He views the cycles of equity expansion and contraction quite inefficiently driven by career risk (never be wrong on your own...), herding, momentum, extrapolation, excursions from replacement value, then finally, arbitrage and mean reversion at expense of client patience. (mutualfundobserver.com)
It even covers the Pre and posts hospitalization expenses of the client. (policyx.com)
They coordinated their movements in foreign exchange markets for their own benefit, at the expense of clients. (canadianbusiness.com)