Refco Probably Couldn't Be Built Today, Founder Dittmer Says

Tom Dittmer discusses his journey from a modest upbringing in Iowa to founding Revco, a major player in commodity futures trading. He highlights key events like Nixon's gold window closure and Jimmy Carter's grain embargo, which significantly impacted the industry. Dittmer also reflects on the challenges of regulation, the evolution of trading with technology, and the eventual collapse of Revco. He shares insights on current market opportunities, emphasizing real estate over commodities futures.

What was Tom Dittmer's initial involvement in the trading industry?

• He worked in the oil industry.

• He began with stock trading.

• He was involved in the egg and butter market.

• He started in the grain market.

What major economic event helped boost the commodities futures trading industry?

• Nixon's decision to close the gold window

• The introduction of the Euro

• The fall of the Berlin Wall

• The 2008 financial crisis

What was the outcome of Jimmy Carter's grain embargo to Russia for Tom Dittmer?

• It caused his company to go bankrupt.

• It led to a $50 million trade.

• It had no impact on his business.

• It resulted in a significant loss.

What was one of the main challenges Dittmer faced with regulators?

• Accusations of tax evasion

• Conflicts over international trade

• Issues with insider trading

• Problems with position limits

How has technology changed the trading industry according to Dittmer?

• It has made trading more expensive.

• It has reduced the need for brokers.

• It has increased the number of manual trades.

• It has eliminated the need for regulations.

Where does Dittmer see future opportunities in the business world?

• In the automotive industry

• In commodities futures trading

• In real estate

• In traditional retail

What does Dittmer suggest about the nature of financial bubbles?

• They have always existed and will continue to do so.

• They are a recent phenomenon.

• They are entirely preventable.

• They only occur in the tech industry.