To say the least Phillips and Drew was an eye opener. The office was full at 8 am, way before the market opening. The morning meeting was complex with a huge number of topics and information discussed. There was a positive pile of information to digest and from which to inform clients. Many of the analysts were quite dour, most were younger than the norm but all were extremely hard working and keen to help. The level of business was on a scale I had not seen at Laurence Prust. The millions of pounds transacted became tens of millions of pounds and the energy and industry of all was awe inspiring. Paul Smallwood orchestrated the show. Our telephone system consisted of banks of lines with flashing lights indicating incoming calls. Large clients had their own direct line. The number one rule was never let a phone ring more than once. If it did Paul or other team members would become agitated, put their hand over their receiver so as not to alarm the person they were speaking to but so as to urge others to ‘answer the phone’. To this day if a phone rings more than once I develop a tic my face. ‘Phone’ I will cry ‘please answer it some one’.
The truth is I took to it like a duck to water. The more business flowed the better I got. My dear friend David Lis had by this time moved to London and was working for a large and very successful unit trust group. He managed a large amount of money and like me was very good at making fast decisions under pressure. We were a perfect team me offering ideas he acting upon those ideas and performing well for his investors and clients.
The International desk served clients from all over the world and I progressively became the focus of our push into the USA. Hugely professional clients, massive amounts of money under management. I was well and truly in yet big time.
Paul Smallwood was far sited and he discovered a course being run at The Chicago Business School on the subject of ‘International Investing’. Participants will be fund managers with MBA’s or equivalent degrees. Smallwood had never been to the USA but guessing the course participants would be prospective clients he signed us both George Gray and I up. I was horrified. My learning processes as I mentioned had limited my formal education and to go to such a prominent university under the tutelage of a professor who was the leading academic in the investment world in those days would be one hell of a test.
At the Heathrow George ordered me to load up at the duty free with Malt whiskies. We had a whole load of bottles, way over the limit I suspect but no-one checked and we kept quiet. I do not like malt whisky but I hoped that George was planning some ‘alternative course’ that I might find more to my skillset. On the first day I elected to take one of the several option courses run during he week. This was in fact quite literally an ‘options course’. The teacher covered the blackboard with mathematical formulae stood back looking triumphant and asked the question ‘Anyone disagree with the math?’ (Gulp-way above my pay grade). ‘Ladies and Gentlemen I give you Black and Schole’, an advanced theoretical study of option strategy.
Most of the participants on the course were very nice and they came from all over the USA. American investors were just beginning to move money around the world and these money managers were keen to learn more of the risk reward profiles of the exercise. On the wednesday afternoon there was a ‘social option’ an opportunity to play golf. George Gray was in fact a scratch golfer. He sent me to a local store with the order to stock up on beer, ice and crisps. He hired some golf clubs from the pro shop and an electric buggy. I filled the buggy with goodies and we were ready when the other ‘golfers’ arrived. There were around a dozen of them. All smartly dressed, all with their own kit. Foursomes were picked and George informed our ‘new friends’ that ‘Elliott’ will drive the refreshment cart.
George was in the first foursome on the tee and last to go. The first three golfers sent off good to reasonable drives down the fairway. It was Georges turn. He took no practice swing at all but just smoked a beauty down the middle of the fairway, grimaced and made some self deprecating comment. The whole group stared open mouthed.
In the evening George and I entered the dining room for dinner. As we did several of the golfers hailed George. He had won the competition easily and his round was being described around the various tables. Fingers were pointed in our direction and I had one or two people come over to compliment me on my ‘bar skills,’ I had kept all well watered. The course organiser presented George with a tacky trophy and George made a short speech introducing ‘Elliott’ and himself and the company we represented with the rider that we were probably the best team of people in the UK to advise on investment in UK securities. His master stroke was to invite ‘anyone interested’ at the conference to a ‘malt whiskey tasting’ at “Elliotts Room” later in the evening. I returned to my room. made it look spick and span, strategically left a few investment reports laying around and proceeded to set out the Malt Whiskey bottles and a whole series of plastic glasses for tasting.
The evening was a huge success. For years afterwards I would find myself at a conference or in some clients office somewhere in the USA. People from that course would recognise me and come over. ‘Elliott’ good to see you Chuck Brewster Ohio Stage pension Fund or similar, let me introduce you to my colleagues. Formality, qualification and knowledge are of course important and so are MBA’s but judging by the success I enjoyed with my American client base over the years, there is another way.
The die had been well and truly cast regarding the fruitful period of my career. I will move away from my life story here in order to follow some of the more interesting episodes and adventures I have experienced in my life. it is random but hopefully interesting.
Tales of a Life Well Lived 