September comes from the Latin root septem, meaning ‘seven’. It was the seventh month of the ancient Roman calendar until January and February were added to the front end. Perhaps the changes were conceived during some wine-sodden Bacchanalia. Anyway, the number seven is associated with luck, this month’s theme.
“That’s all your life amounts to in the end: the aggregate of all the good luck and the bad luck you experience. Everything is explained by that simple formula ...” - William Boyd, Any Human Heart
Good Luck: 40 years ago this month, I began my career with Smith, Barney, Harris, Upham & Co. in Dallas, Texas.
For a 25-year-old, I was ‘7-7-7’ lucky. Smith Barney had a sterling reputation. Our manager, George Longino, was a terrific guy. The office was on the 53rd floor of the tallest building in Dallas. My desk, by the window, offered a bird’s-eye view of the city. The timing for entering the investment business was also fortunate. By 1981, the painful bear market of the 70s was ending. Cheap assets with double-digit yields eased the process of building a clientele. Luckiest of all, we were on the cusp of an overall 40-year bull market in stocks and bonds.
A Lucky Night: Upon passing the required exams, it was off to New York for training. The highlight of my month-long stay was dinner one evening at Windows on the World, New York’s ‘most spectacular restaurant’ (photos here and here). Located on the 107th floor of the massive 1 World Trade Center, clear skies provided a memorable view from the tallest building in the city. For everyone who happened to be there that night, it was all good luck.
Bad Luck: 20 years later … and 20 years ago this month … Windows on the World disappeared on 9/11. For everyone who happened to be there that morning, it was all bad luck.
9/11: Sadly, the world continues to have religious and political extremists who believe their violence is justified. I doubt The Almighty would approve. As for that fateful day twenty years ago, it’s a reminder of how lucky we are to be on the right side of the grass.
Bonam fortunam.
Copyright © 2021 - Any opinions are those of James Aldendifer and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Investing involves risk and you may incur a profit or loss regardless of the strategy selected.
