Bond was what social scientists might call an “outlier”. He had extraordinary self-belief which, when coupled with his complete disregard for basic probity, was a recipe for financial mischief. This much was always well known, and yet investors time and again were drawn to his charms like a moths to a flame.
His cosy relationship with corrupt politicians has been repeated many times since his heyday, as recent events at NSW’s ICAC show. Constant vigilance on this front is clearly required in Australia. We consider ourselves an honest and upright nation – far too much evidence, over a long period, suggests otherwise.
As investors, Bond has lessons too. We have been far too forgiving for far too long for crimes which occur in the boardrooms of Australia, despite them sometimes directly impacting our own investments. While this tolerance occurs, the likes of Bond will thrive.
Taken together, Bond’s main lesson for us is that we get the fraudsters and crooks we deserve. While we are tolerant of white collar crime as something less serious than the blue collar type, Bond will provide the archetype for others to follow.