When I was 12 years old, my father gave me one share of AT&T. I started watching it go up and down and wondered what caused it to change. I discovered (by observation and others’ research) that, on average, it was due 70% to the broad market, 20% to group movement, and 10% to company-specific things. This discovery led me to a fascination in financial and economic history, which entirely reflects the history of mankind.
This is exciting stuff – wars, migrations, cultures, empires, scientific discoveries – everything is linked and has an effect on the market – which in turn affects history as well. People have moods, countries have moods. These moods affect the broad trends in the markets too. As a child, I found it all fascinating and my fascination has not in any way diminished as an adult. I love this business.