Veteran CNBC analyst Arthur Cashin, a fixture on the New York Stock Exchange floor for more than half a century, has died. He was 83.
The network announced Cashin’s death Monday, but did not give a cause.
The man once dubbed “Wall Street’s version of Walter Cronkite” by The Washington Post was known for being “respected by all, bulls and bears, liberals and conservatives alike,” CNBC’s Bob Pisani wrote of his colleague.
Cashin had been director of floor operations at the NYSE for UBS Financial Services Inc. since 1980, when he started at PaineWebber before its acquisition by USB.
USB mourned a “true giant in our industry, highly regarded market pundit, and trusted advisor to many, who was dedicated to his family and community,” in an email to employees that was shared with the Daily News.
Cashin was also known for penning a daily newsletter, Cashin’s Comments, for the past 25 years, doling out investment tips, advice and historical anecdotes to more than 100,000 readers. His commentary on CNBC’s “Art Cashin on the Markets” made him a household name for investors nationwide.
“In the intensely competitive world of stock market commentary, he was that rarest of all creatures: a man respected by all,” Pisani said on Twitter. “He was a great drinker and a great teller of stories, and a great friend.”
Economist Joseph Brusuelas remembered Cashin as “an erudite gentleman that could tell a story, drink one under the table and knew the markers as well as anyone that ever lived.”
The NYSE honored “the life and legacy of Art Cashin, UBS’ director of floor operations at the NYSE and a revered member of our trading floor community for more than half a century.”
Born in Jersey City, N.J., in 1941, Cashin hit Wall Street in 1959, working as an assistant clerk at Thomson & McKinnon before being made partner at P.R. Herzig & Co. in 1964, at age 23 — the youngest NYSE member to have a seat on the exchange. Cashin also served on “virtually every committee at the Exchange,” USB said.
“Words cannot do Art justice,” USB said in its email. “And for those lucky enough to have known him, spent time with him or benefitted from his wisdom — and his jokes — today is a very sad day.”
