Tom Sosnoff

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Tom Sosnoff
Born (1957-03-06) March 6, 1957 (age 65)
NationalityAmerican
FieldFinance
Options trading
Entrepreneurship
Alma materUniversity at Albany, SUNY
Websitewww.tastytrade.com

Tom Sosnoff (born March 6, 1957) is an entrepreneur, options trader, co-founder of Thinkorswim[1] and tastytrade, and founder of Dough, Inc. He was senior vice president of trading and strategic initiatives at TD Ameritrade.[2][3][4][5] Sosnoff promotes option trading as an important financial strategy for the individual investor. He has promoted this view by founding an online financial network, tastytrade, and by developing software products to support individual investor options trading.

Early life and education[edit]

Sosnoff, a native New Yorker,[6] got his first job as a caddie at the age of 13.[7] In 1979, Sosnoff received a BA degree in political science from University at Albany, SUNY and immediately began working for Drexel Burnham Lambert.[2][7]

Career[edit]

Starting in the early 1980s, Sosnoff, through the Sosnoff Sheridan Group, was a lead market maker at the Chicago Board Options Exchange. By 1999, Sosnoff believed that option trading would largely move online and that individual investors would become interested in trading options if they had the software tools to do so. This led to his co-founding of Thinkorswim in 1999.[8][9] In 2009, Thinkorswim was sold to TD Ameritrade for approximately $606 million[5] and Sosnoff personally received $84 million.[4] In 2011, Sosnoff announced that $20 million in venture capital had been raised to support his idea for a financial network called tastytrade.[5] His aim in founding tastytrade was to create a financial news show focusing on options, which mixes content with comedy somewhat like the "Daily Show".[6][9][10][11] In 2014, a Silicon Valley venture fund, Technology Crossover Ventures, invested $25 million into Dough Inc.,[12] also founded by Sosnoff, which includes tastytrade.[13][14] In 2014, Sosnoff was co-winner of the EY Entrepreneur of the Year Midwest Award.[15][16]

Options trading[edit]

Sosnoff advocates options trading as a viable long-term financial strategy for individual investors. He argues against financial experts who claim that options trading is too risky for individual investors. According to Sosnoff, the use of various options strategies in a portfolio can reduce the risk of owning stocks, and options trading is a portfolio management strategy that is well-suited for the individual investor. He devotes considerable time on his financial network, tastytrade, and in seminars demonstrating the mechanics and strategies of options trading.[3][6][17][18]

References[edit]

  1. ^ Roeder, Davis (September 26, 2006). "INVESTools to buy thinkorswim for $350 million in cash, stock". Chicago Sun-Times. Archived from the original on April 17, 2016. Retrieved June 11, 2015 – via HighBeam Research.
  2. ^ a b "Executive Profile: Tom Sosnoff". Bloomberg Business. Retrieved 25 April 2015.
  3. ^ a b Fink, Jim (May 28, 2010). "My Evening With Options Trader and Entrepreneur Tom Sosnoff". Investing Daily. Retrieved 25 April 2015.
  4. ^ a b Marek, Lynne (July 16, 2011). "Thinkorswim's Tom Sosnoff dives into the talk show pool". Crain's Chicago Business. Retrieved 25 April 2015.
  5. ^ a b c Needleman, Sarah E. (July 6, 2011). "Online Financial Talk Show Tastytrade Piles $20M On Its Plate". The Wall Street Journal. Retrieved 25 April 2015.
  6. ^ a b c Cohen, Deborah L. (October 28, 2010). "Tom Sosnoff Wants To Produce A 'Daily Show' For Investors With Tastytrade". Reuters. Retrieved 25 April 2015.
  7. ^ a b Fox, Bud (March 22, 2010). "Interview With Thinkorswim's Tom Sosnoff". Benzinga. Retrieved 25 April 2015.
  8. ^ "Chicago Tribune Business Finance Notebook Column". Chicago Tribune. December 23, 2001. Archived from the original on April 18, 2016. Retrieved April 25, 2015 – via HighBeam Research.
  9. ^ a b Daleela, Farina (November 8, 2009). "Tom Sosnoff: A Q&A with the $600 million man behind Thinkorswim". Daily Finance. Archived from the original on 12 November 2009. Retrieved 25 April 2015.
  10. ^ Pletz, John (November 9, 2013). "Dough's big-name backers aim to woo millennials into options". Crain's Chicago Business. Retrieved 25 April 2015.
  11. ^ Samuelson, Kristin (July 2, 2011). "What I'm buying: Tom Sosnoff". Chicago Tribune. Retrieved 25 April 2015.
  12. ^ Stack, Caroline (February 2, 2014). "How Tom Sosnoff's team is taking dough.com to 1 million users in just two years". Built in Chicago. Retrieved 18 June 2015.
  13. ^ Pletz, John (July 18, 2014). "Sosnoff, Ross get $25 million to make Dough rise". Crain's Chicago Business. Retrieved 25 April 2015.
  14. ^ Kutler, Jeffrey (February 14, 2012). "Trading Technology 30: Tom Sosnoff". Institutional Investor. Retrieved 11 June 2015.
  15. ^ "EY Entrepreneur Of The Year™ 2014 Midwest Awards". Smart Business Network. June 30, 2014. Retrieved 18 June 2015.
  16. ^ Kacsmar, Mike (January 16, 2015). "Informed Trading For Traders, By Traders". Forbes. Archived from the original on January 16, 2015. Retrieved 25 April 2015.
  17. ^ Sears, Steven M. (September 20, 2014). "Five Questions You Must Consider". Barron's. Retrieved 25 April 2015.
  18. ^ Rudolf, Sarah (July 27, 2011). "Five Minutes with Tom Sosnoff". John Lothian News. Retrieved 18 June 2015.

External links[edit]