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
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