It was all a great mistake. The market wasn’t exploding because of the megatrends that Bob Dall had listed in his memo to Gutfreund – growth in housing, movement from rust belt to sun belt etc. – although those would later become factors. The market took off because of a simple tax break. It was as if Steven Jobs, who started Apple Computer in his garage, had bought office space, built an assembly line, hired two hundred thousand salesmen, and written brochures before he had anything to sell. Then someone else creates the personal computer and, seeing this, Jobs leaps into action, calling his
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