These results also shed light on how financial markets are affected by, and affect, the people who work in them. Randomfactors in financialmarkets deter- mine, at least to some degree, who willmake thosemarkets in the it is well known that market shocks have large effects on the wealth of those who buy and sell in those markets, I show that market shocks also have large and persistent wealth effects by determining where people will work and how much they will make.