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Art Cashin’s sons pay homage to NYSE legend by carrying on New Year’s poem tradition

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For decades, Art Cashin, UBS’ director of floor operations at the New York Stock Exchange, would write a New Year’s poem to reflect back on the year’s events. With Cashin’s passing earlier this month, his sons, Arthur and Peter, sent this homage to their father. 

Some Other Cashins’ Comments:  An Homage Presentation
December 30, 2024 

by Arthur Cashin III and Peter Cashin

In 2024,
Wall Street stopped in fear.
No more annual poems
without Arthur here?

My brother and I
said, “Let’s give this a try,”
but with one precondition,
there would be no AI!

Genetics or environment,
we share his same vice.
So, we joined our feeble minds,
while marinating some ice. 

Paris hosted the Olympics
and chose to begin,
by having the opening
float down the Seine.

A container ship took out
the Francis Scott Key.
The world wondered if Putin
did same to Navalny.

The ruler of Syria,
al-Assad is now gone,
but in Ukraine and Gaza,
the wars still carry on.

‘Round most of the world,
incumbents lost reelection.
Here in the U.S.,
45’s now 47.

Wall Street continued
its historic bull run.
And with the help of Wegovy,
the world lost a ton.

Taylor Swift can go home.
Eras came to an end.
But only on the field
did Travis’ knee bend.

Boeing’s labor strife
paused the 737.
They also left two astronauts
between here and heaven.

Some finance greats are
no longer among us.
We lost Jim Simons and
HD’s Bernie Marcus.

We lost the deep bass
Hollywood counted upon.
The voice of Mufasa
and Vader is gone.

The choir of angels
got a whole lot better
now that Cissy and Whitney
are singing together.

Arlo Guthrie’s old muse,
she has a new haunt.
Alice Brock is in heaven,
at a new restaurant.

Toby Keith and Kristofferson
climbed that heavenly stair.
Now jammin’ with Buffett,
must be 5 o’clock there.

Phil Donahue is up there,
booking new guests.
Wonder if Dr. Ruth
will be on his stage next.

A remake of “Tootsie”
seems not to be far.
Dabney Coleman was joined
by the great Teri Garr.

Whitey Herzog submitted
his final all-star roster.
With Rose, Mays and Cepeda;
not a single impostor.

Lou Carnesecca now coaches
a team that’s the best,
with players like Mutombo
and Walton and West.

Zagallo and Beckenbauer,
both Of World Cup fame,
will rejoin greats like Pele
for a quick pick-up game.

Remember that sound bite
you’d hear without fail?
We no longer have the voice
who said: “You’ve got mail!”

A poet laureate left us,
as they eventually would.
We can’t overlook
the great Charles Osgood.

And we would be remiss
not to share why we’re sad.
This exercise brought memories
of our dear old dad.

To others, he was Arthur,
Mr. Cashin or Chief.
But he was our father
and we share now our grief.

You knew him as
he wanted to be:
Historian, philanthropist,
soul of the NYSE.

If he joined you for drink,
you should have been flattered
and talk markets or politics,
or things that truly mattered.

From comments to speeches,
writing was his art.
But was he as funny
as the late Bob Newhart?

An Xavier alum,
a true Jesuit scholar.
Of his alma mater,
there was no one prouder.

Were it not for Ray Charles
or voters in Jersey,
you never would have seen him
on CNBC.

So as this year ends
and you look to ’25,
we offer two tips
to help you survive.

Cherish those still here.
Remember those you miss.
From the Cashins to yours,
all the best is our wish.

Begorrah, menorah,
Lanza and Kwanzaa,
May your New Year be filled
with true abbondanza!

And as the ice melted
in each of our glasses,
we knew if Dad read this
he’d kick both our asses. 

Rest in peace, Dad.

Art Cashin also traditionally led the annual singing of “Wait ’till the Sun Shines, Nellie” with current and former NYSE members on New Year’s Eve. On Tuesday, the sons will lead the singing at 1:45 p.m. ET and ring the bell to close out the year.

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T. Rowe Price likes stock picking now

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One of the largest active ETF managers on leveraging fund tactics in new ways

It appears T. Rowe Price is benefitting from the record growth in actively managed exchange traded funds.

Tim Coyne, the firm’s head of ETFs, reports the firm is seeing significant growth in the area — listing the T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price U.S. Equity Research ETF (TSPA) as two established strategies that can satisfy investor demand.

“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.

According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.

“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”

As of April 24, the fund’s top holdings include Microsoft, Amazon, and Apple according to the T. Rowe Price website. But it’s not all Big Tech. The ETF also features smaller positions in companies like Becton Dickinson and Roper Technologies.

The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.

Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.

“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”

Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.

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T. Rowe Price U.S. Equity Research ETF vs. S&P 500

‘Some form of bear market’

Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.

“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”

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