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The Options Hall of Fame Lawrence G. McMillan Inducted Into Trader's Hall of Fame Chicago, Oct 9, 2001 – At the Awards Dinner of the Options Trading Forum, Lawrence McMillan was inducted into the Trader's Hall of Fame. He was presented with the award by Paul Stevens, President of the Options Clearing Corporation (OCC) and President of the Options Industry Council (OIC). Chris Myers, President of Traders' Library, sponsor of the award, also spoke during the award presentation. Mr. McMillan gave a short speech in which he detailed how he had gotten interested in the option business when listed options first started trading, in 1973. He also related a rather humorous story regarding the difficulties involved in implementing the Black-Scholes model at the trading firm he worked for (Thomson McKinnon Securities). He concluded by stating that, while he has had two careers as a trader – one as an arbitrageur on Wall Street and one as a private investor – the latter is a much more difficult, basically due to the minimal capital requirements and the access to large amounts of capital one has when one is a professional trader at a member firm. Mr. McMillan encouraged the individual traders in attendance by noting that diligent analysis and proper money management would allow them to be profitable traders as well. The renowned Chicago comedy troupe, Second City, performed after the award was presented. Their finale included an improv song which featured a humorous tribute to Mr. McMillan – containing references to many of the facts and names which had been discussed that evening – including Ivan Boesky (who had been a subscriber to Mr. McMillan's original option strategy newsletter back in 1975)! |