The Harrison Rush/Fire Drill Weekly Wrap-Up

Posted by Tom Ragland

The Harrison Rush/Fire Drill Weekly Wrap-Up

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A Brief, Reliable, Rundown of the Investment Banking Recruiting Market.

June 03, 2026

Sponsored by

Trading options can be highly profitable; it can also be highly unprofitable. The problem is that trading options is tough:

  • Option decay is real

  • Picking expiration dates is crucial

  • Market makers scalp retail traders

Liquid allows anyone to trade perpetual futures, or “perps”. Perps are options without an expiration date.

This means you don’t need to worry about Greeks, simply

  • Pick an asset

  • Pick long or short

  • Determine your collateral

  • Determine your leverage

  • Place your trade

Getting started is simple too; start to finish in less than 10 minutes:

  • Login with google

  • No-KYC

  • Deposit with Apple Pay or your bank account

  • Trade

Trading volatility doesn’t need to be harder than absolutely necessary.

The Ghost Trader of Black Monday

On October 19, 1987, Wall Street suffered its darkest day. The Dow Jones Industrial Average plummeted by a staggering 22.6% in a single session—a modern financial cataclysm known as "Black Monday." While economic historians often attribute the crash to program trading and portfolio insurance, a lingering institutional mystery remains: Who was the "Ghost Trader" who pulled the first domino?

Minutes before the opening bell, an unprecedented, massive sell order for S&P 500 futures hit the Chicago Mercantile Exchange. It didn’t just test the market; it intentionally vacuumed out all remaining liquidity. As the day progressed, block trades of terrifying scale were executed through a labyrinth of offshore brokers and Swiss shell accounts, systematically hammer-selling into an already panicked market.

The sheer coordination and capital required to weaponize the market's early algorithms pointed away from retail panic and toward a sophisticated predator. Rumors rippled through trading desks for decades. Was it a rogue European central bank quietly liquidating assets? A legendary hedge fund tycoon executing the ultimate short? Or, most provocatively, a secret consortium of investment banks engineering a market reset to force a Federal Reserve intervention?

To this day, the regulatory paper trail remains cold, obscured by institutional silence and the limitations of 1980s surveillance. The Ghost Trader walked away with untold millions, leaving behind a permanently altered financial landscape and the ultimate Wall Street whodunit.

The Last Time Stocks Were This Expensive Was December 1999.

"Right now, it's good. But it was in '72, '86, 2000, and 2007." – Jamie Dimon, May 2026.

The Shiller CAPE ratio just hit 42.3. The only time in 140 years it's been higher? December 1999.

Stocks can stay expensive for a long time…

It’s one metric to consider, but when your portfolio is built around the most expensive equities in modern history, what else you diversify with could really matter.

Blue-chip contemporary and post war art has shown near-zero correlation with the S&P since 1995.* Prices are largely driven by private collectors competing for a fixed supply of artwork by artists like Banksy, Basquiat, and Picasso.

Masterworks lets you invest in shares of that market.

  • $1.3B deployed across 500+ artworks

  • 29 exits to date

  • Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold

*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.

The Star Grabber: A Tiny Being in Moonlight Shares Light and Comfort to Lonely Hearts

For Kids, Pre-K to 2nd Grade now available on Amazon

ABOUT THE AUTHOR

<a href="https://investmentbanking360.com/author/t-ragland/" target="_self">Tom Ragland</a>

Tom Ragland

Tom founded the Harrison Rush Group in 2008 amidst the chaos of the financial crisis and his personal journey of adopting a child. Recognizing the importance of relationships, Tom focused on providing light-hearted news and recruitment tips for Wall Street. With a keen sense of empathy and curiosity, he thrives on connecting with candidates and managers, always striving to understand their motivations and goals. Tom’s ultimate drive lies in making meaningful connections and giving back to the community that has supported him.

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