Joe Ritchie was a pioneer in electronic trading who revolutionized the options and futures markets in Chicago. He founded Chicago Research and Trading (CRT) in 1977 and became one of the most influential and successful traders of his time. He also had a wide range of interests and passions, from philanthropy to adventure sports. He died on February 22, 2022, at the age of 75. What was the cause of his death and how did he live his remarkable life? Here is a brief overview of his achievements and legacy.
A Genius in Trading
Joe Ritchie was born on January 1, 1947, and studied philosophy at Wheaton College. He worked as a bus driver, a jail guard, and a programmer before he discovered his talent for trading. He started trading options at the Chicago Board Options Exchange (CBOE) in 1976, where he used a calculator programmed with the Black-Scholes formula to gain an edge over the market. He later gave his calculator to his friend Steve Fossett, who also became a famous trader and adventurer.
Ritchie left the CBOE after two months and moved to the Chicago Board of Trade (CBOT), where he traded futures. He founded CRT in 1977 and hired a team of mathematicians and programmers to develop computer-driven trading strategies. CRT was one of the first firms to use sophisticated technology and algorithms to value and trade options and futures. CRT also expanded to other markets, such as bonds, currencies, and stocks. Ritchie’s firm earned a reputation for being innovative, profitable, and secretive.
In 1997, Ritchie sold CRT to NationsBank for $225 million. He remained involved in the trading business as the head of Fox River Partners, a hedge fund that he founded in 2000. He also invested in other trading firms, such as DRW Trading and Akuna Capital.
A Man of Many Interests
Ritchie was not only a trader, but also a man of many interests and passions. He was a devout Christian who supported various charitable causes, such as education, health, and human rights. He was especially concerned about the plight of children in war-torn countries, such as Iraq and Afghanistan. He visited these countries and provided humanitarian aid and medical supplies. He also advocated for peace and democracy in the region.
Ritchie was also an avid sportsman and adventurer. He enjoyed skiing, sailing, flying, and racing. He participated in several endurance events, such as the Iditarod Trail Sled Dog Race and the Race Across America. He also supported his friend Steve Fossett’s attempts to break world records in ballooning, gliding, and flying. Ritchie was part of the team that helped Fossett complete the first solo nonstop circumnavigation of the world by balloon in 2002.
Ritchie was married to Sharon Ritchie for over 50 years and had 10 children and 25 grandchildren. He was known for being humble, generous, and kind. He once said, “I don’t want to be remembered as a trader. I want to be remembered as someone who loved God and loved people.”
Joe Ritchie Cause of Death: Natural Causes
According to multiple sources, Joe Ritchie died of natural causes due to old age. He passed away peacefully at his home in West Chicago, Illinois, on February 22, 2022. He was 75 years old.
His death was mourned by his family, friends, colleagues, and admirers. Many people paid tribute to his achievements and contributions to the trading industry and the society. He was remembered as a visionary, a leader, a mentor, a philanthropist, and a friend.
Joe Ritchie was a legend in the trading world and a man of many talents and virtues. He left behind a legacy of innovation, excellence, and generosity. He will be missed by many, but his spirit will live on in the markets and the causes that he cared about.
