Everett Edward Klipp (October 8, 1926 - January 28, 2011) - Known as the "Babe Ruth" of the CBOT ( Chicago Board of Trade), he was a mentor to Frank Peard, John Horner,

Mark Spitznagel Mark Spitznagel (; born March 5, 1971) is an American investor and hedge fund manager. He is the founder, owner, and chief investment officer of Universa Investments, a hedge fund management firm based in Miami, Florida. Klipp was born in Manteno, Kankakee County, Illinois. After a hardscrabble childhood and adolescence on a dairy farm, he enlisted in the Navy and served in the Pacific Theater during World War II. Following the war, Klipp found work as a messenger for a member firm at the CBOT. He advanced rapidly and bought a seat on the CBOT in 1953, eventually founding

Alpha Futures Alpha (uppercase , lowercase ; grc, ἄλφα, ''álpha'', or ell, άλφα, álfa) is the first letter of the Greek alphabet. In the system of Greek numerals, it has a value of one. Alpha is derived from the Phoenician letter aleph , whic ...

, which became a major firm at the exchange. Especially to the traders he trained, Klipp emphasized the importance of knowing how to take a loss, and the necessity of abandoning a losing position before it became a disaster.Out of the Pits, Caitlin Zaloom, p132
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''Out of the Pits Traders and Technology from Chicago to London,'' Univ of Chicago Press, 2006 (paperback 2010)

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Further reading