Sean Jennings, an Executive MBA student at the MIT Sloan School of Management, has gone back to school, decades after dropping out of college. “I don’t need to make any more money; I’m interested in making a difference.”
When people ask me why I—a college drop-out turned tech entrepreneur—decided to go back to school to get my Executive MBA, I tell them about my older brother, Michael. On New Year’s Eve in 1967, Michael and I both came down with a mysterious virus. We were babies at the time—he was two and I was one. No doctor could figure out the cause of it. Ultimately, I got better. But Michael was brain damaged.
I have always known how fortunate I am. I got to grow up and lead a healthy person’s life. Michael, who has the cognitive function of a toddler, spent his teens and twenties in an institution and now lives in a group home.
From a young age, I felt that my purpose was to take care of my brother. When I got older, I realised that would cost a lot of money. My goal was to attend the best college I could and then pursue the highest-paying career I could tolerate. Getting accepted to MIT on an Air Force scholarship was one of the proudest moments of my life. But two years into college, I got injured. The military released me on honourable medical discharge. I couldn’t afford tuition and didn’t want to take on overwhelming debt, so I dropped out. Read More »
MIT Sloan Visiting Associate Professor of Finance Lily Fang
It’s widely known on Wall Street that September is the worst month for stocks. This is not just trader superstition. An article published in the Wall Street Journal last year points out that since 1896, the Dow Jones Industrial Average has lost 1.09% in September on average, while returns for every other month average 0.75%. Moreover, September is the only month that shows average declines over the past 20, 50, and 100 years.
While the September swoon is no secret, its precise cause is elusive. Possible explanations for the lower returns range from the complex — one study theorizes that portfolio managers sell stocks with recent losses in September to take advantage of tax breaks before the end of their tax year in October; to the dubious — some strategists claim it’s pure randomness; to the downright bizarre — a study by University of Kansas suggests that the decline in the amount of daylight in New York City in September might spark seasonal affective disorder and make some traders more risk-averse.
Importantly, this lower return was not driven by September alone, even though the September effect is pervasive in the northern hemisphere. Even when September is excluded, there is still a return gap of at least 0.5% between after-holiday months and other times, and the difference remains highly significant.