It's easy to become a billionaire when you're a hedge fund manager collecting the typical fees of 2% management/20% performance on a huge fund that you've been running for a long time. I think he even charged more than that...if I recall from watching his Trader 1987 PBS documentary. Call Dan Zanger a gambler if you will...but as far as I'm concerned, results...are results. and that's all that matters in the end. and he traded his own personal account only. so that's even more impressive.
I actually thought about him immediately after my post. Such an intelligent guy who has consistently made very good returns I believe.
Of course, he played like in a casino during 2 years, won, and after that nothing? He is a gambler, not a trader. Same for Paulson, who gambled during subprime crisis. After that, nothing. Why? Because that was pure luck for both. It is easy to make fast money when you leverage like hell. Even losers like Nick Leeson or Kerviel made big money until they lose all ! It is quite harder to keep regularly, years after years, high performances. It means you don't need luck and you are a great trader. When you are a great trader: you have a methodology that can be repeated over time you have serious risk management you are able to adapt during different cycles : bull, bear, trading range. CM
That's the nature of the beast, or market. It's part art, part science. You have to know, or bet, big during the right times. Basically everyone lost...during the Dot com crash, and the Housing crisis. Does that mean they are bad traders...not necessarily. To be basically bullet proof in this game forever...you have to basically aim or invest only in the Very boring/Safe low yielding instruments only. May the Force be with you I like Every Trader...they make for great tales and conversation. It's like a favorite good movie of yours that you enjoy watching...you like all of the characters in it equally. they all have a part, and are memorable in their own way.