Stock markets embrace the fads of the day. At the time, there was a stock-market fad involving “the power of youth.” The theory was that young people had more discretionary income than any other generation, and their spending on clothing, sports equipment, concerts, and cosmetics would make fortunes for the people who sold it to them. I was perhaps 34 years old when I made my first foray into getting rich through the work of others.
It brings out the best and the worst in people, and it offers great insight into their character. I’ve been in the investment world for decades, and my biggest takeaway is that you never really know anyone until you’ve dealt with their money, be it personal or business. You never really learn much about life from your triumphs.
