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True story.   My college friend Ed.  Maybe I shouldn’t use his real name….meh, his name is Ed.   Anyway, back in the day Ed was a floor  trader on one of the Chicago exchanges.   A far cry from today’s electronic marketplace.  These were the days traders stood in pits wearing colorful jackets and shouted their bids and offers.  Ed took on a big position with his own money.  Things were looking good and Ed was daydreaming how he would spend part of his winnings.  And then the market suddenly lurched the wrong way.  A quiet market quickly turned into a fast market, and a fast market into a blistering fast market. Looking down at the tickets in his hand, Ed knew he just lost everything.  Everything. But then Ed looked up and saw how fast the market was moving.  Ed knew it was too fast for his clearing firm to account for his imminent bankruptcy – too much paper and volume.  No one knew Ed was bust.  You know what else?  This man had nothing to lose.   Do you know what the difference is between being bankrupt and being 10X bankrupt?  Nothing.   So,  what’d Ed do?  He jumped… continue reading

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