A Wall Street Legend
Art Cashin, a fixture on Wall Street for over 60 years and a beloved presence on CNBC for 25 years, passed away on Monday at the age of 83.
Cashin was known for his daily market commentary in "Cashin's Comments," where he made complex market events and trends understandable for investors of all levels. He was a respected figure, admired by both bulls and bears, liberals and conservatives alike.
a man respected by all." He was also known for his wit and storytelling abilities.
Barry Ritholtz, chief investment officer of Ritholtz Wealth Management LLC, shared a story Cashin told about trading during the Cuban Missile Crisis. Cashin, fearing an imminent nuclear attack, tried to sell short but was unable to. His boss later told him that in such a scenario, the proper trade is to go long.
Cashin seemed to have learned a valuable lesson from that experience, later advising others to "never bet on the end of the world."
"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.
Art Cashin will be remembered as a legend of Wall Street, a gifted communicator, and a man of wit and wisdom.