I was randomly browsing my old posts, I found this from my july 08 edition..
Apparently everything has turned the corner in the month of Oct and Nov, with all firms fanatically trying to stay in business and cutting staffs to reduce operational costs. Yes I do feel sorry for new finance joiners who got laid off (and hopefully I wouldn't be one of them), but No, I don't feel sorry for those who were being laid off because they made xx million of USD p.a. for the past xx numbers of years. Considering those who are new joiners to finance they wouldn't be able to get back to the game again, not to mention they haven't really made the colossal sum of bonus at the peak of the cycle, changing fields become inevitable but they will not be hired again when the cycle is coming back. For those who were able to take advantage of the upcycle and made enough money to sustain 2 years of sabbatical leave, they have all the time in their hands to enjoy life and come back again when the market recover..
Flushing out the frustration.. I feel sorry for small homeowners who lost money in the property market, but I don't feel sorry for big corporates in HK who are facing headwinds in the new property launches, considering all the non-developers type of companies in HK are entrapped and profits being eaten up by high rental costs.. the developers really didn't do much, just bribing government, building ridiculously small and inefficient housing, cutting corners by using cheap materials but package into high end housing, hiking rental costs whenever they see slightest sign of economic recovery.. Say I am a witch, losing billions of dollars in accumulators is actually the best thing we've seen among the wealthy high society.. I am sooo looking forward to the wealthy segment to reshuffle and the rise of ethical entrepreneurs who make their fortune by their true dedication to the society.
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