Everett Edward Klipp (October 8, 1926 - January 28, 2011), also known as the "Babe Ruth" of the Chicago Board of Trade (CBOT), was a mentor to Frank Peard, John Horner, Mark Spitznagel and countless other floor traders.
Klipp was born in Manteno, Kankakee County, Illinois. After a hardscrabble childhood and adolescence on a dairy farm, he enlisted in the Navy and served in the Pacific Theater during World War II.
Following the war, Klipp found work as a messenger for a member firm at the CBOT. He advanced rapidly and bought a seat on the CBOT in 1953, eventually founding Alpha Futures, which became a major firm at the exchange. Especially to the traders he trained, Klipp emphasized the importance of knowing how to take a loss, and the necessity of abandoning a losing position before it became a disaster.
References
- "Everett Klipp, 1926-2011 - tribunedigital-chicagotribune". Articles.chicagotribune.com. 31 January 2011. Retrieved October 31, 2015.
- NYTimes obituary, 31 Jan 2011, archived by Legacy.com
- Out of the Pits, Caitlin Zaloom, p132
Sources
Out of the Pits Traders and Technology from Chicago to London, Univ of Chicago Press, 2006 (paperback 2010)
Further reading
Eek (Chicago: Adams Press, 1995), by Everett E. Klipp (autobiography) (478 p.)
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