Broken Markets Dude Where s My Order推荐.pdfVIP

9 Dude, Where’s My Order? It was summer 1999, and the NASDAQ was rocking. It was the dot-com era, the time of “irrational exuberance.” Our best institu- tional customer at Instinet was a large mutual fund company, with an army of traders executing large mutual fund orders. We would spend significant time each morning strategizing with one of its traders, who we called “Major.” Major was always inundated with large orders from his portfolio managers, especially in volatile NASDAQ technology stocks, such as PMC Sierra, which could go up $20 a day in the late 1990s. We were one of his “go-to brokers,” and we worked many of his orders in the Instinet system. In that time period, stock quotes changed so rapidly and the markets moved so swiftly that waves of SOES Bandits would flow into and out of stocks, like ocean tides in fast-forward. Major needed allies he could trust to look after his interests, and we were happy to have his confidence and business. Each morning, our conversations with Major reminded us of the “show me the money” scene in the movie Jerry Maguire , when Tom Cruise is on the phone with Cuba Gooding: Major: “Morning, hero. Are you ready?” Sal: “Yes” “I mean are you ready, hero?” “Yes...shoot Major.” “A-game today. Focus. No sorry. No buts. We got wood to chop. Are you ready, hero?” 141 142 Broken Markets “READY MAJOR!” “Better grasshopper. Be up man. Remember...the heaviest thing on a man’s chest is his chin. Let’s go: QCOM. Seller. Me. Take a hundred with a figure limit. Stock gets there...I lose. No cutesy bootsy, fellah. Say it back to me.” “QCOM selling 100,000 shares with a figure limit you would.” “That’s ri