![]() ![]() Not long afterward, mutual funds, along with the broader stock market, abruptly crashed.Īrmstrong began to observe that many things worked like this-that occasionally a contagion, of indeterminate origin, passed through the system, hitting one asset class after another. Expecting, as people do, that the pennies’ price would keep rising, he held on to them, but the high price precipitated the discovery of a greater supply, their value plunged, and he was once again a regular South Jersey kid working weekends in a coin shop.Īrmstrong’s father, a lawyer and polymath whose grandfather had lost a fortune in the 1929 crash, disapproved of speculation, and he persuaded his son to put his diminished fortune in a fashionable but conservative investment vehicle called a mutual fund. Since he had roughly a thousand rolls, he became, for a brief spell, a teen-age millionaire. Within a year, they shot up in value: a roll of fifty was worth a thousand American dollars. The next year, he bought several bags of rare Canadian pennies, which turned out to be even rarer than he thought. He got a weekend job working for a bullion dealer, in Pennsauken, New Jersey, who initiated him into the idiosyncrasies of the trade in coins and gold. The education of Martin Armstrong, according to Martin Armstrong, commenced in 1964, when he was fourteen. Some see mysterious links between pi and the dates of turning points in the markets.
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