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:
“Must we really see Chicago in order to be educated?”
—Oscar Wilde (1854–1900)
“The site of the true bottomless financial pit is the toy store. It’s amazing how much a few pieces of plastic and paper will sell for if the purchasers are parents or grandparent, especially when the manufacturers claim their product improves a child’s intellectual or physical development.”
—Lawrence Kutner (20th century)
“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)