Remembering Art Cashin: A Legend of the NYSE #

Art Cashin, a legendary figure at the New York Stock Exchange for nearly six decades, passed away at the age of 83. Known for his impactful storytelling, Cashin was a profound historian of the stock market.

Rather than relying on academic studies, Cashin conveyed insights through narratives. He often illustrated why the obvious answer might not always be the correct one, employing stories to delve deeper into market behaviors.

In the early 1960s, during the tense era of potential nuclear conflict, Cashin learned a notable lesson from a mentor, Professor Jack. During a rumor of missile launches, Jack advised buying, not selling, as “if you’re wrong the trade will never clear.” This lesson emphasized the non-logical nature sometimes present in investment decisions.

A favorite story of Cashin revolved around market price discovery using a tale about Charles Lewis Tiffany and J.P. Morgan. The narrative demonstrated Morgan’s savvy negotiation skills, ultimately confirming Tiffany’s asking price with a check for $5,000. This story highlighted the complexities of understanding stock value beyond mathematical formulas.

Cashin also shared a significant incident from November 22, 1963, when President Kennedy was assassinated. Observing an unusual market activity, he recounted Merrill Lynch’s foresight prior to the news of the assassination, offering a lesson in interpreting market intelligence beyond apparent circumstances.

Throughout his career, Cashin narrated these market tales, merging facts into compelling stories. His storytelling connected dispersed facts into cohesive narratives, enhancing their emotional and educational impact.

Not only was Cashin known for his tales, but stories about him also circulated. His preferred hangout, Eberlin’s, featured a spaghetti dish named in his honor, known to be a hangover cure. Remarkably, despite significant time spent on the trading floor and indulging in social gatherings, Cashin consistently delivered insightful market commentaries, shrouding his enduring vigor in an element of mystery.