Chicago Pit Trading
Spitznagel's approach to investing dates to his time as a fledgling pit trader in the early 1990s in the bond futures pit at the Chicago Board of Trade. There, as the youngest trader in the bond pit, he was mentored by 50-year veteran corn and soybean trader Everett Klipp (a.k.a. the “Babe Ruth of the Chicago Board of Trade”). According to Spitznagel, he "was pretty much brainwashed by the age of 16" by Klipp, "who said that to be successful, you just had to know how to take a small loss as opposed to a big loss.”
Read more about this topic: Mark Spitznagel
Famous quotes containing the words chicago, pit and/or trading:
“Ethnic life in the United States has become a sort of contest like baseball in which the blacks are always the Chicago Cubs.”
—Ishmael Reed (b. 1938)
“The virtues of society are vices of the saint. The terror of reform is the discovery that we must cast away our virtues, or what we have always esteemed such, into the same pit that has consumed our grosser vices.”
—Ralph Waldo Emerson (1803–1882)
“His farm was “grounds,” and not a farm at all;
His house among the local sheds and shanties
Rose like a factor’s at a trading station.”
—Robert Frost (1874–1963)