May

4

 It is interesting that in many of the electronic markets that one has traded millions of contracts in, but still don't know how to participate in the official "opens" where there is a "single price" determined by a complicated set of rules that would take a hundred lawyers a year to figure out, the "open" is often the extreme of the day, and the only people who get it at the extreme are those who somehow have figured out how to trade the "open" or who have the equipment to do so. Such a situation occurred in the Bunds today, where it opened at "80", set a high of "82" a nano later, and then very delicately as my grandfather Martin would say, fell all the way down to 20 or so, "relieving" all the longs of their hard earned "wherewithal". The days of Livermore and Grandpa Martin, of Morse and Little and Boss Tweed and Drew and Travers ("although of genial disposition, he was a chronic bear") are not forever gone.

Nor for that matter are the days of James Hill who could not resist succumbing to some inside trading in railroad stocks based on the Chinese situation and who Harriman, the decorated political office holder and flexion cubed of his day, turned in to the office holders of the day for "hearings" and punishment for his "inexcusable and inexplicable behavior". James Hill who built the greatest railroad, the Great Northern,and spared no expense to engineer it perfectly for safety and efficiency and inspected every inch of the track he layed. Reminds one of the Scapegoat under fire today. 

Vince Fulco writes:

I have had the chance to tour his home in St. Paul last year. I dare say while opulent for the area, it was a functioning house and not a copy of the palatial, "money is no object" places like the gilded age titans out East. In keeping with the grounded, pragmatic Midwestern mindset I have witnessed often. The boiler room running hot water through the house; the first of its kind in town, is simply not to be believed.

 


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