Get back into the real world was my response to stories suggesting that a big wave of firings is imminent in the investment banking industry. Yes, I had read the carefully prepared words of caution from the investment banks themselves. I had also dutifully read the witterings of market commentators who would love to be market practitioners but know that they will never make the grade.

There is a serious problem for market observers who haven't actually been at the coal-face of the industry. By definition, they will never know the full story. Their role is not dissimilar to someone walking five miles of the London Marathon and then claiming to have completed the entire route.