If only we could share into the loser’s bless

Sir, John Kay while explaining interestingly why frequently sensible investors willingly exchange very tangible money for unknown financial intangibles, “Why the winner’s curse could hit complex finance”, January 23, he might have underestimated the role of the advisor and the intermediary, whose normal incentive structure is based on deals completed and not deals avoided. As a financial advisor I have many times wished for that I could receive even a millionth part of the losses I have helped my clients to avoid, so as to be able to share the loser’s bless.