In this podcast version of the Open Outcry Traders History Project video interview, Tom Gould reflects on his trading career and the life-changing experience of a heart attack that led him to give back to the community. Gould's journey began unexpectedly when he took a summer job at the Chicago Board Options Exchange and then after a second summer received a call from his boss with an offer to forego law school and join the Chicago Board Options Exchange (CBOE). His time on the trading floor had been eye-opening, filled with excitement and learning opportunities, so he took the job.

Gould's early trading days were marked by dealing with volatility and trading both calls and puts. He embraced the brashness and inquisitiveness required to succeed as a floor trader, often making split-second decisions. Gould recalls the competitive yet camaraderie-filled atmosphere on the floor, where mentors like Peter Michaelson helped him hone his trading skills.

The economic opportunities on the trading floor during the late '80s and early '90s were vast, with fewer regulations allowing traders to have a competitive edge, he said. Gould said his insights into reading order books gave him an advantage over institutional traders.

He vividly recalled the crash of '87 when his gutsy trading decisions paid off, but he was also humbled by the '89 crash when a trade on IBM options went awry. Despite these challenging moments, Gould treasures his floor experience, even the humorous pranks and antics that added levity to their daily routines.

In the podcast Gould candidly discusses some illicit activities on the floor, mainly after hour trading, and shares an amusing tale of a showdown that ended with karate moves.

His best day as a floor trader was during the crash of '87, where he made a substantial profit in IBM puts. However, Gould admits he was more of a steady trader than a high-risk swinger.

Conversely, his worst day was during the '89 crash when he underestimated the market's reaction to United Airlines' failed buyout. He recalls fellow traders profiting from buying cheap puts while he endured significant losses.

Gould's most vivid memory of the floor is the '87 crash, where even seasoned traders were overwhelmed by the panic and uncertainty. This experience shaped his perspective on life and risk-taking, he said.

Reflecting on his trading career, Gould wished he had sought more advice and brought his later technical analysis knowledge to the floor. He values the lessons in trust, relationships, discipline, and adaptability that he learned from trading.

Eventually, Gould decided to leave the trading floor in 1994, seeking a change in his life. He recalls the night of his heart attack vividly, how he collapsed while talking to his son, and how his family's quick actions, along with state legislation changes, saved his life.

His heart attack became a catalyst for change, and Gould, along with his son, now speak to high school students about the importance of CPR training and awareness. In the talks, he and his son emphasize the critical role timely intervention and education plays in saving lives.

Gould's experience led him to become an advocate for heart health and CPR training, joining the Illinois Advocacy Committee for the American Heart Association, where he continues to give back and share his story to inspire others to take their health and safety seriously.

Scott Shellady, known as the "Cow Guy," discussed his journey from playing football at the University of Colorado to becoming a successful trader and market commentator with John Lothian News in an Open Outcry Trader History Project Interview. He encountered a roadblock in his initial attempt to pursue a degree in finance, so he started out studying art. He was later able to switch to finance as he experienced success in football. He was reluctant at first to follow in his father's footsteps to the Chicago Board of Trade, but eventually he decided to explore his father's world of trading at the CBOT.

Shellady has been known as "The Cow Guy" since he first put on a Holstein cow print trading jacket, a design first worn by his father.

He received an opportunity from the Options Group (now known as Prime International Trading) and began his career with a meager salary.

Initially, Shellady intended to give trading a try to get it out of his system. However, he found himself excelling in the field and decided to continue. After making partner a year later, he moved to London for the Options Group.

Throughout his career, Shellady experienced ups and downs in trading, including substantial losses on certain days. However, these losses taught him valuable lessons about risk management and discipline. He also discussed the impact of his trading career on his family life, emphasizing the importance of balancing work and family commitments.

Shellady's career took an unexpected turn when he ventured into market commentary. His journey into broadcasting began when he was approached by Successful Farming magazine to provide market commentary. Later, he seized an opportunity to appear on Bloomberg TV, where he spoke confidently about lumber markets, despite limited knowledge of the subject.

This opportunity opened doors for Shellady, leading him to establish himself as a market commentator in the financial media landscape. He eventually transitioned from trading to full-time broadcasting, hosting his own television show on RFD TV.

Shellady, known as the "Cow Guy," shared his favorite trading memory, which was related to the British pound's crisis in 1992. He recalled the intense volatility in the markets during that period and the lasting impression it left on him.

He vividly described an incident when he was just 23 years old and inexperienced in trading options on the corn pit. The market was limit-up on a Friday, and he was supposed to clean out his position before his wedding. However, things took a turn for the worse, with Shellady losing $25,000 in a single day. He recalled the overwhelming feeling of devastation, highlighting how it was a harsh but valuable lesson that shaped his career.

Another noteworthy experience Shellady shared was from his time trading short sterling in London. He was working for Prime International and responsible for setting up a satellite office. The market was uncertain about rate cuts, and he had to navigate the challenging environment, ultimately facing a significant loss. However, a twist of fate revealed that an error in the trading program had magnified his losses, and he had actually lost less than he initially thought. This rollercoaster of emotions and events left Shellady both relieved and humbled.

When discussing his trading style, Shellady revealed his preference for being a momentum trader and leaning towards long positions. He attributed this inclination to the influence of his father, who also favored being long in the market. Shellady shared that he enjoyed trading momentum and keeping his positions net long in options, as he found it more comfortable than being short and exposed to open-ended risks.

Reflecting on his trading career, Shellady acknowledged that the economic opportunities were substantial in the early days, particularly in options trading. With fewer competitors and a developing market, traders like...

In a podcast interview with John Pietrzak by John Lothian for the Open Outcry Traders History Project, Pietrzak and Lothian engaged in a discussion of Pietrzak's family's long history in trading and his initial start on a career path towards medicine. He quickly switched to finance and accounting, however, before joining his father and grandfather on the trading floor of the Chicago Board of Trade (CBOT).

John's family legacy in trading began with his grandfather, who started as a runner on the CBOT trading floor in 1913. John's father eventually followed his father to the CBOT in 1960, and eventually John himself bought a seat in 1979. The interview highlighted how electronic trading started to change the landscape of the trading floor with the entry of Timber Hill and electronic order entry systems. Despite this shift, there was still demand for executing complex orders and spreads on the floor.

John Pietrzak discussed the types of clients he served, which included commercial grain companies, commission houses, and firms engaged in "hideaway business" that preferred discreet trading. He also described his experience on the trading floor, his education background, and the financial challenges he faced, including borrowing money to purchase his seat and dealing with the high-interest rates of the early 1980s.

The interview touched on the mentors and others who influenced John's career, such as Dan Rice, John Ruth, and Charlie Carey, and highlighted his father's role in bringing new traders into the business. John reflected on his career choices, including turning down opportunities in other markets, and discussed the unique camaraderie and information-sharing that occurred on the trading floor.