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1、9Dude,Where’sMyOrder?Itwassummer1999,andtheNASDAQwasrocking.Itwasthedot-comera,thetimeof“irrationalexuberance.”Ourbestinstitu-tionalcustomeratInstinetwasalargemutualfundcompany,withanarmyoftradersexecutinglargemutualfundorders.Wewouldspendsignificanttimeeachmorningstrategizingwithoneofitstrade
2、rs,whowecalled“Major.”Majorwasalwaysinundatedwithlargeordersfromhisportfoliomanagers,especiallyinvolatileNASDAQtechnologystocks,suchasPMCSierra,whichcouldgoup$20adayinthelate1990s.Wewereoneofhis“go-tobrokers,”andweworkedmanyofhisordersintheInstinetsystem.Inthattimeperiod,stockquoteschangedsora
3、pidlyandthemarketsmovedsoswiftlythatwavesofSOESBanditswouldflowintoandoutofstocks,likeoceantidesinfast-forward.Majorneededallieshecouldtrusttolookafterhisinterests,andwewerehappytohavehisconfidenceandbusiness.Eachmorning,ourconversationswithMajorremindedusofthe“showmethemoney”sceneinthemovieJe
4、rryMaguire,whenTomCruiseisonthephonewithCubaGooding:Major:“Morning,hero.Areyouready?”Sal:“Yes”“Imeanareyouready,hero?”“Yes...shootMajor.”“A-gametoday.Focus.Nosorry.Nobuts.Wegotwoodtochop.Areyouready,hero?”141142BrokenMarkets“READYMAJOR!”“Bettergrasshopper.Beupman.Remember...theheaviestthingona
5、man’schestishischin.Let’sgo:QCOM.Seller.Me.Takeahundredwithafigurelimit.Stockgetsthere...Ilose.Nocutesybootsy,fellah.Sayitbacktome.”“QCOMselling100,000shareswithafigurelimityouwould.”“That’srightmister.Next.MCLD.Callisoutinthename.Theyaregonnagunitearly.Bethere.Takehalfahun.Getathirddoneinthef
6、irst15minutes;thencallme.Youwithme,hero?”“Gotit.Next.”“WCOM.Buyer.Me.Take100ktobuyandnibble.Don’tchase.Nibbledon’tchase.Butifthestockcomesinto50centsIown.Nocutesybootsy.Youwithmehero?”“Yes.WCOMbuying100kcarefully.”Majorlikelyhadsimilarconversationswithhisotherinstitutionalbrokers.Hepickedbroke
7、rswhowouldactashewould,workingordersdirectlyinthedestinationthatwouldgivehimandhisclientsthebestprices.Instinetwas“TheECN”ifyouweretraffickinginNASDAQnames,whichiswhyhetradedsomuchwithus.Similarly,MajoruseddirectfloorbrokersforhisNYSE-l
