Back in the Day

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Dear Mr. Covel, My name is xxx, and I am reading with much interest your book about [the] Turtle Traders. I was Pillsbury’s wheat trader in the pits from 1980 to 1983, and traded size with C&D many times. Dennis, Willis, the O’Briens, etc. You are correct – we (Pillsbury) were huge traders, and we had vast amounts of info at our disposal. Pillsbury was deadly when compared to the Cargills of the world in those days because we all had our own profit center trading accounts in addition to working the enormous commercial hedge balances. Cargill and the others had employees, but Pillsbury had traders. They did not stand a chance. At any rate, I went out on my own [and] remained a Chicago Board of Trade member, and traded wheat until 1999, but I wanted to say that you got the pits in those days right…Good job with the book.


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