Let’s pause for a moment and look at what can be described as “pre-tendency.”
Reference to pre-tendency has been made a few times in regard to natural, risk identity. Closely related to occupation of space over time, it is similar to the in-tendency. (Articles on “in-tendency” by griffithlighton can be found on the World Wide Web.) The difference, analytically, is to observe how things just happen without apparent intendency.
If you are not familiar with the Yiddish term, “schlemiel,” loosely it means a klutz. It’s the kind of person that pulls a can from the bottom of a stack at the grocery store and (oops!) there’s a mess to clean up. (Kind of sounds like the way Wall Street works, huh.)
The schlemiel (the pre-tender) notices that he gets a lot of attention. Bad luck and bad things just happen everywhere he goes…it must be that the world revolves around him, pre-tending to his existence, naturally laboring over him, cleaning up his mess, naturally occupying space over time (unintentionally, of course) on demand.
Risk management by asset class operates with this kind of observable pre-tendency.
When the housing bubble busted…oops, oh my! Sometimes bad things just happen (being pre-tended the whole time) to occupy your space and mine, tending to a pre-determined identity, but existing with a limited liability because the risk of loss is fully assumed in priority. (So the pre-tender is not only a klutz but a big, clumsy, accident-prone jerk, prone to “making” trouble but never intending harm.)
While the pre-tender may be attending the risk, the outcome is “the existence” supplied without intending.