There's a phrase we use in investment banking: "talking his own book." A trader is talking their own book when the superficially neutral view they give of the m

There's a phrase we use in investment banking: "talking his own book." A trader is talking their own book when the superficially neutral view they give of the market is designed to promote the value of their own positions. The active managers that Levine quotes are talking their own books when they decry passive funds. As ever, one should follow the money, and ask who stands to benefit if a view of recommendation is implemented. "Where are the customers yachts?"