You know the old phrase: “Those that can, do. Those that can’t, teach.”
In his final note, Morgan Stanley strategist Gerard Minack applies it to Wall Street:
I’ve always said that those that can, do; those that can’t, broke; and if you can’t broke, consult. On that basis I’m off to do the latter, after a three month break.
(Broke, of course, refers to being a broker, not going broke.)
And because he’s classy, Minack puts himself in the worst category.