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Promise Low Deliver High

By Matthew Kerkhoff


Those words of advice were drilled into my head many years ago while working for a mortgage broker. As a loan officer, my job was to sell money. And I quickly found that exceeding expectations was the key to closing deals.


Tangential to that objective, and perhaps more critical for success, is managing expectations. Our perceptions of just about everything in this world are relative, not absolute. Is a 3% yield good? Compared to 1%, sure, compared to 10%, not so much.


Wall Street knows this and knows it well. Suppressing earnings expectations to deliver a solid beat is an old game, but still regularly played. In today’s markets you can’t set expectations and not deliver on them. That’s a surefire recipe for disaster.


Unfortunately, in the world we live in central banks must abide by this same premise. ECB President Mario Draghi failed to abide by this wisdom today, and the ... Log in or subscribe to continue reading.

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