12. Brokedown Palace
It was a beautiful, crisp September morning as I looked up from my Wall Street Journal to watch the sunrise over the East River. It was a peaceful moment, and I paused to reflect on the beauty of the landscape and my place in life. That was the first thing I remember about 9/11, how sharp the horizon was as day broke over lower Manhattan.
Our hedge fund was bearish on the macro landscape but positioned for a countertrend upside trade heading into that session. As I settled into my turret and downed a second cup of coffee, Nokia preannounced a negative quarter—they released news that business was worse than expected—and the stock shot 5% higher. It was a telltale sign that the market was washed out, proof positive that traders ...
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