In the speaker's first year of work (early 1980s), interest rates were falling from 15% and he sold long-term Treasury bonds at what turned out to be the absolute top price (7%); four months later rates were at 10.43%. He was right on the timing purely because he had no experience and was not second-guessed by experience-based intuition.
factualpending
Evidence Quote
“you know what the best trade I ever did in the business was very early in my career it was actually my first year and the the market was going up up up up up interest were going down from 15 they went down to seven and I was I thought it was kind of a Mania and I sold long-term treasury bonds”
Created: 8/10/2026, 10:50:41 PM
My Notes
Loading notes...