In 1983, a 22-year-old Haverford graduate walked onto the bond desk at Cantor Fitzgerald and entered a world that would shape his dealings for decades to come.
Howard Lutnick, the U.S. commerce secretary, learned that when someone tells you the market is overpriced, there is a good chance they have something to sell. Traders call this “talking your book” — making an argument that serves a position you hold. On a trading floor, the assumption is that there is always a position behind the argument.
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