Uncommon Sense: Investment Wisdom Since the Stock Market’s Dawn by Michael Kemp

Part I
THE LIMITS
OF REASON

0.9
START THINKING FOR YOURSELF
First up, that's not a typo. I wanted this to be chapter ‘0.9'. If I'd called it
‘Introduction', ‘Prologue' or ‘Preface' you'd probably have skipped it. But it
contains stuff I want you to read. So here it is: chapter 0.9.
My passion for the stock market became obvious when I was in my early to
mid twenties. Problem was, by then I was already a dentist. What's more, I'd
studied dentistry for all the wrong reasons. Those who thought they knew me
best used to say, ‘Hey Mike, you're getting great grades. You're really good at
science. And since you can get into any university course you want, you
should study medicine.' But I didn't want to be a doctor, so I chose dentistry
on the rebound. Seemed like a good idea at the time. After all, doesn't
everyone choose dentistry when they decide not to study medicine? Wrong.
As I later found out, dentistry is what you study when you don't get the grades
for medicine.
I should have noticed the warning signs earlier. Like when I was six years old
and told my mother I wanted to be a bank manager. I mean, what six-year-old
wants to be a bank manager? Most six-year-olds want to be a pilot or a fire
engine driver.
My mother knew all along that I'd made a mistake doing dentistry. I should
have listened to her when, halfway through my degree, I broke the news that I
was thinking of tossing it all in. I thought she'd break down and start crying,
tell me I was giving up the chance to have a great career and earn good
money. And through her sobs she'd ask, ‘Does this mean I have to stop telling
my friends my son's going to be a dentist?' But she didn't do any of that.
Instead she broke out into a big smile and said, ‘Well, thank God for that.
Now you can study economics and become a stock broker like I always
thought you would.'
I got there eventually, after working briefly and very unhappily as a general
dentist. Fortunately, when I finally started looking for a job in finance it was
the mid eighties. The stock market was on fire and anybody in a pinstriped
suit who had a pulse could get a job. I'd just finished an MBA because I
thought I needed some economic credentials on top of the dental degree
before fronting up to my first interviews. Turns out I'd wasted my time —
Bankers Trust took me on regardless. I remember my future boss, Bruce
Lugton, telling me at the interview: ‘You should have come and seen us a
couple of years ago. You didn't need the MBA.' He was right. A few weeks

Uncommon Sense: Investment Wisdom Since the Stock Market’s Dawn by Michael Kemp