Ernest Naiditch

December 4th, 2013

Dear Barbara and Family,

It has been so many years since we have seen each other, however, Dave and I want to express our deepest sympathy for you and your family on your loss of Ernie. Our memories go back to the birth of Homeward Bound, Inc. and our special children. We have such fond memories of all of you and are sorry that we have not stayed in touch. It was always fun to be in Ernie’s company because of his sense of humor. What a great guy.
Our love to all of you at this most difficult time.

~Nancy & David Goldstein
~old friend, Plymouth, MN

December 1st, 2013

Dear Naiditch Family: Please accept my deepest condolences on Ernie’s passing. Some of my fondest memories as a kid was playing at your house in Golden Valley with Mike, and bringing my hamsters over to visit Mike’s hamsters. Please take care. Fred Krietzman.

~Fred Krietzman
~friend, Minneapolis, MN

November 28th, 2013

First, I want to send my sympathy to Mrs. Naiditch, Mike and the family siblings I never met. I worked for Sandy during the mid-80’s and was an employee and a friend to the office. I met Ernie the first day I moved to Chicago–I left Minnesota with $200 without a job and a place to stay with aspirations to trade. On my first day, I met Ernie! It also happened that another aspiring clerk, Kevin Weaver was working for Ernie. It was a very small world experience that only God could of brought us together. I found residence that very night with the Weavers. I would spend seven years on the CBOE, and when I wasn’t working for the Naiditch’s, I often visited the office–for these friends taught me the world of options. I always considered Ernie like my financial business Dad and Coach. I have very much respect for your Dad in all aspects from the trading pit to his gentleman mannerisms. He taught so much!
It’s a little miracle I found out about the service–I wish i could be there. Today, a friend who is a newspaper delivery person in Hastings, Minnesota dropped off a free copy of the St. Paul Pioneer Press. He does that when he has extras. Anyway, I opened up the paper, and I never read the obituary’s, but today, my eyes were directed toward the center of the page–Ernie’s name stuck right out! Then I read the honorable obit.
A few years back, I wrote a book titled “The Flag Salutes The Wind.” In a nutshell, the book is about a wild lifestyle living with the hope of God’s guidance. Listed below is what I wrote about the first day I moved to Chicago, meeting Ernie, and then the “Small World” of meeting Kevin Weaver, a clerk for Ricky Lockwood. On that day, Ernie gave me inspiration in becoming a trader. Kevin Weaver set up my residence, and a year and a half later–Sanford gave me my first trading attempt. I thought I would share it with you. “

I didn’t know Barry Stein, but he wore a trading badge. I’m guessing he was Jewish, but coming from a Catholic upbringing in Hastings, MN, I had only met two Jews in my life. They were both girlfriends, so I didn’t have the religious hang-ups—that l would learn on the trading floor. Barry Stein was a trader; it didn’t matter to me whether he was Jewish, or whether he was suspended from the trading floor—the guy was trying to help me out.

“Kid, state your business!” Stein asked.

“I want to trade, my name is Dan McGinnis, and I’m from Minnesota,” I answered.

“What is your experience?” Barry proceeded.

“I had a class in option trading at college!” I want to trade, I traded stocks in college,” I continued.

The phones rang! Mrs. Stein kept saying, “Barry was busy!”

Meanwhile, Barry was explaining that it might take five years to learn how to become a trader, although, some can do it in three years!

My only answer was “I want to trade now!”

“Honey, call Ernie Naiditch, and get him on the phone!”

At that time, Barry Stein, started explaining about this guy named Ernie Naiditch, a man from Minneapolis, who moved down to Chicago in the early 1970s on $100, and figured out the options game long before the computer programs did! He is a champion pinochle player, is worth about $40 Million (M), has his own trading firm, and he likes to hire Minnesotans. He’s one of the top five traders at the Chicago Board Options Exchange and is accredited with inventing the butterfly spread.

Barry grasps the phone—“Ernie, Stein here—Hey, I got this kid here from Minnesota and he is looking for work. Can you talk to him?”

“I got 20 minutes!” Ernie answered. I didn’t know it but he told Barry that his wife and he had dinner plans with the Pritzkers that evening. “Send him over!” Ernie said.

Barry added, “Go up to the 8th floor, go down the hall and look for Naiditch Associates, and tell the secretary that you’re looking for Ernie.”

I thanked Barry and his wife, and found the elevator.

Ernie Naiditch, a 5’7”, bald headed, stocky man in his mid-50s but carried a smile that was a grin from ear-to-ear. He stood upon the tiled floor in the big room which had many desks and computers. A few workers and traders roamed around freely. Ernie’s enthusiastic voice made me feel welcome. I think he was happy to see a young Minnesotan wanting to learn the options game.

“Do you play hockey?” Ernie asked me three times! I had to answer, “No,” and finally admitted that even though, I was almost 5’5”, I had come from a basketball family.

“I want to trade!” I proclaimed.

Ernie then said excitedly, “Where are you from?”

I replied, “Hastings.”

“That old Spiral Bridge,” Ernie remarked as he remembered the days when Hastings had built the world famous spiral bridge that crossed the Mississippi. Ernie then explained that he was from Minneapolis Washburn High School, and later owned a clothing company. When the Chicago Board Options Exchange opened in 1973, he moved to Chicago to pursue a trading career.

I told Ernie that I graduated in finance at University of Minnesota Duluth and I did have season tickets for the college hockey games, but I moved down here to trade. Then I added, that tomorrow, I start as a runner with A.G. Edwards on the CBOE trading floor.

Then Ernie’s voice turned from an excited voice to more of a quieter teacher voice and he started explaining what it will take to become a trader. Of course it broke my spirits a bit, that I couldn’t start trading tomorrow, that I must realize on a fast program it might take 3-5 years.

“At first you get a runner’s job and learn the trading floor. After six months, you try to get a market-maker to hire you as his clerk. After clerking for about three years, if the trader/market-maker believes in you he will back you, meaning, he will finance you. After a three or a five-year trading contract, you will be trading on your own.” Ernie spelled out the route to becoming a trader.

He encouraged me by saying I was on the right track, and believed I had the ambition to learn the trade. He told me to keep in touch and that he traded in the Xerox pit.

Suddenly, I see a guy, blonde, 5’9” Scandinavian walking out of a back office. I focused back to Ernie’s last few comments and I hear:

“Ginny, is that you! I almost didn’t recognize you in a suit coat.”

I looked over and say, “Weave, is that you?”

Kevin Weaver married Sandy Jelley,”

My prayers are with you! Heaven has gained a great man! I send my best!
Mike we should touch base soon–I always have a new idea!
God Bless,
Dan McGinnis
612-250-8989

~Daniel McGinnis
~Former employee, Hastings, Minnesota

November 28th, 2013

Ernie was 3 years older than me and was my very first crush I loved his accent sense of humor and his delight in being cheap. Couldn’t wait for our Luper Berliner family reunions so I could see him and try to beat him at all family games omg haven’t thought about these memories in years. will miss you my cousin deenie

~Deenie cuchel
~cousin, Tamarac florida