Am I panicking, or are they complacent?

Agency people are notoriously panicky.  Actually, we don’t like the word “panicky.”  We like to say that we respond quickly and enthusiastically to events.  But really, we’re panicky.

Financial services people are not naturally anything like so panicky (which means, incidentally, that the fact that bankers have been in a flat spin for the last year or more speaks volumes about just how desperate it is in their part of the industry) .   But is their usual unpanickiness a sign of admirable calm and coolness, or of smug complacency?

As far as the whole world of long-term saving and investment is concerned, I’ve been shouting hysterically for months about the way that everything has changed and nothing will ever be the same again and we’re going to have to re-invent all our products and propositions from the ground up if anyone’s going to buy anything from us ever again.   As far as I can see, no-one in the industry agrees with this:  on the contrary, the universal view seems to be that it’s all just a blip, albeit a nasty one, that the smart money is piling back in while the market’s nice and low, and before too long we’ll be back to business as usual.

Am I panicking?  Or are they complacent?  Or maybe a bit of both?  Only time will tell.

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