It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.
The most essential thing for us was to get the business model right, then put the world-class technology under it to support it. At Merrill, that meant not doing what people expected.
You can no longer buy commodities at Merrill Lynch.
My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.