Tomorrow, on the 2nd of August, I have the honor of celebrating 50 years in a business I love. This milestone reminds me of the old saying, “If you do what you love, you’ll never work a day in your life.” For me, this couldn’t be more true.
It all began in 1974 when I first walked into the offices of Merrill Lynch, Pierce, Fenner, and Smith, located on Fenchurch Street in the City of London.
At that time, I was a 17-year-old kid from an inner-city housing estate, with nearly zero qualifications except for an “O” level in statistics. I entered a room filled with highly educated and successful people from around the world. Most of them were shouting down phones in various languages, and those speaking English used words I had never heard before. To say I felt out of place would be an understatement!
I doubt any of them imagined that this inexperienced young boy, in an ill-fitting suit and borrowed tie, would remain in the same industry for 50 days, let alone 50 years. Given the age at which most people start their careers today, I suspect that few of you will mark a half-century in this industry. Yet, despite its ups and downs, after all these years, I can confidently say that there is no better industry to work in.
To call what we do “work” is hardly an accurate description. Our speculative and investment endeavors truly represent the Last Bastion of Capitalism. We do it for personal gain, to improve our lives and those of our families, and we have a lot of fun doing it! What more could anyone ask for?
Of course, there are times when our investments don’t pay off, which can be disheartening. But when we succeed, there are few better feelings. Honestly, I have a relatively low appetite for risk, which might sound unusual for someone who has been in this industry for so long. However, perhaps it’s this cautious approach that has allowed me to endure. Indeed, I have enjoyed a truly remarkable life thanks to this business.
Throughout my career, I’ve held various front-line positions, but it always comes back to my favorite role—the one I began with—analyst and researcher. I started in technical analysis, then transitioned into the realm of fundamentals, which led me to work and travel globally. From Brazil to Borneo, from New York to Sydney, and from Denmark to Portugal, where it looks like I’ll be staying.
I spent many years working in West Africa, Asia, and Latin America, visiting commodity-producing farms and mines, and reporting my findings back to the London office. Yet, like many of you, most of my career was spent behind a desk in a trading room or, as I do now, working from a home office. I was fortunate enough to spend some of my younger years working on the exchanges as a floor trader. I would venture to say these were some of the most educational years of my life.
Don’t get me wrong, trading platforms have been a significant step forward for the industry. However, working on an exchange full of young individuals, filled with energy and passion, is a part of my life I will always cherish.
Amazingly, I’ve never held a commercial position or been an account executive, which is how most people enter the business today. Sure, we all promote our companies and the industry as a whole, but seeking out new clients was never part of my job description. I have immense respect for those of you who constantly find new investors, as it is something I have never had to do.
I understand that salespeople can make millions in our business, and over the years, I’ve had the privilege of working alongside some of the best in the world. However, I don’t possess the personal skills necessary to excel in that role. Therefore, it’s been the efforts of salespeople that have enabled my long career.
To each and every one of you, I extend a massive thank you!
This brings me to the most important aspect of my career: the people I’ve met and worked with. No matter what role we play or how much we earn, what makes this industry truly great is the people we meet and the friendships we forge along the way.
I’ve been fortunate to meet all kinds of people worldwide, and each has contributed to my career in some way or the other.
When I started at Merrill Lynch, Rose the tea lady was kind to me, as were many senior salespeople. On the exchange floor, it was a dog-eat-dog world, but many traders from other companies would help me get up to speed outside of the exchange.
Since then, countless wonderful people, including some I still work with today, have generously shared their time to help me improve both professionally and personally.
While it is wonderful to celebrate a lifetime in our industry, this is truly a time to celebrate everyone I have met and everyone who has helped me along the way.
To all of you, whether old friends or new, I want to take this opportunity to express my deepest gratitude.
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