Sherman McCoy, the protagonist of Tom Wolfe's 1987 Wall Street novel "The Bonfire of the Vanities," was a bond trader. Writing today, Wolfe would probably have made his Master of the Universe an investment manager.
Asset managers are likely to see their bonus pool expand by as much as 10 percent this year, Bloomberg News reports today. Fixed-income traders, meantime, are facing a cut of 15 percent. So the Trade of the Day is to wave bye-bye to bonds, where the death of volatility is likely to make profits harder to come by, and switch instead into a career in asset management, where demographics mean there'll be ever-more demand for your services.
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