`They told me you had been to her,
And mentioned me to him:
She gave me a good character,
But said I could not swim.
I gave her one, they gave him two,
You gave us three or more;
They all returned from him to you,
Though they were mine before.’
These verses from Lewis Carroll’s Alice in Wonderland are usually thought to be meaningless (Alice didn’t believe there was an atom of meaning in it), but they might not be a bad representation of fund management’s stock lending programmes.