Smartest People Exit Research on MiFID II, Says Serra

The video discusses the implications of MiFID 2 on the financial market, highlighting the disparity between the global market cap and the research budget. It critiques the focus on research costs instead of distribution costs in asset management. The discussion predicts a decline in research quality and shifts in employment, with a trend towards passive or ultra-active investment strategies.

What is the estimated global market cap mentioned in the text?

According to the text, what is the research budget for all research firms?

How does the text describe the distribution costs in relation to overall costs?

What are the three potential outcomes for the asset management industry mentioned?

What does the speaker suggest will happen to the quality of research?