Notes From Underground: A Quick Note to Our Readers

The past five years have been a healthy, cathartic interchange of investment ideas that emanate from my 37 years of analyzing and trading the international financial flows that form the basis of global macro investment. Many themes of this blog are based on the knowledge I gained from years of university study and also from having great teachers about all things global. The list of teachers is long and includes Jim Sinclair, Paul Kimball, Leo Melamed, Oskie and Rony, and so many others who took the time to educate me and thus be able to pass lessons learned to my readers and students to whom I have enjoyed lecturing.

But tonight I am saddened by the loss of my mentor and friend, Lenny Feldman. He provided me with the wisdom to understand risk and the knowledge to be able to craft strategies to maximize reward while minimizing pain–the essence of being a successful trader. If you think Notes From Underground has been a benefit to you over the last years say thank you to one of the great traders from the CME.

As my wife so elegantly stated, Lenny is like Jimmy Stewart in It’s a Wonderful Life. Lenny aided and touched so many lives that the ripples continue on everyday. I can say with great certainty that had he not had the patience to indulge a complete novice I would have gone the way academia or bureaucracy and so many people who I have come to know and helped would not have come to be. Lenny, 89 years young–and, as his wife so beautifully wrote in the obituary, ageless. Lift a glass of your favorite libation and say something special for my friend and mentor, LENNY. While you enjoy the drink, read a poem I often cite in the BLOG written for him by Rudyard Kipling, titled “IF.”


22 Responses to “Notes From Underground: A Quick Note to Our Readers”

  1. rolaf Says:

    Cheers Lenny.

    Sorry to hear of your loss Yra.

  2. Chuck Reeder Says:

    Well said Yra. We will all DVR memories of Lenny in our minds for years to come. He will not be as much a part of our lives as we would like, but he will still be a source of smiles and laughs as long as we are alive. Thanks for the good times Lenny- we all loved you.

  3. c Says:

    Yra, thanks for passing on your knowledge and sorry for the loss of your friend.

  4. Frank Says:

    Sorry for your loss. Thanks to him and you both.

  5. Justin K Says:

    Cheers Lenny
    Yra–I’m very sorry for your loss

  6. Chicken Says:

    Oh no, that’s sad Yra, I’m sorry. RIP Lenny, and thanks for confiding in Yra.

  7. costaselgreco Says:

    Sorry for your loss Yra. May he rest in peace.

  8. Rob Syp Says:

    God Bless Mr. Feldman!

    When I was getting my start at the Merc I was also moonlighting as a doorman at The Tremont Hotel which housed the restaurant Cricket’s. Leaving the exchange one day I walked out with Lenny conversing about the day’s activities while walking by the Sears Tower.

    Unbeknownst to him I was on my way to my doorman’s post, Later that evening Lenny came into Cricket’s with his wife and I greeted them at the door. It was humorous seeing his double take of me in full doorman’s uniform, He made it a point to come out and talk with me and noticed all the action going on. He said “Kid, you must be making a fortune here whatever your making here you must be covering your loses in the S&P’s. He went on to say “Don’t ever quit your evening job”

  9. Bruce Johnson Says:

    LENNY was a one of a kind Damon Runyon character. His personality and outlook on life will be a loss for anyone who knew him. I have fond memories of B-International and my association with you and Lenny. My favorite was having Sake and Sushi in paper cups in my office with our Chase bank connection [ IN SUK OH ? ]. He too was a fan of Mister Lenny. I also, loved the Xmas gifts [ Wrist Watches ] to the people in the currency trading room, when one trader wanted to trade in for a different kind of watch. Lenny accommodated..

    Lenny you will be sorely missed by anyone with a sense of humor and a love of life..


  10. michael weiser Says:

    Yra, so sorry to hear about Lenny’s passing. He was a true character. Michael Weiser

  11. atwood2716 Says:

    Lenny was one of a kind old school but right on the edge,he will be missed ….RIP my friend
    Jeff Waldman

  12. arthur Says:

    The market is right and you are wrong. Respect that. That was the greatest lesson I learned. RIP

  13. Steve Wollack Says:

    Lenny was a character, larger than life. I will always remember my first meeting him where he was complaining how much he was losing on his short GBP position when he finally admitted that it was part of a spread in which he was making more than twice that on his long Deutsche Mark position. He will be missed.

  14. bob myron Says:

    Been gone 35 years but never forgot him…….always thoughtful Christmas gifts from a great guy!

  15. Bonnie Black Steinman Says:

    I was 24 years old when I went to work for Lenny and Yra on the CME trading floor. Lenny was the coolest “old” guy I had ever known. I count myself among those who were helped along their career by the efforts of Lenny and Yra. In Pittsburgh today, there is at least one person remembering him fondly. I’ll sign as I remember him calling me once when he couldn’t think of my name,

    “That Pennsylvania Hillbilly”

  16. ShockedToFindGambling Says:

    My first experience with Lenny was in the Gold pit. I had been trading less than a month and had no idea what I was doing.

    At any rate I did something which violated the pit protocol (I don’t remember what) and Lenny came after me . Luckily, some people held him back and I survived. It was a good lesson for me about life on the CME floor, and helped me survive down there.

    RIP Lenny.

    Sorry for your loss, Ira.

  17. Marty L Says:

    Condolences on the loss of such a good friend.
    Lenny was a brilliant man with many insights not only about trading and investing, but about life itself. Whatever he did, he did not hold back, I’m sure his memorial service will be a true celebration of life.

  18. Gregg S Says:

    Words can never fully describe Lenny Feldman. I know that without his help, I would of never survived. Anyone who ever had the privilege of being in Lenny’s presence can recollect endless stories. Whether eating dinner, ( a shared experience always), playing golf, ( Bill Clinton style) , or watching him trading in the pits(eating a trading card). Lenny was a ONE OF A KIND. I will NEVER forget him. Thank you Lenny for everything.
    I hope everyone in heaven is prepared for some crazy moments.

  19. Scott B Says:

    Cheers Lenny. Thanks for that Ira. “If” is on my trading desk wall and my
    son’s bedroom wall!

  20. Yra Says:

    Bonnie –from Beaver Falls–so extraordinary nice for those memories

  21. pittrader1988 Says:

    Sorry to hear of Lenny’s passing. He was one of a kind. WW2 vet. Tough as nails. But had a heart of gold.

  22. BigTuna (@ACTFutures) Says:

    Sorry for your loss Yra and thanks a lot to Lenny for letting us have a chance to know a great person like you ; RIP

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