Monday, December 23, 2013

When Wall Street Was A Backwater

When I was in Oxford, when I was a kid, my professors used to say to me, "What is wrong with you? Why are you so interested in the stock market? The stock market is irrelevant, its totally irrelevant to the British economy and to the world economy. Why do you waste your time and ours on this?"

Now, of course, every kid in Oxford wants to have a hedge fund in his dorm room. But that is a major change. In the sixties and in the seventies, Wall Street was a backwater.