Theorists will find no profits to be made in doing it by the book

'The [stamp duty on stock transactions] is also an important source of income for the government,' Chan told the South China Morning Post. 'The duty is a good regulatory tool as it adds to the costs for short-term speculators such as high-frequency traders. That is good for Hong Kong as that's not the kind of trade we want to attract.'

SCMP, Dec 13

I have a question for you. If you ever find yourself in need of open heart surgery would you prefer a surgeon who has performed the operation hundreds of times or one who assures you he knows what he is doing because he has read all the books?

Stop wasting good newsprint with pointless questions, you reply.

You are quite right. I stand admonished. Now let me review the career of Professor Chan Ka-Keung, Secretary for Financial Services and the Treasury. He holds a degree in economics from Wesleyan University followed by an MBA and PhD in finance from the University of Chicago. He taught for nine years at Ohio State University and in 1993 was named Dean of Business Management and Professor of Finance at the Hong Kong University of Science and Technology.

There you have it, the equivalent in finance of the surgeon whose credentials consist of having read all the right books. Not once has Chan held a real job in finance with a client to please in front of him and the whip of the company's profit and loss account behind him. He has no market experience.