The only person fired twice by Don Regan
I learned first-hand that being negative —or realistic, as I prefer to call it—can be hazardous to job security. As mentioned in our recent book, The Age of Deleveraging: Investment strategies for a decade of slow growth and deflation, I joined Merrill Lynch in 1967 as the firm’s first chief economist and established its economic department. In 1969, I forecast a recession to begin late that year and run into 1970. The forecast proved accurate, but it wasn’t being bullish on America, in the Merrill Lynch parlance. That put me at odds with Donald T. Regan, who obviously won because he was running the firm. So I took my entire staff and left, ending up at another Wall Street firm, White, Weld, with no idea that Merrill Lynch would buy White, Weld in 1978. So the story on Wall Street, which was absolutely correct, was that Gary Shilling was the only person fired twice by Don Regan. I promptly established my own firm and at least eliminated the risk of being axed by him a third time.
From Gary Shilling August 2012 Insight
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