John Shannon attended colleges in Boston, Massachusetts during the 1960’s majoring in Accounting. His first taste of investing came in 1973 during the stock market crash of that time. He opened his first account at Merrill Lynch in Burlington, Massachusetts putting all his savings in stocks selling at $1 a share.
Watching the stocks rising in value, and not knowing when or if he should sell, he dusted off his old college Economics textbook and read from cover to cover with a greater interest than ever before. After numerous trips to the Harvard Book Store to purchase many used Economics books, John spent an average of 6 hours a day in the local public libraries during a 5-year period from 1973 to 1978, reading textbooks, as well as, the Wall Street Journal, Business Week, and other periodicals.
Economics and investing became a passion. In 1976 selling stocks at the top of the market and buying gold at $120 an oz, which turned out to be the near low for gold, was the next financial step. In 1980, when the Regan administration was elected he decided that the gold price would fall so he sold his gold holdings at $750 an oz.
John successfully predicted the real estate market collapse in 1988 and the stock market crash of 2000. He has been recommending buying gold recently since it’s low price of $277 an oz a few years ago. In the mid 1980’s, he was a registered investment advisor for a short period of time.