I started my career way back when (shhhh) on the old exchange open-outcry floor (think Trading Places) as one of the youngest options specialist/market makers ever.
Boy was it a fun place for a young pup to cut his teeth in options. I was very lucky to have some incredible mentors (Rory Ryan, Joe Cavanagh and recently passed Don Jodoin).
They taught me the math and attitude that underpinned any decent aspiring options trader. Boxes, conversions/reconversions, long/short gamma, soft/hard deltas, risk-management... a lot of the fundamentals you can learn in books AND so much that you'll never come across in your average tome.
Beyond that, however, much was up to me. The perseverance and ability to compete in an ultra high-stress environment. The ability to sometimes stare into the abyss and still find the will to go on. It was both art and science, a dog-eat-dog world where there was no off-season to figure things out – you jumped into the fire, each and every day. You either had it or you didn't. With direct-drive compensation your life depended on it - if you made money you got a cheque, if not... well, try again.
As the buyer and seller of last resort we always had positions and rarely had a moment to take a breath. I recall taking a rare vacation to Ireland but needing to rent a satellite phone in order to keep track of position management from the remote edges of the Cliffs of Moher.
But I wouldn't trade it for anything - it helped form the foundation for who I am today - someone with a world-class professional approach who cares about every dollar for his clients. And it's this attitude that guides Gamma Capital Advisors.
RIP Don, you were the best!
Comments