[xiphias2]

,,we haven’t seen a lot of people repositioning their portfolios, we haven’t seen leverage increase.”

Maybe people are starting to realize that changing portfolios all the time without a computer making the calculations is not the best way to make money (quite the opposite)

[benj111]

You're not wrong, but this seems to be focussing on the institutional share holders, whose job it is to trade, not trading so much. For them trading is the best way to make money, thus the layoffs.

I wonder how much of this is a short term blip, and how much is the new normal, and if it is the new normal, where does it all end up, is buying and holding going to get more expensive, or will the active investing core maintain the same cost structure, but just shrink. Will we be seeing more Lehman Bros, or more Deutsche Banks?