Wall Street legend Art Cashin will ring the opening bell today to mark his 50th anniversary on the floor of the New York Stock Exchange.
“It has been a most interesting half century,” he wrote in this morning’s Cashin’s Comments newsletter.
Cashin actually got his start on Wall Street in 1959 as an assistant clerk for Thomson & McKinnon.
Believe it or not, he almost left finance in the 1960s to pursue a singing career with his folk singing quartet. According to legend, Cashin’s quartet’s contract with then ABC Paramount Records fell through because the record label signed an up-and-coming musician named Ray Charles.
But he hasn’t stopped singing. Every Christmas Eve, Cashin leads NYSE traders in the traditional singing of “Wait Til The Sun Shines, Nellie.”
In 1964, Cashin was named partner at P.R. Herzig & Co. At age 23, Cashin became one of the youngest traders in history to have a seat on the NYSE.
Fast forward to 1980, Cashin joined Paine Webber as an institutional floor broker. In 2000, Paine Webber merged with UBS. And fast forward to today, Cashin is director of floor operations for UBS Financial Services.
He’s a card carrying member of Mensa, the Bond Club of New York, and the Knights of Malta.
Cashin’s Comments is the must-read daily newsletter for traders everywhere. It’s a fun read combining history, a play-by-play the previous day’s market action, market analysis, and a trivia question. A source recently told Business Insider that nearly a million people subscribe to Cashin’s Comments. Although, his high school says it’s closer to 100,000.
To the next 50 years!