A high yield debt banker I met the other day was finally looking to put his savings into a flat in Upper Manhattan. We should prepare for rainy days, he said, referring to the intense volatility the market had seen this year.
But when I met him after his trip, all I saw was sorrow as he had returned to Hong Kong to find a pink slip on his desk. Having had no deals for a while, he had become a victim of the volatility.
"Chin up," I said. As a banker, he knows better than most the old saying that what goes down must come up.