In 1979, I was so broke that I had to borrow $4,000 from my Dad to help take care of my family. I had calculated that American banks had lent much more money to foreign countries than they would be able to pay back, and anticipated an imminent debt crisis. But I couldn’t have been more wrong. I didn’t fully understand the impacts of quantitative easing, and so I lost money for myself and I lost money for my clients. Looking back, it was the most painful experience I could imagine — but it was also the best thing that ever happened to me, because it taught me humility.