"Human creativity produces new enterprises with ideas that can change the world. Our job is to find them. Our clients' more difficult job is to concede to us the freedom and responsibility to take investment risks over many years."
- Richard Gilder.
The tech and market excitement grows, and clients pour into GGHC. Most brokers at GGHC end 1999 with triple digit gains. We are up to 70 employees and have $11 billion under management.
On a clear morning of September 11th 2001 America receives a shocking blow. The markets close for the week and reopen the following Monday, down hard. The Fed cuts rates to lows not seen since the 1950s. The country and its economy, however, are resilient. By year-end, markets are recovering, and GGHC has about $4 billion under management and about 90 employees.
The credit crisis of 2008 claims established financial institutions. Bear Stearns, our clearing partner, is acquired by JP Morgan. Lehman falls. Other banks take government financing to maintain the faith of their depositors. We emerge with $4.5b in assets, 84 employees, and an intact belief in entrepreneurship.