Four months and 3 days prior to this date, I took early retirement from Merrill Lynch after decades of leadership to discover and correct market misalignment’s my own way. Orchestrating an alliance of other Wall Street and Business Executives I founded a broker-dealer advisory firm that drove revenue & alpha performance during a time the investment industry required a paradigm shift.
My previous schedule had been to visit “corporate” semiannually in spring and in autumn—I missed the 9/11 attack on America but my friends did not. During the prior decade with Paine Webber I came to know and respect a man who has become somewhat of legend. He wrote this years later in remembrance of 9/11/2001.
His Personal Thought
– Many of us got out that Tuesday walking through streets onto which ash, smoke and business envelopes fell snow-like, blocking both your view and your breathing. Yet when a stranger was met, they were invited to join the convoy and offered a spare wet cloth (carried in pockets) through which to breath as they walked. When we reached the East River (Brooklyn side of Manhattan), there was a volunteer group of tugboats, fishing boats and mini-ferries that looked like the evacuation of Dunkirk. No charge.
No money. Just – “May I help you!” No one got anyone’s name. No thank you cards will be sent. But Americans – even New York Americans – who freely give to strangers but argue with neighbors were suddenly one group.
In the days since, as we wander via new strange ways back to Wall Street, we all internalize the survivor’s quandary. We are lucky to be alive – but why us. As I noted on TV – none of us headed back to re-open the markets with relish or avarice.
The President, the Governor, the Mayor and all officials asked that the markets re-open to provide a means for the economy to work – to unclog an artery. Day after day, traders, clerks and the thousands of folks who support them walked to work. No spring in their step. Resolute to do their job, they are civil but somber.
As they pass checkpoints, they say “thank you” to the policemen, firemen, and National Guardsmen who may have lost brothers saving us and some of our friends.
Ironically, the only smiles you see in Wall Street are on the photocopied photos of the missing that family and friends have taped to walls, mailboxes and lampposts. It may take a long time for smiles to naturally return to Wall Street. It may take a long while to find those criminals who took our smiles and our friends. But we will have patience.
My Personal Musing:
– I didn’t know at the time but it was out of fear that I “secured” my broker-dealer advisory firm inside the safety of a client’s brokerage, improving his business model, investment policies and profit margins. I even aligned it for a needed leveraged buyout but it was my insecurity that caused me to leave my licenses there just in case my own entrepreneurial idea failed.
Fear is a killer in itself, was the lesson I learned years later from brave souls who lead under the incident of battle. Today as the Anniversary of 9/11 looms, markets have turned volatile, the west is on fire, the earth has lost more than 50% of natural surface and pandemics are increasing globally. Effects of land degradation and over population are unsustainable but complacency is deep rooted. Use this day to turn both complacency, fear and remembrance into action.
By- Kevin Palmer
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Author and Journalist Kevin Palmer – SMA Institute
Kevin Palmer Terminated From First base on over throw, worked his way up in Wall Street biggest firms. After learning everything he could from them, teamed up with other executives to advise smaller firms. Kept his license with a corporate client, to day trade…a bad idea (story for another time or book) …but that addiction inspired his Behavioral Finance firm, sMa Institute which did groundbreaking research still used today in investment policies at some Wall Street firms.