The hollow boom of the financial sector

Around the world, financial services professionals — particularly some variety of bankers — are known for their haughtiness. Prestigious schools, inhumanely rigorous training as analysts, and partying at expensive clubs and yachts all help build that reputation. But the fact that they handle and allocate so much capital at least somewhat justifies it. The same arrogance found its way through the local bankers. Though banking has always been a lucrative business, in part due to a fiscally indisciplined government, the last few years have been unbelievable for the industry. Imagine growing at high double digits when you have a base in trillions, all while maintaining great margins. It was almost like the wisdom we hear about software-as-a-service companies on LinkedIn.