John Lothian Profiles is a distinctive documentary series that serves as a comprehensive catch-all for capturing the stories of pivotal individuals in the financial markets who don’t fit neatly into our other specialized historical categories.

Tom Cashman, a member of an iconic Chicago Board of Trade (CBOT) family, is a pit trader, exchange trading floor broker and 50-year member of the exchange. Tom Cashman's contributions to the CBOT governance are numerous, including serving as chairman of the Floor Governors Committee and chair of the CBOT?s Ethics and Integrity Committee formed following the FBI Investigations of the futures markets in the late 1980s. He has been a member of the exchange since 1962. *** John Lothian Profiles is a series of video interviews focused on the stories of an eclectic selection of traders and the lessons they learned about trading. 12:52
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Tom Cashman John Lothian Profiles

Blair Hull has seen just about everything in his trading career and has been a pioneer for a good part of it as well. From learning blackjack and applying it to options trading, to developing a trading firm he sold to Goldman Sachs, Hull has been open to new ideas, new deals and new opportunities. In this John Lothian News' Trader Profile, Hull talks about what it takes to be a successful trader as well his his next frontier in trading, timing the market. 9:37
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Profiles: Blair Hull

Bob Pisani is the last of his breed. Pisani was hired in the summer of 1990, a year after CNBC went on the air, and is one of the last original hires from that first year of operation. Pisani aspired to be both a physicist and a journalist and was determined not to follow his father's path into the real estate business. However, during his early college years, he discovered that his skills in physics were merely adequate, prompting a change in direction. Instead, he partnered with his father—an adjunct professor in real estate—to co-author a book on the subject. That book eventually led to an interview with the fledgling CNBC, and ultimately, a job offer to become the network's real estate correspondent. A recent book by Pisani, titled Shut Up and Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange, recounts his experiences as CNBC’s on-air reporter on the NYSE floor since 1997. The book prompted an interview with John Lothian News, during which Pisani discussed the work and his long, distinguished career in financial journalism. In part one of this three-part series, Pisani discusses how his interest in the stock market was ignited when Netscape exploded onto the scene, turning the internet into an investable opportunity accessible from a home computer—all while tuning in to a business-focused television program. He said, "We're getting ratings and we're not getting ratings because I'm the real estate correspondent," and decided to transition to an on-air talent role on the NYSE floor. He landed the job in 1997 and has been there ever since. Being in that role has allowed him to meet thousands of famous people, including some of his heroes—a topic he addressed during the interview. He recounted the challenges of interviewing figures like Robert Downey, Jr., whom the movie studio did not want to be interviewed after he rang the NYSE closing bell. Pisani eventually secured the interview by pulling out his cherished childhood copy of Iron Man #1 and waving it at Downey. Sometimes the most meaningful interview isn't about the reason the person is at the exchange, but about their true passion. That was the case with Aretha Franklin, who was more interested in discussing her legacy and autobiography than promoting the Christmas album she was supposed to endorse. Jimmy Page, of Led Zeppelin fame, delivered one of the most interesting bell-ringing performances, Pisani noted, but then simply turned and left the floor without speaking to anyone. Dozens of NYSE members, vinyl albums in hand and hoping for an autograph in another hall, were left disappointed when Page vanished without a word. Although Pisani was not a Barry Manilow fan, he had the opportunity to interview the pop star on the floor and came away with a valuable life lesson that he shares in both his book and the interview. Manilow, known for his many hits in the 1970s and 1980s, hasn't had any major hits since but has maintained a loyal following. In fact, he was still touring as recently as 12 years ago when he visited the NYSE—and he continues to tour today. Pisani said that Manilow told him, "I stuck with it. I had a lot of hits in the '70s and '80s, and although I didn't have as many big hits afterward, I consistently made albums, and the fan base stayed with me." He said Manilow shared, "I had a consistent fan base, and if you stick with it long enough, people eventually start writing stories calling you a legend. And that's kind of what happened." QUESTIONS What did you want to be when you grew up? How did you transition to the trading world? What is your book about? What was it like to have celebrities on the floor? Do you have a favorite bell ringing? 00:00:00 - Introduction 00:00:54 - Early Career and Real Estate 00:02:08 - Transition to the Trading World 00:04:26 - About the Book 00:05:30 - Interviewing Celebrities 00:09:33 - Favorite Bell Ringing Experiences 13:54
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Bob Pisani: Sticking With It - Life Lessons from the NYSE Floor

ELMHURST, IL (JLN) — In part two of a wide-ranging interview with John Lothian News, veteran trader Bob Pisani of CNBC reflected on the dramatic changes he's witnessed in the financial markets over his decades-long career, highlighting the impact of technology, behavioral finance, and the challenge of market prediction. Pisani, who has covered the markets for CNBC since 1990, pointed to electronic trading as one of the most significant advancements. "Electronic trading destroyed that business, what we call the open outcry model," Pisani said, recalling the bustling trading floors of the past. "It was a more efficient way of transacting. It dramatically increased trading volumes." He also cited decimalization, the move to trading in pennies, as another key development that "dramatically reduced the cost of trading." He also emphasized the importance of passive investing and exchange-traded funds, echoing the philosophy of Vanguard founder Jack Bogle. "Don't try to time the markets, stay with the markets, stay in low cost," Pisani advised, adding that the high cost of active management "eats into your return." Pisani also discussed the influence of behavioral finance, noting the shift away from the assumption that investors always make rational decisions. "What we discovered...is people don't do that. They don't buy low and sell high," he explained, highlighting the impact of various biases on investment choices. We asked Pisani what his biggest obsession is in the market. "Why is everybody so wrong all the time?" he replied. He also noted that "the future is ultimately unknowable because of the amount of information that goes into the computations. It's kind of like predicting the weather a month out." Despite the difficulties in forecasting the future, Pisani noted that he still finds covering the markets engaging because people "want an idea, a base reference point," even if predictions are often inaccurate. QUESTIONS What are the most important advances in trading you have seen? What advice do you have for older investors? What is your biggest obsession in the market? 00:00:00 - Introduction 00:00:11 - Electronic Trading and Decimalization 00:01:17 - Passive Investing and Exchange-Traded Funds 00:01:52 - Behavioral Finance 00:02:36 - Advice for Older Investors 00:03:21 - The Importance of Medical Technology 00:04:28 - Risk and Investment 00:05:38 - Obsession with Market Predictions 00:05:40 - The Difficulty of Predicting the Future 00:08:50 - The Role of Biases 00:10:22 - Improving Future Predictions 11:36
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Bob Pisani: Veteran CNBC Journalist Reflects on Electronic Trading, Investor Biases

ELMHURST, IL (JLN) — CNBC’s Bob Pisani candidly shared his biggest investing mistake and the impact of behavioral biases in a part three of a recent interview with John Lothian News. Reflecting on his overconfidence in General Electric (GE) under Jack Welch, Pisani admitted to putting 50% of his 401(k) into GE stock by 1999, despite knowing the risks. "I was the stocks correspondent, I knew this was dumb," he said. "Yet my confidence in Jack Welch was so strong that I ignored what I knew to be the right thing to do." The dot-com crash and Welch’s retirement led to massive losses, setting Pisani back years. He linked this mistake to prospect theory, explaining that investors fear losses more than they value gains, a concept popularized by Daniel Kahneman. Pisani also highlighted lessons from legendary traders, emphasizing limiting losses and avoiding emotional attachment to stocks. He recalled Ace Greenberg’s philosophy: “When the going gets tough, the tough start selling.” Successful traders, he noted, had an ability to hyper-focus, often showing traits of attention deficit disorder (ADD). Discussing the evolution of the NYSE, Pisani described its shift from open outcry to electronic trading, though he emphasized that floor specialists still provide valuable market insights. He also reflected on the passing of Art Cashin, a legendary trader and storyteller, whose wit and market observations shaped Wall Street culture. Looking ahead, Pisani expressed optimism about artificial intelligence (AI) in market analysis but warned against expecting AI to provide an unbeatable trading edge. "If everybody has the same information, everybody's kidding themselves," he said, noting that access to unique data could be the key to AI-driven trading success, as it was for Jim Simons' Renaissance Technologies. QUESTIONS What was your investment in General Electric? What did you learn from some of the big traders? What is the NYSE like today? How was the close of 2024 different from past years? 00:00:01 - Introduction and Investment in General Electric 00:03:43 - Lessons from Big Traders 00:06:55 - Current State of the New York Stock Exchange 00:11:11 - Closing of 2024 and Art Cashin's Legacy 00:13:45 - Outlook on Artificial Intelligence in Stock Market 15:11
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CNBC’s Bob Pisani Reflects on Investing Mistakes, Market Biases in JLN Interview

Lee Stern has seen it all in his career - the highs of great markets and the lows of market scandal. After completing his military service in 1947, Stern enrolled in Roosevelt College and then found his way to the Chicago Board of Trade after answering an ad for a runner on the floor. From there, he began what has been a 65-year career as a trader, broker and member at the CBOT. Stern recalls the thrill of making his first spread trade and the low point in 1992, when a customer schemed to manipulate the bond market and lost $9 million. That event led to a brief suspension and its eventual exit as a clearing member firm. And if trading was his first love, his second is certainly professional sports - as the founder and owner of the Chicago Sting soccer team in 1974 and then as a part owner of the Chicago White Sox in 1976. John Lothian News presents the story of a career that has spanned more than six decades - and counting. 15:28
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Profiles: Lee Stern

Part 3: Ray Pellecchia reflects on guiding the NYSE through global expansion, shifting market power, and the evolution of diversity and communication in finance. ELMHURST, IL (JLN) ― February 11, 2026 ― For former New York Stock Exchange communications executive Ray Pellecchia, guiding one of the world’s most historic financial institutions through global mergers, cultural change, and a rapidly evolving communication landscape was a study in adaptation. “The merger with Euronext was a big challenge, and I’d like to think that we did it well,” Pellecchia said in a recent interview with John Lothian News. “One unfortunate part was that when the name became NYSE Euronext, it submerged the New York Stock Exchange name a bit.” The 2007 merger between NYSE and Euronext created the first transatlantic exchange operator, spanning New York, Amsterdam, Lisbon, and Paris. Pellecchia said it expanded the brand’s reach and recognition, but also forced American staff to quickly adjust to the European market’s distinct culture and business methods. “It extended the stock exchange’s reputation onto a new, global level,” he said. “We had always had listed companies from around the world, but it’s different when you’re part of an exchange in those countries.” Competing in a Changing Market By the time Intercontinental Exchange (ICE) acquired NYSE Euronext in 2013, the institution no longer saw itself as “the center of the universe,” Pellecchia said, a necessary humbling that spurred innovation. “When you lose market share, that’s humbling,” he said. “You can’t just stand on the old soapbox and say, ‘Hey, we were the stock exchange… where did everybody go?’ You have to go out and get those customers in new ways.” Building Inclusion from Within Pellecchia recalled the early days of the NYSE Diversity Council, a staff-led initiative launched under then-CEO Dick Grasso to attract and develop talent from diverse backgrounds. “It was about making sure the exchange was attracting and retaining the best and brightest,” he said. “Working groups between staff and members helped us better understand each other — and that made a big difference.” Although at that time the council couldn’t directly change the makeup of exchange membership, which was tied to ownership of seats, Pellecchia said the effort enriched the culture and laid the groundwork for broader industry change. Over time, diversity initiatives evolved into a wider emphasis on equity and inclusion, he added. “It became about fairness and belonging — making sure people are heard and have an opportunity to contribute.” A Broader Mission and a Clear Message Now independent, Pellecchia writes about diversity, equity, inclusion, and communication on his Substack blog, drawing on decades in finance. His message to skeptics of DEI efforts is simple: “Fear not.” “It’s not about replacing people or favoring one group over another,” he said. “It’s about granting people access, an opportunity to compete.” He likened inclusive opportunity in finance to a bustling trading floor. “When you had the maximum number of buyers and sellers around the post, that’s when markets worked best,” he said. “Our economy works the same way…it needs everyone participating.” Lessons for the Next Generation Reflecting on his early career, Pellecchia said he would tell his younger self one thing: keep adapting. “Our markets are very dynamic, and communication keeps changing,” he said. “A few years ago, no one in a room of MBA students raised their hands for Facebook — but everyone was on Snapchat. Now, TikTok dominates. You have to keep investing in new ways to communicate, because the audience never stops changing.” QUESTIONS How did you communicate the transition to a global brand with the merger with Euronext? By the time ICE acquired NYSE, did they still see themselves as the center of the universe? What were the biggest roadblocks you faced while pushing for a more inclusive environment? How has the idea of diversity changed from this time to your time at FINRA? Now that you are independent, what is the one truth you feel like you can say? What is the theme of your Substack, and why should I sign up? What would you tell your young self about the future? 00:00:00 - Transition to a Global Brand: The Merger with Euronext 00:01:25 - Facing Market Share Loss and Competition 00:02:16 - Pushing for a More Inclusive Environment 00:03:38 - The Evolution of Diversity from NYSE to FINRA 00:04:52 - The Truth about Diversity, Equity, and Inclusion 00:06:37 - The Theme of Sub-Stack and Its Importance 00:07:08 - Advice to Younger Self and Future of Communication 8:41
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Former NYSE Communicator Reflects on Global Brand Shift, Diversity, and the Power of Change

Ray Pellecchia reflects on restoring market confidence after the attacks and guiding the NYSE through its shift into the digital era. ELMHURST, Ill. (JLN) — February 9, 2026 — When terrorists struck on Sept. 11, 2001, the New York Stock Exchange never lost power or communications, but the people and firms that made the markets function were devastated. “It was a tough assignment,” recalled Ray Pellecchia, former communications executive for the NYSE, in Part Two of an interview with John Lothian News. “Member firms lost communications, and tragically, many of them lost people as well.” In the days after the attacks, Pellecchia helped coordinate messaging that reassured the public and financial community that the markets would reopen. “By the next day, it was imperative to get word out that markets were paused, but we’d be back in business Monday,” he said. That effort involved daily cooperation between exchanges, major firms, the Treasury, and the Federal Reserve Bank of New York. With lower Manhattan inaccessible, Pellecchia had to arrange press briefings remotely. He remembered calling Bear Stearns to host one of the first meetings. “They said, ‘Tell us what you need. We’re here for you,’” he said. “They took the ball and ran with it.” That spirit of cooperation, he said, reflected a larger national sentiment. “America had been hurt badly but was not going to stand down,” he said. Pellecchia rejected suggestions that the team’s crisis-management work was heroic. “The firefighters climbing the stairs… that’s heroic. What we did was necessary.” When the exchange reopened, he described an emotional scene. “There were hundreds of reporters between the boardroom and the gallery overlooking the trading floor, all joining in singing ‘God Bless America,’” he said. “It brought tears to my eyes.” Pellecchia also reflected on the NYSE’s evolution as technology transformed trading. His “Hybrid Talk” blog became a direct channel to educate traders about the exchange’s new hybrid market model. “A blog was perfect because it let you explain one piece at a time,” he said. “Sometimes my bad sense of humor crept in — that helped people keep reading.” The hybrid effort, he said, represented “the next step in the process” as automation grew. And when the NYSE went public, he noted, it brought new scrutiny and responsibilities. “Culturally, it does change an organization,” Pellecchia said. “There’s a whole new stakeholder group… not just shareholders, but analysts and others…who shape how you communicate.” From the dark days after 9/11 to the dawn of algorithmic trading, Pellecchia’s reflections trace the evolution of market communications and the enduring importance of clear, calm leadership when confidence is on the line. QUESTIONS What was the most important message you ever had to manage? How was the reopening of the market a turning point? Why was the blog Hybrid Talk the right medium to explain the hybrid community? Was the hybrid market a bridge between floor and screen? How did the NYSE’s identity change when it went public? 00:00:00 - 9-11 and the Financial Markets 00:02:51 - The Most Important Message 00:03:42 - Reopening of the Market 00:04:51 - Hybrid Talk and the Hybrid Community 00:06:33 - Hybrid Market: A Bridge or a Step? 00:07:43 - Going Public: Changes in NYSE's Identity 9:04
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Former NYSE Communications Executive Recalls 9/11 Challenge and Wall Street’s Resolve

Part One of Three in John Lothian Profiles Interview with Ray Pellecchia WILLIAMS BAY, WI (JLN) — February 6, 2026 — When Ray Pellecchia joined the New York Stock Exchange after a decade in community journalism, he was a layman thrown into one of the world’s most complex financial institutions. “The learning curve was very steep,” Pellecchia said in a recent interview with John Lothian News. “The exchange took a chance that I could come in as a layman, learn how it all worked, and explain it in plain terms to the public and the press.” Pellecchia, who would go on to serve as the NYSE’s vice president of communications, recalled the floor of the exchange in the late 1980s as an intense, energetic classroom filled with experts eager to educate. Members and staff helped him understand how the market operated, lessons that became critical after the 1987 market crash exposed public confusion over how stocks were traded. “There was a lot of education to do,” he said. “The mission was to help journalists… and by extension, the people they wrote for… understand the benefits of a centralized auction market where buyers and sellers could compete.” An Institution of High Standards The NYSE’s prestige carried heavy expectations. Pellecchia remembered being told on his first day that he was expected to be “the very best” at his job. “It felt intimidating,” he said, “but I saw over time that everyone really aspired to that standard. You were the New York Stock Exchange. You had to do the right thing the right way.” That professionalism, he said, shaped the exchange’s culture and its public image for decades. Early Tech Innovations Pellecchia also helped usher the exchange into the digital age. He purchased the NYSE’s first laptop, a bulky Toshiba T1000, to streamline his daily press summaries during his train commute. Later, he championed the adoption of the Bloomberg terminal, marking a turning point in financial information flow. “At the time, companies were required to distribute news through Dow Jones, Reuters, or AP,” he said. “Then I started hearing from our market folks that news was showing up on this thing called Bloomberg. That was the moment I realized the information environment was changing.” Turning the Bell Into a Broadcast Under Pellecchia’s watch, though it was Dick Grasso's idea, the opening bell ceremony evolved from a daily ritual into a global media event. With television networks broadcasting from the floor, the exchange’s visibility became a powerful marketing tool in the listings competition with NASDAQ. “We wanted to give listed companies something NASDAQ couldn’t… the visibility that came with being at the NYSE,” Pellecchia said. “We also used the exchange’s platform to create visibility for their products.” He recalled one memorable example: clothing retailer The Gap promoting its “Gap at Work” line by outfitting the entire trading floor in khakis for a photo that ran nationwide. Balancing Visibility and Business The arrival of TV cameras on the floor was not universally welcomed. Traders, intent on executing customer orders, were wary of interference. Over time, however, both sides adjusted. “Reporters had one job, traders had another,” Pellecchia said. “Once that mutual trust was built, everybody benefited. The visibility helped the exchange, and it helped the members’ businesses.” For Pellecchia, the experience defined his career, a blend of communications, education, and constant adaptation to the market’s evolving rhythm. “It was a great place to learn,” he said. “And I was lucky to be there at a time when both the exchange and the media world were transforming.” Questions What was the learning curve when explaining market mechanics to a skeptical public? Did the NYSE feel invincible when you joined? What was it like to be the big dog on the block with NYSE? You bought the exchange's first laptop and Bloomberg terminal. What was the reaction? What was the idea behind turning the opening bells into global media events? Did traders see live television on the floor as an intrusion or a badge of honor? What was it like around 9/11 when downtown was inaccessible? 00:00:00 - Introduction to Market Mechanics 00:01:03 - The NYSE Experience 00:02:12 - The Responsibility of Being NYSE 00:03:00 - Adapting to Technological Changes 00:05:16 - Transforming Opening Bells into Media Events 00:07:34 - Live Television on the Trading Floor 10:22
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Former NYSE Communicator Reflects on Learning, Legacy and the Rise of Media on the Trading Floor

Cathryn Lyall discusses the shift from open outcrop floors to electronic trading systems, highlighting the strategic efforts to upskill teams and the impact on the trading environment, particularly for women. She shares insights into the challenges and successes during this pivotal transition. #TradingTransformation #ElectronicTrading #WomenInFinance 0:57
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Transforming Trading: Cathryn Lyall on Electronic Systems

Cathryn Lyall discusses NASDAQ's strategic entry into the rates market, highlighting the collaboration with key partners and the successful launch of new platforms. She shares insights into the challenges and achievements of expanding NASDAQ's market presence in Europe. #NASDAQExpansion #RatesMarket #FinancialInnovation 0:56
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Inside NASDAQ's Rates Market Expansion with Cathryn Lyall

Cathryn Lyall has built trading exchanges from scratch on three continents, turning floor traders into electronic converts and emerging markets into global players LONDON-(JLN)-August 21, 2025—Most people struggle to start one business in their lifetime. Cathryn Lyall has built four financial exchanges from the ground up, spanning three continents and surviving one global financial crisis along the way. The Australian veteran of electronic trading has become something of a serial exchange entrepreneur, shuttling between Chicago, London, and São Paulo to transform dusty trading floors into sleek digital marketplaces. Her secret weapon? An ability to speak the language of gruff floor traders while building the technology platforms that would eventually replace them. "The old Liffe floor traders, the prop traders were a really growing group," Lyall recalls of her days expanding the Chicago Board of Trade's European operations. "I could speak their language if you like because we cleared those guys and they worked with us for many many years, 12 and a half years on the floor." It's an unusual career path that began in Australia, where Lyall spent over a decade clearing trades for local floor traders at State Bank. That experience gave her something most technology executives lack: credibility with the suspenders-and-shouting crowd who dominated futures pits before computers took over. When CBOT decided to expand into Europe, they needed someone who could convince skeptical European traders to abandon their traditional ways. Lyall's approach was part technology upgrade, part educational roadshow, part diplomatic mission. "We went and did all the really big conferences and bespoke events for prop groups, for brokers, for desks," she explains. The strategy worked. "We built the business... sort of 20% growth year on year for five years which then resulted in us merging with CME Group." But building exchanges, Lyall discovered, is a skill that transfers. When inter-dealer broker ICAP wanted to enter the exchange business, they called her. When NASDAQ wanted to break into European interest rate markets, they called her. When Deutsche Bank needed someone who understood complex trading businesses for their board, they called her too. The 2008 financial crisis nearly derailed one of her projects at ICAP. "The projects I was managing within ICAP weren't core to the business," she says. "Everybody obviously wound back the things that weren't core and focused on the core business and retention of capital so that they could survive." QUESTIONS How did you build up the volume for the board of trade in Europe? What did you do at ICAP? How did the global financial crisis affect you? Why did you go to NASDAQ NLX? What brought you to Deutsche Bank? 00:00:00 - Building Volume for the Board of Trade in Europe 00:02:14 - Role at ICAPS 00:03:26 - Impact of the Global Financial Crisis 00:04:41 - Working with BM&F Bevespa 00:06:13 - Transition to NASDAQ NLX 00:07:30 - Joining Deutsche Bank 00:09:47 - Involvement with Curve Global 10:27
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The Exchange Whisperer: How One Australian Became Financial Markets' Ultimate Startup Artist

Cathryn Lyall's career began by accident when her boyfriend promised her a futures broker job over drinks at a Sydney pub in 1987. Starting at All States Futures on October 19—Black Monday—she witnessed one of history's worst market crashes but found herself captivated rather than frightened by the chaos. As one of only five women on the trading floor, Lyall discovered her passion amid the pandemonium. Australia's innovative spirit made it fertile ground for electronic trading. The Sydney Futures Exchange launched SYCOM, the world's first after-hours electronic trading system, attracting major players like Soros Funds. Lyall rose to trading floor manager at State Bank of New South Wales, pioneering retail futures trading and growing their customer base from zero to 800 clients within a year. Her boldest venture came with the Australian Derivatives Exchange, building the world's first all-electronic market using Euronext's platform and listing the MSCI Australia index. Though regulatory complications ultimately shut down the exchange, Lyall's accidental career transformed her into a pioneer of electronic trading innovation. QUESTIONS What did you want to be when you grew up? How did overnight screen trading with SYCOM influence the market? How did you get State Bank into retail futures trading? How did the transition to electronic trading go? What was it like to build the first all-electronic market? 00:00:00 - Introduction and Early Career 00:01:01 - Black Monday and Early Career 00:02:20 - Introduction to SICOM and Electronic Markets 00:03:22 - Transition to Electronic Trading 00:04:51 - State Bank and Retail Futures Trading 00:06:31 - Challenges of Electronic Trading Transition 00:08:40 - Building the First All Electronic Market 00:08:43 - Career Shift and Move to London 11:50
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The Making of a Market Pioneer (Part One)

EDINBURGH-(JLN)-August 12, 2025—On a bright sunny afternoon in a book-lined office at the University of Edinburgh, Professor Donald Makenzie, sociologist, historian, and unlikely chronicler of algorithmic finance, cheerfully explains how he wound up racing alongside Wall Street’s fastest machines. “In 2009 and 2010, high frequency trading, which had been going on quietly for a decade, suddenly started getting into the news—it started getting denounced left, right and center,” Mackenzie told John Lothian News. “That’s an intriguing area!” he recalls thinking, with the quiet excitement of someone perpetually curious about how society and technology intertwine. Coming from the sociology of science, MacKenzie tried—and failed—to extract secrets from statistical arbitrageurs before landing in the high-frequency trading world. “Would they tell me the patterns they were exploiting? Of course not, that was their edge, their alpha,” he laughed. “But then, I found with high frequency trading people were prepared to tell you, not in complete detail of course, but pretty concretely what they did—or, more precisely, what their algorithms did.” Mackenzie discovered a “core of common knowledge,” a shared catalogue of price patterns everyone in the field knew and knew everyone else knew, allowing conversations that were both candid and illuminating. “There was nothing to lose by talking to this Scottish sociologist,” he muses. Over the years, Professor MacKenzie watched expectations and anxieties around high-speed trading collide with reality. The horror scenarios, he says, often “haven’t happened as much as I thought they would.” Instead of frequent technology-induced market blowups, there have been relatively few. Even dramatic events like the “flash crash” of May 2010, which seemed poised to become regular features, “never quite repeated at that scale.” As for the legendary Chicago-New York price race, Mackenzie offers a glimpse into a world of competitive milliseconds. “One of the classic price patterns…is that Chicago stock index futures tend to move just a tiny fraction of a second before the prices of the underlying stocks and ETFs,” MacKenzie explains. “If everybody knows that a major influence on stock movement is happening in Chicago, then it becomes a race to get the fastest signal.” This arms race for speed—where the edge is measured in microseconds or even nanoseconds—defines much of high-frequency trading’s bread and butter. But the story doesn’t end there. MacKenzie observes the accelerating influence of AI: “There’s increasing use of machine learning to find patterns human beings don’t necessarily expect to be there and maybe even are hard to understand.” He cites the evolution at AQR, a stalwart of classical statistical arbitrage, which is now “loosening up a bit” about deploying machine learning, even if deep human supervision remains. “I don't imagine there are trading firms who just switch the machine on and go out for a beer.” Recently, MacKenzie’s research has migrated beyond markets and into the algorithm-powered world of digital advertising. “High-frequency trading is all about speed,” he notes, tickled by comparing that with the auction mechanics behind ads: “Bid algorithms are typically given about 120 milliseconds—and if you said that to a high-frequency trader, they’d just laugh, ‘Well, that’s a lifetime!’” With an estimated two trillion digital ad auctions daily, the sheer volume—even if slower-paced—offers its own staggering complexity. Asked about the secret to research, MacKenzie is philosophical. “A major project takes me about ten years on average,” he reflects, citing previous work on nuclear missile guidance and HFT. “There’s nothing better for learning than speaking to the people who actually do the stuff. That takes time.” His advice to students: “Stay concrete. The best work is often a deep dive into a particular topic. Try ideas, set aside the ones that don’t work—and move on to the next.” As for the rest of us, MacKenzie’s signature blend of humility and curiosity reminds us that, in fields dominated by speed, sometimes it pays to slow down and listen—the better to decode the invisible logic at the heart of modern markets. QUESTIONS Why did you decide to focus on high-frequency trading for your book? What were some of the most surprising things you learned from your interviews? How did your perspective of the risks and benefits evolve? How has high-frequency trading and financial technology evolved since your book? What projects are you working on now? How do you approach research? What advice do you have for students wanting to get into research? 00:00:00 - Introduction to High-Frequency Trading 00:00:41 - Surprising Findings from Interviews 00:02:13 - Perceptions of Risks and Benefits 00:03:23 - Evolution of High-Frequency Trading and FinTech 00:07:02 - Current Research on Digital Advertising 00:09:49 - Approach to Research 00:11:17 - Advice for Aspiring Researchers 12:54
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In the Office of Patterns and Algorithms: Professor Donald MacKenzie Decodes High-Speed Trading

ELMHURST, IL-(JLN)-June 18, 2025—Max Armstrong, retired farm broadcaster and the voice many Americans grew up with, pondered the unlikely stardom of today’s young farmers in a recent interview with John Lothian News. “I will tell you, some of these folks are very good at it,” Armstrong says, his radio voice still warm and measured. “They have a great opportunity to show all of the work that goes into producing a crop.” Armstrong, who spent more than four decades chronicling the triumphs and tribulations of rural America, has watched a new generation of farmers take to social media, broadcasting their own stories from the cabs of tractors and the rows of strawberry fields. “So many young farmers now are trying to do the best they can, originating video clips from the cab or showing their families with what they do,” he observes. “Many of them want to develop a large following—and some indeed do so.” But it’s not just about likes and followers. Armstrong believes these digital dispatches are changing the way Americans understand their food. “When you have a controversial issue such as we have right now with the use of crop protection chemicals, farmers are telling the story superbly,” he says, noting that many of the most effective storytellers are farm women juggling family, marketing, and the daily business of agriculture. “It makes me optimistic that their story will get through.” He points to a local strawberry farm as an example. “This young lady has been posting all spring about the work that goes into producing strawberries, and then she apprised us of how soon the berries would be ready and how we could sign up to go pick them. Obviously, it helps them, but it helps us understand all the work that goes into the production of our food.” The New Faces of Farming The average age of the American farmer hovers around 56, a statistic that worries Armstrong. “It’s not coming down very fast,” he says. “This is going to be a massive transition in agriculture ownership and management.” He recalls a story from a Nebraska tractor show, where a veteran farmer with no heirs introduced Armstrong to a young man he’d chosen to mentor. “He said, ‘This is the young man that I’m going to mentor and allow him to build equity and take over my farm someday.’ I turned around to the young man and said, ‘Man, you just won the lottery.’ He said, ‘Yes sir, I think so too. I’m scared to death, but you do see some of that.’” These handoffs are critical as high costs and low commodity prices squeeze producers. “Farmers have been told for many years you need to be the lowest cost producer,” Armstrong explains. “But keeping those costs so low when commodity prices are so low… the inability to cover those rising costs… Interest rates come into play as well.” He remembers the farm crisis of the 1980s, when interest rates soared above 20%. “Many farms went out of business. We will lose some farms this year, there’s no doubt about it.” Mentors, Mustaches, and the Future of Farm Broadcasting Armstrong’s career began with a bit of luck and a lot of mentorship. “Find somebody to mentor you, to get on somebody’s radar screen,” he advises young agricultural journalists. “There were people who, in some way, shape or form, maybe took me under the wing a little bit and said, ‘Hey, why don’t you consider doing this?’ or they boosted me, gave me more information, made it possible for me to serve on a committee.” He’s realistic about the shifting media landscape. “Broadcasting as such is nowhere near what it was back in the day. Radio stations are being powered down, and AM stations are being taken off the air. FM radio may be facing some challenges in the future as we increasingly stream. But there’s still going to be a place for that communicator, that young person who gets some experience perhaps in FFA, or in my case the soil and water speaking contest, with the ability to fine-tune those skills to communicate, to share a story, to grasp a story quickly, to be a good listener.” If you’re lucky, maybe you’ll get a story—or a mustache memorable as Max Armstrong’s. QUESTIONS Why do agricultural stories connect with so many? What are some of the biggest challenges facing farmers today? What advice would you give to an agricultural journalist starting today? 00:00:01 - Introduction and Importance of Agricultural Stories 00:01:49 - Challenges Facing Farmers Today 00:04:41 - Advice for Aspiring Agricultural Journalists 7:47
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The Cab Is the New Studio: Max Armstrong on Why Farm Stories Matter

ELMHURST, IL-(JLN)-June 19, 2025—Max Armstrong remembers when farm broadcasters didn’t need to worry about lighting, camera angles, or video editing. “Many of them never imagined they would do video,” Armstrong told John Lothian News over Zoom. “Now, even the writers for big publications like Farm Futures and Prairie Farmer are out in the field shooting video. It’s a bit of a strange effort for them.” Armstrong, who spent decades as a trusted voice for farmers from WGN in Chicago to the fields of Indiana, has witnessed agricultural broadcasting transform from personality-driven radio to a world of instant, on-the-go information. “Farmers still like to be reminded of the prices, obviously, but now you get so much instantaneous information on your device wherever you are,” he said. “What still really attracts a listenership is involvement with the farming community. That’s so essential.” Travel was always part of the job. Armstrong and his longtime colleague Orion Samuelson “could never have been farm broadcasters staying in Chicago all the time,” he said. Armstrong broadcast from 30 different countries and every state in America. “The travel has always been important. I think it still is for most farm broadcasters—to be visible, to be on the scene, covering the meeting.” Technology changed everything, especially with the arrival of cell phones. “We were the first to start taking calls from combine and tractor cabs when the first cellular phones came out in the early ’80s,” Armstrong said. “People in the city loved hearing the farmer in the cab.” He recalled talking to a woman with her infant on the cab floor and a pilot who farmed on the side: “When Captain Suzki would call me, you’d swear he was at 30,000 feet.” Armstrong’s interviews ranged from politicians and Secretaries of Agriculture to the real stars: farmers and their families. “The best part was interviewing farmers and being on the farms,” he said. “You’ve not just met them, but you’ve learned from them and gained such an appreciation for their work ethic, their depth of knowledge, their hunger for more knowledge.” He even built a home studio in 1999—well before it was fashionable. “I’d be down in the basement so long that when I’d come up the steps, they’d say, ‘Oh, here comes Grandpa Munster.’” Armstrong’s latest book, a follow-up to “Stories from the Heartland,” captures more tales of the people who shaped his career. “I kept thinking about people I’d met along the way, like Albert Ogonowski and others who just really stood out as interesting people at a particular time in their lives.” For Armstrong, the technology and platforms may have changed, but the heart of agricultural broadcasting remains the same: “It’s about being there, learning, and telling the stories that matter to the people who feed America.” QUESTIONS What changes have you witnessed in agricultural broadcasting? How did cell phones change your job? Who else have you interviewed? Why did you write your book? 00:00:01 - Changes in Agricultural Broadcasting 00:02:30 - Impact of Cell Phones 00:04:20 - Interview Experiences 00:06:41 - Reason for Writing a Book 8:24
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Farm Broadcaster Max Armstrong Saw the Heartland—and the Airwaves—Change Before His Eyes

ELMHURST, IL-(JLN)-June 17, 2025—Before Max Armstrong became a legend in farm broadcasting, he was just a boy on a sunbaked Indiana tractor, dreaming of air-conditioned radio studios. “I wanted to be on the radio from the age of seven or eight,” Armstrong recalled. “I’d be out there in the heat of summer on one of those unairconditioned tractors, listening to that radio on the fender, thinking, ‘That guy’s in the air conditioning—he’s got the job. I’m out here sweltering in the heat.’” Armstrong’s journey from rural fields to the airwaves began early. “The same summer I got my driver’s license, I also got my FCC license to work at a local radio station,” he said. At Mount Carmel, Illinois, he did it all—playing records, reading news, logging transmitter readings, and even burning the trash after sign-off. “In a small market station, you did everything. On weekends, you were the station.” His big break came with the Illinois Farm Bureau, where Armstrong pitched the idea of farm reports for KMOX in St. Louis. “I said, ‘Let’s approach KMOX. They’re not doing anything in the way of agriculture. I can do a report in the morning that covers both Missouri and Illinois.’” Soon, he was also sending reports to WGN in Chicago, where his on-air auditions caught the attention of Orion Samuelson. “Orion told me later the engineers would flag my reports and say, ‘Hey, you need to listen to this guy in case we ever have an opening.’ I was very fortunate there was an opening not too many weeks later.” Armstrong’s move to Chicago landed him at WGN, a broadcast powerhouse. “It was a huge broadcast factory,” he recalled, describing the bustling studios where Wally Phillips, Phil Donahue, and even Bozo Circus shared space. “Every morning, Orion would host 'Top of the Morning' on Channel 9, talking about markets, weather, and farm news. I was able to join him and host some of those shows.” The late 1970s were a pivotal time in agriculture, Armstrong said, with export booms, trade sanctions, and the rise of Brazilian farming. “When we embargoed grain sales, we provided motivation for the Japanese to invest heavily in Brazilian agriculture. That began the dramatic growth we continue to see today.” After decades on the air, Armstrong’s passion for telling the stories of America’s farmers hasn’t faded. “You really had a wealth of experience there,” he said of his early days. “You got to do a lot of different things you wouldn’t be doing later on at a major market.” And for generations of listeners, Armstrong’s voice remains as steady as the heartland he calls home. QUESTIONS How did your upbringing on a farm affect your choice of jobs? What did you do when you started working for the Illinois Farm Bureau? How did you end up in Chicago? What was going on in the markets at that time? 00:00:00 - Early Radio Aspirations and First Job 00:02:23 - Working for the Illinois Farm Bureau 00:04:15 - Transition to Chicago and WGN 00:06:46 - State of the Markets in the Late 70s 8:27
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From Tractors to Transmitters: How Max Armstrong Became the Voice of America’s Heartland

ELMHURST, IL - (JLN) - May 9, 2025 - Not everyone gets to build a company with their childhood hero, but Robert Blackwell, Jr., chairman of Quant16, did just that. “My father worked at IBM for 25 years and was the world’s best sales guy - people just loved him,” Blackwell said. “I didn’t get any of that. I’m more mathematical.” The two joined forces after IBM offered early retirement, but generational differences led Blackwell to bow out politely. “Arguing with my father wasn’t like arguing in a trading session. You have to respect your father, so I left.” Never one to stand still, Blackwell spotted an opportunity on the South Side of Chicago. He launched Urban Fishing Development and transformed a neglected neighborhood by building homes modeled after the classics of Hyde Park and Lincoln Park. “If I could solve both emotional and financial problems for people my age, I could change the course of the neighborhood,” he recalled. Despite hating construction, Blackwell’s analytical bent was undimmed. “I wrote a paper in 1992 on electronic knowledge interchange - how algorithms could categorize knowledge. That evolved into my tech ventures.” His latest: Quant16, a firm translating quantitative hedge fund math and mindset into monetizable AI for industry and government. “We use the mindset, math, and methods of quantitative hedge funds...applying it to find financial opportunities for clients,” he said. Blackwell is skeptical of the AI hype dominating business circles. “What people call artificial intelligence is really just pattern recognition based on content. That’s why it’s useless for trading,” he argued. Instead, he sees the future in the fusion of scientific thinking and algorithmic precision: “Markets move toward efficiency, systems toward similarity, and people toward incentives. Most things are predictable - not perfectly, but close.” His philosophy, built on lessons from family, trading pits, and hard-won entrepreneurial battles, remains as sharp as ever. “It’s not about generative AI replacing people,” Blackwell said. “It’s about harnessing quantitative insights and real incentives to create value - everywhere, for everyone.” QUESTIONS What did you do next? What was your technology company? What are your thoughts on the current project to streamline the government? How would you apply AI to the markets? 00:00:00 - Introduction and Early Career 00:02:00 - Starting a Real Estate Company 00:03:22 - Return to Technology 00:04:39 - Thoughts on Streamlining the Government 00:06:40 - Applying AI to Markets 8:52
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Trading, Family & AI: Robert Blackwell, Jr. Builds His Own Playbook - From Chicago Pits to Quant16

ELMHURST, IL - (JLN) - May 8, 2025 - For Robert Blackwell, Jr., chairman of Quant16 and former Chicago trading pit regular, honor was more than an abstract principle. “My father told me, ‘The only thing in life you have is your name,’” Blackwell recalled. That lesson came home when a business partner faltered, and Blackwell left the trading floor he loved to rescue and transform a struggling company. “I wrote most of the financial modeling systems for Sears and Abbott Labs… I applied my algorithmic opportunity identification to industry,” he said. Despite his success, Blackwell confesses he misses the pit’s direct culture. “Nobody cared about your feelings. Did we make money or not? If not, people would just tell you you’re an "ahole,” he said with a laugh. “I regret leaving trading because it’s just numbers.” He’s quick to warn newcomers: “Most people are like deer among wolves. The principles haven’t changed - manage your fear and greed.” For Blackwell, trust was the cornerstone of floor life. “If you say you’re buying 5,000, you confirm it’s 5,000, you’re on the hook for that. The whole place was based on character,” he explained. “If you had a bad name, the exchange or clearing firm could kick you out.” He laments that screens have replaced face-to-face trust and learning. “I’m kind of sad those exchanges don’t exist anymore. People don’t have the ability to see anymore, it’s all behind screens now.” Yet, Blackwell’s philosophy endures: stay prudent, earn trust, and keep cool when the market storms roll in. Editor's note: Some quotes have been lightly edited for clarity. QUESTIONS What caused you to leave the trading floor? What do you miss about the floor? What should new people know that never got to trade on the floor? What characteristics did you need to survive the floor? 00:00:00 - Reason for Leaving the Trading Floor 00:00:59 - What I Miss About the Trading Floor 00:01:51 - Advice for New Traders 00:02:43 - Managing Fear and Greed 00:03:06 - Lessons from the Trading Floor 00:04:46 - Characteristics Needed to Survive the Trading Floor 6:33
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From Trading Floor Grit to Algorithmic Insight: Robert Blackwell, Jr. on Leaving the Pits

ELMHURST, IL - (JLN) - May 7, 2025 - Many classmates choose lunch breaks to leave school to buy candy over recess, but a young Robert Blackwell, Jr., seized the schoolyard profit margins instead. “If you got back late from the candy store, you’d get hit with paddles by teachers,” he recalled. “So I bought a bunch of gum and started selling it at school when I was eight. I kind of liked being in control of my own destiny.” That knack for spotting opportunity and turning adversity into enterprise carried the future chairman of Quant16 from humble beginnings in Wichita to the rough-and-tumble world of Chicago’s trading floors. The journey was not without obstacles. Moving to Chicago’s Lombard suburb in 1973 as the first Black family “was not a great experience,” Blackwell said. “Had a bomb thrown in my house, and profanities written on our lawn. But I had a sneaking suspicion that white people like gum, too.” His entrepreneurial streak led him to strike deals even with the vice principal. Numbers fascinated him early - he claims to have stumbled upon his own theory of fractal geometry as a child, years before the world caught on. “I was always running thought experiments in my head,” he said. After studying math and starting at IBM, where he crafted sales algorithms but refused to wear a salesman’s suit, he realized technology alone wasn't enough. “Like a lot of 22-year-olds, I frankly knew more about technology than business,” he admits. But the lure of the markets persisted. Blackwell’s break came through the back door when he offered to work for free just to get on the trading floor. “To me, it was the best experience of my whole life. You have to be super focused, and the only thing that matters is results.” Learning the finger language of the pit, running orders, and creating trading models by hand (“I tracked the Dow by day for maybe a hundred years, on big green and pink pieces of paper”) grounded his instincts. In the teeth of the 1987 crash, Blackwell turned mistake into lesson. “I predicted the crash almost exactly,” he reflected. “But being stupid, I bought the Octobers instead of the Novembers.” He soon became a “gamma trader,” learning that so-called market anomalies were, over long stretches, not so anomalous after all. “If you look at these things periodically, they are actually quite normal,” he said. “A lot of the way I look at the world really came out of that experience at the Mercantile Exchange.” Through every step, bottles for nickels, gum deals, IBM code, and chaotic pits, Blackwell built a philosophy: stay focused, never take things personally, and always be ready for the next tornado. “You gotta be mega focused,” he said. In trading and life, it’s a lesson that never gets old. QUESTIONS How did you get into trading? What was the trading floor like when you arrived? What kind of technology were you using to write those programs? What did you learn while working on the floor for free? What was it like during the 87 crash? 00:00:00 - Introduction and Early Life 00:01:25 - Moving to Chicago and Early Business Ventures 00:02:21 - Academic Life and Early Career at IBM 00:03:38 - Starting Own Company and Introduction to Trading 00:04:41 - Experience on the Trading Floor 00:05:43 - Technology Used in Trading 00:06:56 - Lessons from Working on the Floor 00:07:48 - Experience of the 87 Crash 10:00
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From Gum Sales to Gamma Trades: Robert Blackwell, Jr.’s Unlikely Path to the Chicago Trading Pits

In a recent interview for the John Lothian Profiles video series, veteran trader Alan Knuckman recounted his path from a small mining town near Lake Superior to the bustling trading floors of Chicago. Knuckman's story is one of perseverance, adaptability, and a deep understanding of market psychology, shaped by his early life experiences and career transitions. Growing up in a town reliant on iron ore mining, Knuckman was exposed to the cyclical nature of commodities from a young age. His grandfather, a loadmaster, was integral to the iron ore industry, loading wood pellets onto boats that would traverse the Great Lakes to Indiana for steel production. This early exposure instilled in Knuckman a keen awareness of booms, busts, and the intricate workings of commodity markets. Knuckman's academic journey took him to Michigan State University, where he majored in advertising. He initially aspired to a career in broadcasting, but his plans shifted due to the Gulf War's impact on the job market. Relocating to Chicago, Knuckman found himself drawn to the exchanges, a hub of capitalism and opportunity. His physical stature—tall enough to stand out in the trading pits—earned him his first job as a runner, a role that paid a modest $2.35 an hour. The runner's job was a high-energy, physically demanding introduction to the trading world. Knuckman described the process as "amazingly efficient" despite its reliance on hand signals and paper tickets. This system, in place for over a century, facilitated millions of transactions with remarkable accuracy. Knuckman's journey continued as he transitioned from a runner to a phone clerk, then to a floor trader. His career path was marked by the need for resilience and strategic relationships, as he navigated the high-stakes environment of Chicago's trading floors. The era he describes was one where traders were revered, enjoying significant social status and financial rewards. The physical and psychological demands of the trading pits shaped Knuckman's understanding of market dynamics and human behavior. A pivotal moment came when Knuckman moved to California to work in commodity options, leveraging his Midwest upbringing and understanding of resources. This experience broadened his perspective, introducing him to the world of marketing and client education in futures trading. Returning to Chicago, Knuckman continued to build his career, now focusing on stock options and using his media skills to provide market commentary. Knuckman emphasized the evolution of trading technology, which has democratized market access but also introduced new risks. He highlighted the importance of discipline and risk management, contrasting the methodical nature of trading with the often sensationalized portrayal in financial media. Reflecting on his career, Knuckman remains passionate about educating others, advocating for the use of options as a strategic trading tool. His message to aspiring traders is clear: turn off the noise, stick to a disciplined plan, and view trading as a methodical, albeit boring, pursuit with the ultimate goal of financial success. 26:01
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Alan Knuckman Reflects on His Journey from Michigan to Chicago’s Trading Floors

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John Lothian Profiles is a distinctive documentary series that serves as a comprehensive catch-all for capturing the stories of pivotal individuals in the financial markets who don’t fit neatly into our other specialized historical categories.

This project fills critical narrative gaps by providing in-depth, personal interviews with industry leaders, innovators, and unsung heroes who have shaped the derivatives, futures, and electronic trading landscapes.

These profiles go beyond professional achievements, diving deep into personal journeys, unexpected career paths, transformative moments, and the human stories behind significant market developments.

By documenting these rich, individual narratives, the series preserves the nuanced, personal perspectives that often get overlooked in more technical historical accounts, ensuring that the human elements of financial market evolution are not forgotten but celebrated and remembered.