Over the years I’ve heard this term occasionally associated with risk taking; often used in lore associated with WWI. The odor of cordite providing a spurt of adrenalin to the emotion of either courage or fear. Futures trading, in a zero-sum atmosphere, is sometimes comparable to battle.
I credit Thomas H. Dittmer as the first using the phrase describing those often intense four hours and ten minutes from the first bell in the livestock markets to the closing bell in the grain markets.
“You and I are on the firing line. We know how to treat clients. We’ve taken hits. Clients want to make money. We know the risks. As you well know, our industry is full of dinosaurs. Things are going to change.”
That conversation was in 1974 or 1975. The spouse and I had arrived at Palwaukee in Tommy’s jet. A limo was waiting to take us to Lake Forest.
Several mentors have passed through my life within a fifty year span in futures markets. The most memorable, without any doubt, was an association with THD. A bond of friendship was formed on that evening. Yes, we’ve had our rocky moments. But, within an environment of intense action and risk, big egos, creative minds and quick tempers, Tommy is a legend.
After a tour of their wine cellar, some discussion over a couple of glasses of wine and dinner for the four of us in their formal dining room a camaraderie evolved. This man was not the typical brokerage executive fearful of making bold decisions. A thread of commonality became evident : we both talked fast (time is money), we both began our days at 4 AM, we believed in preparation, a courage to make snap decisions, some good, some not so good, but if wrong, GMO (get me out). A written agreement was not necessary with Tom. His word solid. And, like most of us, just don’t ever cross us.
Tom is very high energy. His memory astounding. I recall a blurb in Fortune magazine in those days related to his memory and intellect. Anyone in the business of trading futures knows ‘you have to be able to count.’ I noted as that evening ended, we were completing the other’s sentences. There was an excitement in the wind.
While futures speculation is serious business, one of the pitfalls is taking oneself too seriously. Tom enjoys a great sense of humor; I knew his buttons, he knew mine. Over the span of our relationship, we’d lunch at the Pump Room or the Drake about once a week. When he purchased a wireless telephone system for his limo, he installed two phones. Those of us knowing Tommy recognized he enjoyed telling one party (aware he was traveling in the limo) “hold on, I’ve got another call on the other line.”
He always answered his own telephone. No calls were screened. Conversations were short (time is money) and to the point.
Those of us as professional traders (some now retired) also know those few exceptional visionaries able to move an industry into a new era are often controversial. Most folks dislike change.
In the days prior to platform trading, and beginning about 1965, many personalities became legendary. An electric excitement passed throughout the trading floor when one of these players walked onto the floor, or stepped into a pit. Hot line speakers soon installed in offices throughout the world, spread that electric excitement throughout the trading world.
