The Piper Axe
Traders Magazine, October 2000
When Mike Lanigan advertised on Thomson Financial's AutEx one day recently to sell 100,000 shares of MDT, he didn't have an order. The U.S. Bancorp Piper Jaffray block trader wasn't betting on a downturn in the stock either. His purpose was simply to let the buyside know that Piper Jaffray was a power in Medtronic, a New York Stock Exchange-listed company.
That's the Minneapolis investment bank's equity trading strategy in a nutshell. Trade a select group of stocks every day, order or no order. At all times, put the Piper Jaffray name in front of the buyside. Win more of its business.
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