Your First Big P&L Is Always Formative

Your first big P&L is always formative. Unfortunately, for me, it was in the Bond bear market of 94. It's taken me years to figure out that subconsciously I was looking for another nice bear market to get it right. So much more satisfying. The only thing is you'd hope that money was its own reward, wouldn't you? Because a lot of people feel that money's its own reward.