Lawrence G. McMillan
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| Lawrence G. McMillan | |
|---|---|
| Born | South Bend, Indiana (1946) |
| 🏳️ Nationality | American |
| 🏫 Education | Purdue University (B.S., Mathematics, 1968) University of Colorado Boulder (M.S., Applied Mathematics, 1972) |
| 💼 Occupation | Entrepreneur - Money Manager - Author - Educator |
| Notable work | Options as a Strategic Investment[1] |
Lawrence G. McMillan (born 1946) is an American entrepreneur, money manager, best-selling author, educator, and speaker.
He is President of McMillan Analysis Corp., a money-management and trading advisory firm he founded in 1991, and was named by Barron’s as one of the industry's foremost trading strategists.[2][3] His money management performance has won awards from BarclayHedge and Preqin.[4]
McMillan is perhaps best known as the author of Options As a Strategic Investment,[1] the best-selling book on stock and index options strategies, which has sold over 350,000 copies.[4] Widely regarded as the seminal book on options trading, Options As a Strategic Investment provides traders with practical option trading strategies designed to minimize risk and maximize profit potential.[2][5]
Gary Cohn, the former President & Chief Operating Officer of Goldman Sachs and former Director of the National Economic Council, said he learned about options and got his start in the financial industry by reading McMillan’s book, Options As a Strategic Investment.[6]
In 2011, McMillan was honored by The Options Industry Council (OIC), an industry resource funded and managed by the Options Clearing Corporation (OCC), as the 2011 recipient of the “Joseph W. Sullivan Options Industry Achievement Award" in recognition of his outstanding lifetime contributions to the growth and integrity of the U.S. options market. [7][8]
Early Life and Education[edit]
Early Years[edit]
Lawrence McMillan was born and raised in South Bend, Indiana. He was one of a group of five Summa Cum Laude valedictorian graduates of his John Adams High School graduating class in 1964.[9]
After completing high school, McMillan attended Purdue University where he became a member of Sigma Chi fraternity. In 1968, he graduated Cum Laude from Purdue with a Bachelor of Science degree in Mathematics.[3] In 2012, McMillan was named a Significant Sig by Sigma Chi Fraternity.[10]
Military Service[edit]
In 1969, after beginning his pursuit of a Master of Science degree in Applied Mathematics at the University of Colorado Boulder, McMillan was drafted into the United States Army. At the time, there were provisions in place whereby draftees with technical skills could be employed in areas deemed useful by the Army. As a result, McMillan was assigned as a software systems programmer, stationed at The Pentagon in Washington, D.C., where he served for two years and developed his lifelong appreciation of computer programming.
McMillan returned to the University of Colorado Boulder in 1971, and in 1972, he graduated with a Master of Science degree in Applied Mathematics and a minor in Computer Science.[3]
Career[edit]
Bell Telephone Laboratories[edit]
- Bell Telephone Laboratories: 1972-1976
Lawrence McMillan started his professional career working for Bell Telephone Laboratories in Whippany, NJ. During his time at Bell, he was a computer programmer at the most senior technical level, developing operating systems for new computer hardware.[11]
Introduction to Options[edit]
McMillan’s initial interest in trading began in 1970, when he first started trading stocks for himself. He then had his first experience with derivatives, buying convertible bonds in 1971.
McMillan began trading options shortly after their inception in 1973, when the Chicago Board Options Exchange (CBOE) started listed options. Since there weren’t many books written about options trading at the time, McMillan had to learn about options on his own, and relied on his math and computer programming background to analyze data and formulate strategies. Utilizing Bell’s computer systems, McMillan then developed his own research tools by programming the Black-Scholes model and actively traded options for his personal account.[8]
Newsletter Beginnings[edit]
In 1974, while still at Bell, McMillan began a side-project publishing an educational, option strategies newsletter, entitled "Hedged Option Strategies". The newsletter shared complex trading techniques and caught the attention of many well-respected traders, including Ivan Boesky as a subscriber. Recognition from the newsletter led McMillan to a career on Wall Street, where he earned a job as a retail options strategist at the brokerage firm of Thomson McKinnon Securities in 1976.[8][12]
Thomson McKinnon Securities[edit]
- Thompson McKinnon Securities: 1976-1989
After joining Thompson McKinnon as retail options strategist, McMillan worked his way up and began trading advanced options strategies and risk arbitrage for the company. Shortly thereafter, he was put in charge of the firm’s Equity Arbitrage Department which he ran for nine years.[12]
Birth of Options as a Strategic Investment[edit]
In 1977, while working for Thompson McKinnon Securities, McMillan was approached by the New York Institute of Finance about writing a comprehensive book on option strategies, after the two sides were introduced by the president of the Chicago Board Options Exchange (CBOE), Jim Dalton. This led to McMillan’s authoring of Options as a Strategic Investment - the first of several well-known industry books and publications eventually written by McMillan. [8][1][13]
Prudential-Bache Securities[edit]
- Prudential-Bache Securities: 1989-1991
In 1989, McMillan joined Prudential-Bache Securities to manage the firm’s Proprietary Option Trading Department, primarily trading convertible Euro-bonds and Japanese warrant arbitrage.[12]
McMillan Analysis Corporation[edit]
- McMillan Analysis Corporation: 1991-Present
In 1991, McMillan began his own firm, McMillan Analysis Corporation. As an RIA and CTA, McMillan manages option-oriented accounts for clients through McMillan Asset Management, the investment management arm of McMillan Analysis Corporation.[4] In a research capacity, he edits and contributes to his firm's newsletters covering equity, index, and futures options.[11] He is a featured speaker on option strategies at many seminars and colloquia in the United States, Canada, and Europe. He is often seen on CNBC and Bloomberg TV, and is quoted in publications such as The Wall Street Journal, Barron's, and many others.[12]
Personal Life[edit]
In 1971, McMillan married his wife Janet Thieman of Toledo, Ohio. Together they are the parents of Karen and Glenn, and grandparents to 6 grandchildren.
Books[edit]
- Options As a Strategic Investment: 5th Edition (2012). New York Institute of Finance. ISBN 9780735204652 Search this book on
. - Study Guide for Options as a Strategic Investment (2012). Prentice Hall Press. ISBN 9780735204645 Search this book on .
- McMillan On Options: 2nd Edition (2004). Wiley Trading. ISBN 9780471678755 Search this book on .
- Profit With Options: Essential Methods for Investing Success (2002). Marketplace Books. ISBN 9780471225317 Search this book on .
- New Insights On Covered Call Writing: The Powerful Technique That Enhances Return and Lowers Risk in Stock Investing (2003 with Richard Lehman). Bloomberg Press. ISBN 9781576601334 Search this book on .
- Options For Volatile Markets (2011 with Richard Lehman). Bloomberg Press. ISBN 978-1118022269 Search this book on .
Awards & Honors[edit]
- 2001: Options Trading Forum inducted McMillan into the Trading Hall of Fame for his accomplishments as an exceptional trader and educator; someone who has helped grow the industry through his dedication and commitment.[14]
- 2010: National Association of Active Investment Managers (NAAIM) presented McMillan with the President’s Award for Excellence in Financial Newsletter Writing.[15]
- 2011: The Options Industry Council awarded McMillan with the Joseph W. Sullivan Options Industry Achievement Award for outstanding contributions to the growth and integrity of the US options market.[7]
- 2012: Sigma Chi Fraternity named McMillan a Significant Sig. One of the Fraternity’s highest honors, The Significant Sig Award recognizes those alumni members whose exemplary achievements in their fields of endeavor have brought great honor and prestige to the name of Sigma Chi.[10]
References[edit]
- ↑ 1.0 1.1 1.2 McMillan, L. G. (Lawrence G.) (2012). Options as a strategic investment (Fifth ed.). New York. ISBN 978-0-7352-0465-2. OCLC 802407234. Search this book on
- ↑ 2.0 2.1 Sears, Steven M. "Making the Most of Volatility". online.barrons.com. Retrieved 2020-12-08.
- ↑ 3.0 3.1 3.2 "Futures Industry - Lawrence McMillan". web.archive.org. 2007-10-11. Retrieved 2020-12-08. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 4.2 "Lawrence McMillan". CMT Association. Retrieved 2020-12-08.
- ↑ Maverick, J. B. "Top 6 Books on Becoming an Options Trader". Investopedia. Retrieved 2020-12-08.
- ↑ "Gary Cohn, Kogod School of Business Speaker | American University". web.archive.org. 2009-06-22. Retrieved 2020-12-08.
- ↑ 7.0 7.1 "Long-Time Options Industry Leader Gina McFadden is First Woman to Receive 2017 Sullivan Award". www.theocc.com. Retrieved 2020-12-08.
- ↑ 8.0 8.1 8.2 8.3 "Interview: Lawrence G. McMillan, 2011 Sullivan Award recipient". John Lothian News. 2011-05-11. Retrieved 2020-12-08.
- ↑ "Scholastic Honors Presented" (PDF). South Bend Adams. Unknown parameter
|url-status=ignored (help) - ↑ 10.0 10.1 "Lawrence G. McMillan – The Delta Delta Chapter of Sigma Chi". thesighouse.com. Retrieved 2020-12-08.
- ↑ 11.0 11.1 "Lawrence McMillan - Investor Profile • World Top Investors". World Top Investors. 2018-01-19. Retrieved 2020-12-09.
- ↑ 12.0 12.1 12.2 12.3 "Tiger Shark Trading, Daily Commentary from Professional Traders". www.tigersharktrading.com. Retrieved 2020-12-09.
- ↑ McMillan, Lawrence G. (2002). Options as a Strategic Investment. Penguin. ISBN 978-0-7352-0197-2. Search this book on
- ↑ "Traders' Library | Trading Forum". www.traderslibrary.com. Retrieved 2020-12-10.
- ↑ "NAAIM - Registered Investment Advisor Education & Resources". 2010-11-26. Archived from the original on 2010-11-26. Retrieved 2020-12-10.
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