December 1, 2020

Terry Burns and the New York Stock Exchange

When Terry was with Robertson & Co., he believed he was good trader. He consistently made profits for the firm, but like most other specialists, he didn’t win every time. As a result of this Terry struggled with whether or not he would be able to maintain his position. He could not figure out how to be as profitable as many of the other partners in his firm. This problem was shared by all the other members of Robertson &Co. who became part of the new firm. Some of them expressed that they were being pressured to circumvent the rules to better position themselves to make money. In other words, put themselves “in front of the public” (illegal trading).

Read the original article by Terry Burns (PDF)


  1. Unfortunately you were really put in a no win situation. At the end of the day you had to place your head on the pillow, so I would say you made the right choice.

  2. Joe Thomas says:

    The lessons here are at once a goldmine and cautionary tale. They say “with great risk comes great reward.” It’s helpful if we all reflect on what we risk and why. Terry’s story and the case study conversation it drives should be required fare among private and public sector leaders…well done Terry.

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