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The Dow peaks in January 2000, up ten times in 17 years, and Nasdaq peaks in March. The bubble bursts. By September, the last few technology stocks surrender to a relentless tide of selling. The Dow dropped almost 37% and the Nasdaq bottomed in October for a decline of nearly 78%. Investors suffered huge losses. Those who started in the six months before March 2000 suffered losses of 80% or more. Some clients leave, but most stick it out.

On a clear morning of September 11th 2001 America receives a shocking blow. The markets close for the week and reopen the following Monday, down hard. The Fed cuts rates to lows not seen since the 1950s. The country and its economy, however, are resilient. By year-end, markets are recovering, and GGHC has about $ 4 billion under management and about 90 employees.

The credit crisis of 2008 claims established financial institutions. Bear Stearns, our clearing partner, is acquired by JP Morgan. Lehman falls. Other banks take government financing to maintain the faith of their depositors. We emerge with $ 4.5b in assets, 84 employees, and an intact belief in entrepreneurship.