to see it.  i'm not there yet quite as far as getting beyond this world but i know i will.  even though it resonates with eastern religions, i see it more in Christianity.  pontius pilate asked 'what is truth', Christ said he was the way, truth and life.  this has captivated me for a long while and still does.

i wish you well.  i hope to join your enlightenment, i can't get past a few of the earthly vices still (damn women).



In reply to by peddling-fiction

peddling-fiction pliny the longer Thu, 01/11/2018 - 22:46 Permalink

Thanks for sharing.

Jesus is the way, but through old school sainthood.

However not in church, by your lonesome.

No Bible thumping; read it when it calls you, and can understand it.

Yeah, women; that was my largest stumbling block.I love women but I am celibate now. Otherwise I would have been stung by a honeypot; got to thank my gangstalkers for that.

Start by reviewing ALL your life. It takes a couple of weeks. Then confess your sins to the Holy Spirit. Alone. Then stop sinning. Slowly but surely you do stop, if you set your mind on it.

No anger nor pride/vanity and eventually no fear are the most important.

Stop drinking and do no drugs. No porn dude. Find yourself a good woman and be faithful, or be by your lonesome. Women can easily block your spiritual growth though for many different reasons. Sometimes they can help.

Seek the seven virtues slowly. Be conscious of your thoughts; quiet them down. Clean them up.

Seek discernment by deserving it.

No fear folks.

In reply to by pliny the longer

Crazy Or Not peddling-fiction Thu, 01/11/2018 - 16:20 Permalink

Either I know not of what you speak or I know it well.
There are missions and missionaries and they are worlds apart.

I find Pullman's views interesting:

there are worlds and worlds and much activity building territories.

essentially Wachowski's were correct, the real commodity is duracell.

In reply to by peddling-fiction