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That event was one of my best learning experiences.  It reinforced the need to meet with learners and understand their world.  It also opened my eyes to think beyond the obvious.  A big pitfall is that we tend to rest in the familiar. Without the time on the floor, I would have built a functional course, but missed the opportunity to make real improvements on their performance.

Perry shared many lessons learned, and chose to focus people’s attention on the pitfalls of PMs (in addition to their power). Implementation can take a long time. It’s a change management process. Asking the wrong questions can be a killer, but often the right questions emerge after trading begins. Poor incentive structures is the #1 killer, according to Perry. Don’t suppress the reputational incentives associated with PMs. Be explicit and transparent about how traders will be compensated.