(1). What your boss says right after your comp discussion and right before he drives home in his Maserati.
“So, there it is, Jim. I’m sorry we couldn’t do more for you this year, but my hands are tied. Something, something … down year … something, something … we all have to share the pain … something, somethi … hey, what’re you doing with that letter opener?”
(1). When an investment manager veers slowly away from the type of investments he’s supposed to be making. Usual result is affectionately referred to as “turnover”.
“Well, Mike, I think it’s safe to say you guys have experienced a little style drift lately. Buying California municipal bonds in a Turkish equity strategy is just not really what we were looking for.”