Art Cashin, Wall Street legend and UBS director of floor operations at the New York Stock Exchange, died on Monday at 83 years old.
Cashin was a respected Wall Street fixture for more than 60 years and an enduring presence on CNBC for over 25 years. Cashin delivered daily stock market commentary in “Cashin’s Comments” in which he made complex market events and trends relatable to investors of all levels.
Bob Pisani, Cashin's friend and CNBC reporter, described him as "that rarest of creatures: a man respected by all, bulls and bears, liberals and conservatives alike" and "a great drinker and raconteur, a teller of stories."
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Barry Ritholtz, chief investment officer of Ritholtz Wealth Management LLC, shared a story Cashin told over dinner about trading as tensions ran high during the Cuban Missile Crisis. Cashin said word was spreading that Russia had launched nuclear missiles towards the United States, which were due to strike in 11 minutes.
Cashin ran around the trading floor trying to sell short, but was unable to. Time passed without a missile strike and Cashin later told his boss about the events of the day. His boss told him that in the event of the end of the world, the proper trade is to go long.
"He asked his boss, ‘Why go long if the world is ending?' ‘It never does end,' his boss told him, and even if it does, ‘who are you going to settle the trade with?'" Ritholtz recounted while sharing Cashin's story.
Cashin seemed to have learned a valuable lesson from that boss and was later quoted giving similar advice.
“You never bet on the end of the world, that only happens once, and the odds of something that happens once in an eternity are pretty long,” Cashin said.
Here are more bits of humor and wisdom from Wall Street legend Art Cashin:
"If your birthday is coming and you hope for a pony, any gift makes you happy. But if you expect a pony, you better get a pony."
“Today is a waste of cab fare and a clean shirt," Cashin said on a low trading volume day.
"How do I like my steak? As long as it’s not through my heart, anyway is okay.”
“You do not survive in the business for 50 years if you do not find out where the exit signs are at the minute you enter a room,” Cashin said.
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