One does wonder when it got 'off course', when Niederhoffer was being attacked or when he got defended. Seems to me like the latter.. Anyway, who cares. The good guys made a killing today.
Thanks for recommending this book, the best thing I have read since Market Wizards. Christian Siva-Jothy is not the only interviewee in the book to say don't be short gamma, it is a theme throughout the book, but Jim Leitner, on page 55 says "Meanwhile, someone who consistently sells short-dated volatility, on average, would make a little bit of money. It's a good business to be in and not too dissimilar to runing a casino."
I have to agree on this... Does Stevie Cohen go on every venue and toot his horn to attract more OPM??? NOPE. What about Kovner, etc.. Nope, don't see them tooting their horns... I do have some respect for VN, the ability to take a hit and come back, but, alas, I don't know the full monty behind the story. So, as to not sound like an ignoramus, and speak something of which I know not fully, I will just leave it at that. But remember, the big boys who make the serious cash (Cohen, et. al) aren't tooting their horns. Hell Cohen hates to see the light of day let alone have a website and be on TV. G'day gents C
concerning VN's 30% losses in May, is it possible that he was willing to take them based on his previous YTD gain? (i read somewhere that matador was up 30% prior to his May losses. I just hypothesized that VN would not have taken the losses unless he knew he had the YTD profit to cushion it. What do you think guys? Let's say this is true, can it be considered sound strategy or still a blunder?
what many fail to realize is that VN is an academic, a professor with credentials from top notch schools, hence his desire to teach. why some of the losers on this thread hold this against him is beyond me. the statistical work, he graciously shared, has been proven correct albeit within an acceptable margin of error. when was the last time JWH, PTJ, SC, or even the trend boys favorite ES; shared a trading strategy or even a market call?? VN is responsible to his investors only, not to every internet hack hiding behind an alias. things are totally in control at VN's shop. some of the comments made would be truly funny, if they were not so mean spirited. it's too bad that members of such an educational site as elite would resort to such infantile behavior. surfer
Who's flaming VN for being bullish? Not me--I bot S&P Sept futures as 1240 and Nas at 1551. I am all for making money, and I don't fault anyone for trying to the same. Rather, he is being taken to task for his alleged dishonesty (making a prediction for a market rise on Monday and then having the prediction taken down after it did not work out), as well as for his wantom disregard for risk (huge drawdowns in a market with a VIX less than 20, which he used to classify as "low" volatility).
this was NO character flaw from vic, from a statistical standpoint HE WAS DEAD RIGHT... monday's just a day in the week ok? same as tuesday, wednesday etc... vic called it right, period, just stop nitpicking u mindless bashers... and same when he blew up in the past, just a ONE-TIME event, i even dare say, a ONE-IN-A-VICs-LIFETIME-EVENT... because if there is another one like that he's really toast folks May? what MAY? what -28%? you call that a DRAAAAWDOWN? you have no idea what investing's all about man... look at the BIG PICTURE, hellooooo... the man's made millions, better, billions, ok, JPY, but so what???? now invest with him if u must, but be aware, he's kinda lacking in terms of money management skills... i mean if you can live with a negative cash balance for a day or two every now and then that needn't cause you a problem, right?