23 Years Later
This week marked the remembrance of 9/11 a tragic and transformational day in American history. Most have differing memories of that day, where they were, what they were doing, who they knew, etc. but all were shaken and more than likely can vividly remember what it was like to feel as if we were going to war, on our own soil.
I was very early in the process of establishing Joule, which was then named Tatro Capital. I had recently relocated back from New York, fresh off a cold-calling brokerage desk where I learned the art of not taking rejection too personal, especially when that rejection comes with expletives and a side of personal humility. It will still go down as one of the toughest jobs I ever had.
I was working two jobs at the time as I fought my way into the money management business and remember immediately turning on the television as I got word of a plane flying into the North Tower around 8:45AM. While at the same time being in shock of what I was watching, I pulled up the US equity futures market to see deep red, the market was clearly uncertain what was happening and responding accordingly.
As the minutes ticked on and eyeballs across the globe began to tune in, at approximately 9:03AM Flight 175 hit the South Tower and all hell broke loose.
Like many, I was filled with various emotions which are difficult to even express. I was deeply saddened for those who lost their lives and grieving for those they left behind. I was shaken and disturbed for a very long time as images of people jumping to their deaths were replayed over and over within the media and certainly in my head. Still in my early 20’s I immediately had thoughts of signing up to serve my country and fight for our freedoms that were clearly under attack on our soil. And the business I was trying to start, managing other people’s hard-earned money and wealth, well, that was going to be over as the market was now closed and didn’t look like it would re-open any time soon. It was an odd feeling being, sad, angry, scared and motivated all at once. I am sure I was not alone.
On my way home that day I remember gas lines that make every other gas line I’ve seen pale in comparison. Folks were convinced this new war with the Middle East would result in oil shortages and gas scarcity. They rushed to the pumps. Within hours the bread and milk, not to mention meat and other staples were empty on store shelves and over the next few days I ate more pizza than I care to remember.
While many have different memories of that day or the days that followed, for me, it was about how our country bounced back and preserved that has stuck with me the most. In the moment, I was convinced the business I was starting was over and financial markets as we knew them would never be the same. I was certain I was out of business before I ever really got started and would be soon looking for another way to make income and pay my bills. Interestingly enough, five days later, markets reopened, stocks began trading again and within just a few weeks markets were back on their feet.
Every year at this time I am reminded of that day and experience. Throughout the tragedy, the pain, the anger, the fear, our country found a way to keep going. We picked ourselves up, dusted ourselves off and moved forward. No, it hasn’t always been pretty and in fact one could argue that the last few decades have been quite the cluster but if you’re over 40, take some time to really recall what you were feeling that day and just how dark and dire the situation was. Consider how far we’ve come.
While the financial crisis of 2008 and 2009 was a difficult time, I often look back on the Covid crash of 2020 as one of the most challenging environments our firm has had to navigate thus far. When I go back to the communication, portfolio maneuvers and countless phone calls we logged, it was one of the moments I am most proud of within our firm’s history. I am often asked how we were able to navigate that time with such a steady hand and the answer is really quite simple, we lived and managed through 9/11.
At the depths of 9/11 markets closed and did not reopen. At the depths of 9/11 we believed we were going to war on our soil and our entire livelihood was threatened. While we still had our differences we came together and united as one. It wasn’t always perfect, but we not only prevailed through that dark season in our country’s history but thrived.
During the depths of Covid, I was absolutely convinced we would do the same. We have.
Markets will go up, markets will go down, but through it all, I am absolutely convinced you cannot break the American spirit. We may have our differences, disagreements or challenges, but at the end of the day we all are striving for a better life in a country that remains, by far, the best place to live in the entire world. It is precisely why so many want to be here.
Markets are trading near all-time highs after a few years of strong returns. We have an upcoming election which will most definitely create volatility and uncertainty. We have innovation and advancement happening before our eyes that is as transformational as anything we’ve ever seen in our country. It is an amazing time to be alive!
Whatever memory you have of 9/11 I hope you have taken some time this week to think back to that time and not just ponder the events of that fateful day but also consider just how far we’ve come, how far you’ve come. It’s easy to look around and point out all the terrible things taking place and all the challenges but let’s not forget to once in a while take in the good and appreciate the wonders of our day.
As I wrap this up I will take my son to breakfast shortly before stepping into a local high school to teach a class on finance. I love to pour into the next generation and teach them the wonders of this amazing world of money and markets. Despite what you may read or hear, the kids I work with are full of passion and hungry for success. While they were not alive during 9/11 nor have any direct memories, I love to share with them the stories I have and the challenges our country has been through. I’d like to think they get it and are ready to thrive in this incredible country that gives us all so many amazing opportunities each and every day.
Until next time
~ Quint
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