Everett Klipp

Everett Klipp (1926–2011) was known as the "Babe Ruth" of the Chicago Board of Trade, (CBOT) and a mentor to Frank Peard, John Horner, Mark Spitznagel and countless other floor traders.After a hardscrabble childhood and adolescence on a dairy farm, he enlisted in the Navy and served in the Pacific Theater during World War II. Following the war, Klipp found work as a messenger for a member firm at the CBOT. He advanced rapidly and bought a seat on the CBOT in 1953, eventually founding Alpha Futures, which became a major firm at the exchange. Especially to the traders he trained, Klipp emphasized the importance of knowing how to take a loss, and the necessity of abandoning a losing position before it became a disaster.

Out of the Pits Traders and Technology from Chicago to London, Univ of Chicago Press, 2006 (paperback 2010)