The Importance of Understanding Your Client's Utility Function

I think it is important to understand what your client's utility function is. What are they looking for? What do they expect from an investment? And that sort of informs the way that you explain things to them. I always feel that I'm not really in that camp of, and our industry is quite bad at this. The industry of, well, if I told you about my models, I'd have to shoot you. That's quite common. Can't be massively secret. We as an industry are managing money for people, and it's the right to tell us what it is we're doing with it.

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