Jenrette and his firm got in at the start of one of the largest and most dynamic financial growth businesses of our era. As a result of my involvement with this committee, I have met many analysts who were dissatisfied with their careers. Many felt that they had lost control of their careers, were in dead-end jobs, or were being manipulated by powerful industry trends. For those who can summon the energy and be realistic in their self appraisals, this approach can be very valuable by helping to assess where one is going and to chart one's progress. Fascinating as these stories of achievement are, readers of The Contrarian Manager will ask what relevance this book has in today's world.
Brokerage firms are now in a seller's market, being purchased at multiples of book value.
The financial services industry is now characterized by rapid product cycles as competitors move into areas of opportunity with enormous financial capital and fast moving managers. Indeed, in the current prosperity, it almost looks like an era of unique, innovative opportunity is over. The point is that by being a contrarian one will have a different perspective and be positioned to find and take advantage of that new market - whatever that market may be. There is so much change going on in financial services that there are bound to be exciting new opportunities. These could come from the marriage of the Internet and electronic communications with the vast growth in funds for investment by individual investors.