We lost one of the greats this week: Art Cashin passed away on Sunday at the age of 83.

CNBC’s Bob Pisani beautifully recalled the art: “In the highly competitive and often vicious world of stock market commentary, Cashin was that rarest of creatures: a man respected by all, bulls and bears, liberals and conservatives alike.”

This made me want to share a few of my favorite Art Cashin stories…

I first met Art when I was a new strategist in the 2000s. He had been on the NYSE longer than I was alive. He knew things, had seen things and was able to transfer these experiences to markets during his term in office. His insights were unique and I always received them with gratitude. He has always been very generous with me and allowed many of his unique works to be republished on this blog (despite the usual concerns about compliance).

My buddy Mark Lehman worked at UBS in Switzerland for almost his entire career. He had been attending the UBS Wednesday calls with Art since 1997 (he was still technically a Geneva employee when he moved to the New York office). Sometime in the mid-2000s, before the global financial crisis, Mark introduced me to Art. He remembers: “When Arthur arrived at Bobby Vans there was always a Dewar and ice cream ready.”

At the time, I had written about subprime mortgages, derivatives and other elements of risk that were largely ignored by the Street. Art wanted his crew to at least consider these risks that so many overlooked. He invited me to give a talk to this audience on his morning call to the company – around 2008 (?). The fact that Cashin hired me gave me the credibility I needed, and a very respectful audience peppered me with questions.

Occasionally after the close of trading I would sneak out to the Bobby Vans across from the NYSE where the FOF crew – Friends of fermentation – perfected the art of marinating ice cubes. Every opportunity to spend time with him was always well used.

He had me go back to UBS and talk about Bailout Nation (was that 2009 or 2010?). He generously introduced me to this crew and reminded them of my previous visit. A few years later he was the keynote speaker at the fireside chat at the Big Picture conference.

Cashin announced that he would speak at the TBP conference with his usual understated modesty: “He invited me to end the conference with a more informal fireside chat – just a few anecdotes from 50 years in the game. I hope they search the audience for rotten fruit or hard rolls. It should be fun – at least for me.”

Never one to stand between a crowd and happy hour, he began the final session of the day by saying, “The New York State Liquor Authority and the New York Bartenders Association asked me to be brief.”

A few other stories stand out from this event:

Type of musicians: “It was the beginning of the age of folk music. I think if I make $39 a week (on the NYSE) I can do better…so I put a group together. I got an audition… with the chairman of ABC/Paramount Records. We performed a few songs and the execs said that if it didn’t work out with the guy they had just seen, they would sign us to a record deal. However, the guy they had just seen was Ray Charles. So I went back to Wall Street,” Cashin told the laughing crowd.

Pricing: Louis Tiffany knew that JP Morgan loved diamond pens. He gave one to JPM with the note: “The pen costs $5,000. If you want to accept it, you can send your husband to my office with the $5,000; If you decide against it, you can send your husband over with the pen.”

The next day, JPM’s husband went to Tiffany’s with a note and the pen box. The note read: “$5,000 was too much; Enclosed is a check for $4,000.” JPM’s note said that if Tiffany didn’t want the deal, he could return the $4,000 check and keep the pen.

Tiffany knew he had the right price for the pen, so he decided to return the check. However, when he opened the pen box, he couldn’t find the pen! Instead, there was a check for $5,000 with a note from JPM: “Just checking the price.”

End of the world: “Most of what I learned came from sitting in bars where there were encyclopedias behind the bar – usually for settling bets. The things I learned in the saloons weren’t the same things you learn at places like the Sloan School of Management – they were usually better.

For example, there was the lesson I learned during the Cuban Missile Crisis. At the time, I was studying with “Professor Jack” under a Moosehead at a saloon called “Eberlin’s,” a block from the Stock Exchange. Tuition fees were paid in the “old way”. The class lasted until either the money for drinks ran out or Jack could no longer stand. Jack was actually a 62-year-old silver stock trader, but he had more on his mind than most college libraries.

Anyway, it was the Cuban Missile Crisis and there were rumors that Russia had fired missiles and the Dow took a nosedive just before the bell. I cleaned up my desk and ran to the Moosehead, as animated as only an 18-year-old can be. Jack was already there and as I burst through the door I shouted, “Jack! Jack, there was a strong rumor that the rockets were flying and I tried to sell the market but failed.”

Jack said, “Calm down, boy! Buy me a drink first and then sit down and listen to me.” I ordered the drink and sat down modestly.

Jack said, “Look, boy, when you hear about the rockets flying, you buy them. You don’t sell them.”

“You’re buying them?” I said, a little confused.

“Make sure you buy it!” said Jack. “Because if you are wrong, the deal will never be completed. We’ll all be dead.”

That’s a lesson you won’t learn at the Wharton School.”

was art unique. We will miss him very much.

Sources:
Art Cashin, an integral part of the New York Stock Exchange for decades, dies at the age of 83
Bob Pisani
CNBC, December 2, 2024

Cashin on the Cuban Missile Crisis / North Korea (August 14, 2017)

The world is ending? Invest as if it weren’t the case.
Bloomberg, October 9, 2015

Art Cashin’s Tis the day before New Year’s Day (December 31, 2014)

Art Cashin just gave a hilarious history lesson about Wall Street dating back to the 1950s
by Linette Lopez
Business Inside, October 8, 2013

TBP 2013: Fireside chat with trading legend Art Cashin (October 3, 2013)

Art Cashin: Black Monday, a day to remember (October 19, 2012)