I talked to my friend Bob Zoellner several times a day and he taught me how to analyze market actions. During my last year at Hutton, I started closing the door to my office so that I could watch the market. After eight years as a security analyst it had become intolerable. When the firm went bankrupt in fall 1975, I had another job lined up at Loeb Rhoades. A friend helped me get a job at Edwards & Hanly where I met Bob Zoellner. People don’t want to get involved with any controversy, even if it wasn’t of your own making. People would say, Oh, aren’t you the guy who wrote that report? It didn’t matter that I had been totally ethical and exonerated. Out of work for four months, having dissipated my capital, I decided to go back to work. I had to testify six hours before the New York Stock Exchange. The stocks began plummeting prior to the report’s release, because the client started spreading rumors that a negative report was about to be issued. As part of the normal routine, the draft was circulated among the other analysts, one of whom got drunk one night on a flight home from California and told a client about my report. I had written a bearish report on hospital management stocks, saying that the industry would eventually go to a utility rate of return. After two years I left for XYZ (fictitious name) in 1972. My first full-time job was as a securities analyst at Kuhn Loeb. After getting out of the Marines, I returned to Columbia and held some boring part-time jobs while I completed my M.B.A. Marine Corps reserve unit that was recruiting officers. After graduating from Amherst College in 1967, I was accepted to the Columbia Business School. Excerpt from an interview with Marty Schwartz taken from Market Wizards by Jack Schwager:
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