Just Stay in the Game
The Steak Before the Storm
It was a hot, sticky summer afternoon in Makati, and I had just walked back from a sumptuous steak lunch at Jupiter Street, courtesy of my direct boss. I rushed back to write the daily Philippine stock market rundown, where I would enumerate the events of the trading day on paper—along with the list of stock gainers and losers, and the reasons why I thought they were gainers and losers for the day.
That was the standard rookie grind at Anscor-Hagedorn—one of the premier brokerages in the Philippines back in ‘95. It was my dream gig. Frontlines of the stock market, boots on the ground, wide-eyed and wired. I showed up every day, hungry to learn, with Oasis’ “Wonderwall” playing in my Walkman like it was my personal anthem.
3 Months In, and Out
Well, that dream quickly morphed into a nightmare. Barely halfway into writing the daily, a secretary called me into the office of our Managing Director, who never spoke a word to me in my microsecond working at ‘Hagedorn’. Strange.
“Sit down, Jun.” I was astonished and scared that he even knew my name. “You’ve been here 3 months, and…”
Oh no, my head gasped, before it exploded.
“…you’ve been here, what… 2 months? And we, uh, we really need someone who can hit the ground running. And you’re not that guy,” said the MD.
“But I was doing my best, figuring things out on my own, without any real guidance” I justified in a thought bubble, sitting in disbelief, shell-shocked in stupefied silence, desperate and referring to my then boss, who for this story’s purposes, we can just call ‘Beach’.
Beach hardly mentored me. In fairness, he did try, once, to tell me how cash flow analysis was done by the pros, correctly, but in very general terms: “Cash flow analysis shows how a company generates cash over time. It examines Cash from Operations, Cash from Investments, and Cash from Financing. These activities are interconnected: Cash from Operations pays for Investments in growth and debt repayments, while Financing activities can support Operational needs and Investment opportunities. Got it?!”, he asked.
“Sir, yes sir! (what?!)”, I answered in English, but more in anguish. This wasn’t the approach I needed to become an analyst with a deep attention to detail when evaluating financial statements.
Beach did show me (by example) how to write conversationally, something I will always be grateful for. Resilience too. So, two things to thank him for, actually.
Anyway, the MD then thanked me for ‘trying out’ at the Firm, after which commenced my walk of shame and one-man pity party, while exiting the firm’s premises--amidst the bewildered looks of my friends and colleagues. Back when other people’s opinions still meant the world to me, it was painful to tell people that, just 3 months after landing my dream job, I got canned.
The Best Worst Thing That Ever Happened
This was not the ideal start for anyone’s career. But at the same time, this was actually one of the best things that ever happened to me, professionally at least. Numbed by a complex cocktail of grief, disbelief and a thirst for professional justice—I committed, with blind faith, to staying in the Equities Market, which I found very exciting—anchored on a workhorse ethic and radical resolve to find the right mentorship to kickstart my flailing career--which felt so wobbly after it had actually--just started. Seek and you shall find.
The Power of Real Mentorship
And that, I most certainly did. I sought out and was rewarded to find work under Stock Market luminaries such as Liza Joson (Amsteel Securities) in the 90s, Jojo Gonzales & Jojo Madrid (Philippine Equity Partners Inc.) in early 2000s and Phil Hagedorn (ATRAM) later on. They didn’t just teach. They embodied excellence in research, portfolio management, and entrepreneurship. Their guidance built the foundation for everything I would eventually accomplish—impactful in many ways and beyond what any New York Times best-selling texts could ever offer.
You Learn More from a Slap Than a Seminar
That’s the thing about setbacks—they’re brutal, but they’re also incredibly honest. They expose what’s weak, but they also reveal what’s worth strengthening. In the years that followed, I went on to manage the country’s best-performing equity fund. I led teams, ran portfolios worth over $1 billion, worked with a sovereign wealth fund, with central banks and retirement plans. But none of that would’ve happened if I hadn’t gotten knocked flat early on—and decided to get back up anyway.
And Here We Are Again.
This week, markets around the world are rattling. Volatility has come roaring back, triggered by renewed political pressure on the U.S. Federal Reserve. Donald Trump is publicly calling for aggressive rate cuts and undermining Fed Chair Jerome Powell. That might sound like noise, but the market hears it loud and clear. The Fed’s independence is sacred to investors, and the moment that trust wavers, everything else starts to shake.
U.S. stocks dropped. Treasury yields climbed. And with it came a fresh wave of global uncertainty. When the U.S. sneezes, the rest of the world catches pneumonia. Emerging markets—including the Philippines—are already feeling it. Tariff threats, erratic policy shifts, and a weakening global narrative have pulled the rug out from under investors.
Locally, it’s not much better. Corporate Earnings growth is softening, sub-10%. GDP projections don’t inspire. And foreign investors are still heading for the exits. When I run the numbers through the GREAT framework—a tool I use to assess macro-market conditions—it’s clear: we’re still tactically Underweight on Philippine equities. Out of five key indicators (Growth, Rates, Earnings, Adverse risks, and foreign capital Trends), only two are flashing green. That’s not enough to take bold positions. This is the kind of market where you play defense. You protect capital. And stay alert.
What Time Teaches
But if you’ve been in the game long enough, you know this too shall pass. You’ve seen the panic. You’ve witnessed people sell great businesses at distressed prices. And you’ve seen those who kept their heads--turn crisis into compounding over the very long term.
What separates those people isn’t luck. It’s not insider info. It’s mindset, structure, and a willingness to keep learning—even when things fall apart.
That’s the lesson that’s followed me since 1995. When I got thrown out the door before I had time to learn the job properly, I could’ve walked away. Maybe I should’ve. But I didn’t. I stayed. I sought out mentors. I built frameworks. I committed to the long game.
The mindset has carried me through four market crises and helped in outperforming benchmarks. Not because I always got it right (because I didn’t)—but because I always stayed in the fight.
If you’re managing a legacy, teaching your kids the value of money, or figuring out if you’re cut out for this business—remember: the early hits are part of it.
The first setback isn’t a sign to quit. It’s the first brick in the foundation.
It means you’re learning.
Markets crash. People can disappoint you. Outlooks darken. But the ones who keep showing up—who keep learning, adjusting, refining—get through it.
And they come out sharper. Calmer. More confident.
Last Thought
Wherever you are right now—portfolio, career, life—if it feels shaky, that’s okay. That’s where growth starts. Not in the highlight reel, but in the mess, the noise, the near-quit moments. We’ve all been there. You don’t need perfect timing. You don’t need all the answers.
You just need to stay in the game.