Couldn't sleep and ran across the posting on E. E. (Buzzy) Geduld.. Buzzy became chairman and CEO of Herzog Heine Geduld after his father moved to Fla... Buzzy is a different breed of trader than most on the street today.. I not only knew him but his father.. Herzog Heine and Geduld was a small but prosperous little OTC trading firm when I landed my first job on Wall Street as a trader.. I went to work for L.D. Sherman in 1965 and Buzzy was at that time the person that his firm would send to all the trader's conventions to press the flesh.. His Dad ran the trading dept and Herzog and Heine ran the money.. I never ran into Heine but Herzog's son John was active as a trader of obsolite and inactive securities.. John also had a stock search service that gave values for Stock Cerf. that had long been namechanged or merged with other companies.. Twards the end of the time before HHG merged with MLPF&S John also traded in just plain Cerf. for thier value as art..
Buzzey was a collector of stocks like some collected art or cars.. He had a holding one time in a company that I traded called Mr. John which rented portable shithouses.. We often ended up in the same stocks and in those days a position of 10,000 share in the obsure was large.. He had the advantage because of John Herzog's service where he valued Cerf.. mostly for probate lawyers..
When Buzzy's father moved to Fla they set up a trading office on North Miami Beach.. Firms back then pre NASDAQ had wires to other firms and the larger ones would have 200 or more wires to all the major firms so telephone calls were unnecessary.. It is not unusual for Buzzy to have a position in almost any stock because of habit.. Back then if you traded a stock you would always put a small position in your name just to be able to get the news and releases from companies.. I traded about 200 obsure and small stocks and the only way I really got information after being on the shareholder's list was thru bids or offers.. If the stock was bid for usually there was news some where and on over half of the inactives had orders from insiders on the books...
The build up of buy and sell order is actually what kept us in business,, because without we would be trading just by numbers making sure that we made our Tics.. Stocks could trade quoted $0.25 Bid and $0.75 Offer and some one with a buy order might be $0.50 bid with a $1.00 offer..
We advertised our willingness to make a market in the "PINK SHEETS" which later on I became a consultant to after I left the trading desks.. If a brokerage firm had an order before execution they needed quotes from at least 3 market makers on the back of each ticket.. So even if you never got the trade,, you knew by the call from a broker that your competition had a wire to,, some thing was up.. We used other brokers to check each others markets to see who had moved thier bid or offer and that way we could usually tell the direction of the stock.. The worst call was from a broker that had wires to your competition and made the trade with you.. They all saw the trade and passed and it landed on your bid.. Each trade became in itself a tip on direction.. The only survival was DD..
Buzzy was a Surviver and they sold out for a cool 1 Billion dollars .. So if Buzzy owns a position It probably still is by habit and the reason is because he makes his Tics,, the best indicator of value is what someone else is willing to trade along and the direction in the stock it causes,,, DD, and patience.. DPDW has all three every day...
By the way,, I once interviewed for a job At HHG and never got a call back,, It probably was because thier trades with me always appeared to be to my advantage... But they were a wholesale trading firm and I traded at a position firm.. hank
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