The third way

Dalia Fahmy talks to David Goldman about the firm's unique paid-for model, the relief that cutting ties with the trading desk brings and the upcoming projects designed to keep clients coming back for more


Credit analysts who want to work for David Goldman might want to study up on shopkeeping. The recently appointed head of fixed-income research at Cantor Fitzgerald likes to ask job applicants a question that tests their business sense.

The owner of an electronics store, Goldman begins, has two competitors on either side of his shop. The store on the left hangs a sign advertising the lowest prices, while the one on the right claims to have the widest selection. What sign should the owner in the

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