Art Cashin, legendary director of floor operations at the New York Stock Exchange (NYSE) and prominent market commentator, passed away at the age of 83, leaving behind a legacy woven deeply within the fabric of Wall Street. With over 60 years of experience, he became known not just for his expertise but also for his unique insights and engaging storytelling, positioning himself as one of the most respected figures on the trading floor.
Cashin’s professional life began at age 17 when he started as a clerk at Thomson McKinnon, making his way up the financial ladder remarkably fast. By 1964, he was already a member of the NYSE, partnering with P.R. Herzig & Co. His career flourished as he joined PaineWebber, which was absorbed by UBS, the firm he would belong to for much of his life, shaping its trading operations and becoming its face on television.
Bill Carroll, head of sales and development at UBS Wealth Management USA, expressed the immense impact Cashin had on the industry, stating, “It is with a heavy heart...a true giant in our industry, highly regarded market pundit.” Cashin's charm and wit made him not just another market analyst; he was likened to "Wall Street’s version of Walter Cronkite" for his straight-talking style of market commentary.
Fans of Cashin could catch his insights regularly on CNBC, where he dominated market discussions for over 25 years through segments like "Cashin’s Comments." This daily newsletter carved out its own niche, reaching more than 100,000 readers who found both humor and guidance within its pages. His ability to simplify complex market trends made his commentary invaluable not just for seasoned traders but also for casual observers interested in the economic climate.
During his extensive career, he was also recognized for his significant contributions to philanthropy. He founded the Exchange Christmas Dinner Fund, which has provided countless meals to those less fortunate since its inception, along with leading the NYSE Fallen Heroes Fund after the tragic events of 9/11, supporting the families of first responders killed during the attacks.
Cashin’s impact extended beyond financial analysis. He often reflected upon how his early exposure to Jewish culture shaped his perspective on market patterns, describing the cyclical nature of trading through culturally significant periods. Notably, he would engage with the idea of "Rosh Hashanah-Yom Kippur trade," which observed selling before Rosh Hashanah and buying back after Yom Kippur as part of his market strategies.
Over the years, Cashin became known for his storytelling abilities, often intertwining historical anecdotes within his market analyses. His commentary was more than just figures and graphs; it was filled with engaging narratives. One of his memorable quotes highlighted the idiosyncrasies of market behavior: “People have a tendency to overreact — and to not think things through carefully,” emphasizing the importance of rational decision-making amid chaos.
Despite his fame, Cashin maintained his modesty and semblance of mystery. He famously preferred cash and moved through life with little reliance on technology, never fully embracing modern digital conveniences. His desk and notes were emblematic of the bygone era of markets, often appearing chaotic yet containing the wisdom of decades.
His daily post-trading gatherings, known as the "Friends of Fermentation,” reflected his deep-rooted connection to both his colleagues and the culture of trading. These informal meet-ups at local establishments showcased the values of camaraderie and shared experience within the trading community.
Cashin often recalled pivotal moments during his life, including his experience during the horrific 9/11 attacks. Following the tragedy, he articulated how the events turned strangers on the streets of New York City—once just faces in the crowd—into a unified group, sharing humanity during tumultuous times.
He was also known for his light-hearted, humorous quotes—often poking fun at himself and the challenging nature of markets. “Is it cultural coincidence or cultural overlap? Who knows!” he remarked when discussing the merge of his life experiences with his professional decisions.
With his passing, the world of finance marks the end of an era. Today’s markets will miss his guiding voice, whether during calm or chaotic trading days. His philosophy was rooted not just in economic knowledge but also humanity and cultural awareness, leading many traders to seek simplicity and thriftiness amid complexity. Art Cashin will be remembered not just as a market icon but as a pillar of moral and social responsibility within the financial community, embodying what it means to be truly invested — beyond cents and stocks.
His family requested donations to be made to the Arthur D. Cashin Jr. Memorial Scholarship at Xavier High School, honoring his commitment to education and community service, ensuring his legacy continues to inspire future generations.