Early Career
Lipschutz’ career as a forex trader may have started by accident. While at Cornell University, Lipschutz inherited $12,000 worth of stock after his grandmother’s death. In his inheritance, there were over 100 different stocks in numerous locations. It cost Lipschutz a substantial sum in fees in order to liquidate and consolidate the risk capital into one location.
While attending school, he began investing the risk capital in his free time. He would spend hours in the library, researching and reading everything possible regarding the market. This research increased his interest in financial trading, and his portfolio was eventually worth close to $250,000. The great success was, however, short-lived, as the risk capital was virtually blown with one bad decision and a turn on the market. Lipschutz considered the loss a valuable learning experience to apply to any future investments. Through his college career, Lipschutz became more interested in the stock trading and continued to pursue it with success, while leaving his architectural degree behind.
During the time spent at Cornell, he met his wife, Lynnelle Jones, who was working for economist Henry Kaufman as a research assistant. Lipschutz interned for Kaufman and Salomon Brothers before graduating in 1982. He joined Salomon Brothers as a full-time employee in May 1982.
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