Catherine Garrigues’ journey into the world of finance began unexpectedly within the walls of a stockbroker’s office. It was Didier Philippe, a seasoned professional in the field, who initiated her into the dynamic realm of the stock market. He was actively seeking fresh talent to invigorate and expand his team, a common practice in a period characterized by rapid growth and increasing demand for skilled individuals.
The year was 1983, a time of exuberance and optimism in the financial markets. The long period of stagnation that had plagued the markets for two decades, not just in France but also in the United States, was finally coming to an end. Catherine Garrigues, reflecting on this pivotal moment in history, remembers a collective sense of relief and excitement. The stagnant years of the 1970s, marred by economic instability and the disruptive effects of oil crises, were fading into the past. The dawn of the "Roaring Eighties" was breaking, promising a decade of unprecedented growth and opportunity.
Catherine’s initiation into the world of finance was rigorous and demanding. She started her days by attending courses at the Société française des analystes financiers (SFAF), the French Society of Financial Analysts, where she gained a solid theoretical foundation in financial analysis and market dynamics. These courses provided her with the essential knowledge and analytical skills needed to navigate the complexities of the stock market.
After completing her morning studies, Catherine would rush to the Palais Brongniart, the historic building that housed the Paris Bourse, the stock exchange of Paris. Here, she occupied a "box," a designated space equipped with a direct telephone line to the stockbroker’s office. Her role was to act as a crucial intermediary between the office and the trading floor.
In this bustling environment, Catherine meticulously recorded each stock market order on a physical ticket. This ticket, containing all the relevant details of the trade, was then promptly transmitted to Didier Philippe. He, along with his colleagues, would be positioned around the "corbeille," the central trading pit where the prices of the most prestigious stocks were determined.
The corbeille was a scene of intense activity and frantic communication. Traders would vociferously call out bids and offers, engaging in a dynamic process of price discovery. Catherine vividly recalls the atmosphere, describing it as being "exactly like a fish market!" This analogy perfectly captures the raw energy and the chaotic yet efficient manner in which stocks were traded.
The stocks traded in the corbeille were considered the "noble" values, representing some of the most prominent companies in France. These included giants such as Bouygues, a major construction and engineering firm; Peugeot, the renowned automobile manufacturer; Elf, a leading oil and gas company; and Michelin, the world-renowned tire manufacturer. The trading of these stocks attracted significant attention and was a key indicator of the overall health of the French economy.
Catherine’s role in this process was critical. She was the conduit between the broker’s office and the trading floor, ensuring that orders were accurately recorded and promptly transmitted. The speed and accuracy of her work were essential in this fast-paced environment where seconds could mean the difference between profit and loss.
The experience of working in the Palais Brongniart during this era was formative for Catherine. She witnessed firsthand the dynamics of the stock market, the ebb and flow of prices, and the interplay of supply and demand. She learned to handle pressure, make quick decisions, and adapt to rapidly changing market conditions.
The "Roaring Eighties" marked a period of significant transformation in the financial markets. Deregulation, technological advancements, and increasing globalization fueled unprecedented growth and innovation. Catherine Garrigues was fortunate to be at the forefront of this revolution, gaining invaluable experience and developing a deep understanding of the intricacies of the financial world.
Her journey, starting with a simple recruitment by Didier Philippe, led her to a career filled with challenges, opportunities, and ultimately, success. The memories of those early days in the Palais Brongniart, surrounded by the energy and excitement of the trading floor, remained with her throughout her career, shaping her perspective and guiding her decisions. The "Roaring Eighties" were a defining era, and Catherine Garrigues was one of the many individuals who played a part in shaping its legacy. The lessons learned and the experiences gained during that time continue to resonate in the financial world today.
