The tumultuous second half of 2001 was my introduction to financial markets. I started my first job as a fresh-faced graduate on June 1 2001. I knew precious little about financial markets, except to buy Didata, the bitcoin of my youth. The Nasdaq had lost 70% from its peak to the March 2001 trough. The S&P 500 was in a bear market, losing 27% from peak to trough. The rand had lost a quarter of its value relative to the dollar over the course of 2000 into the first quarter of 2001.

Three months into the job, aeroplanes flew into World Trade Centre 1 and 2, and risky assets had another meltdown. The rand tumbled and the local currency continued to bleed as the year progressed. In December, the rand fell out of bed, losing 27% of its value in the 16 trading days to December 20 2001. Bonds went along for the ride and the benchmark yield jumped to 13.6% from 10.1% over the course of three weeks...

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