Greg Coffey retires from (no) Moore Capital

Discussion in 'Wall St. News' started by Dogfish, Oct 19, 2012.

  1. Dogfish


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    he did lose for last 2 yrs

    Coffey, who has lost money for clients in the past two years, follows other high-profile hedge-fund managers to step away from trading as Europe’s sovereign-debt crisis and concerns over global economic growth roils markets. Chris Rokos, 42, a co-founder of Brevan Howard Asset Management LLP, retired to “pursue his personal interests,” the London-based firm said in August. Billionaire energy trader John Arnold, 38, former Morgan Stanley co-president Zoe Cruz, 57, and oil trader Pierre Andurand, 35, shuttered their hedge funds this year.
  2. He has still averaged 22 percent a year for close to 20 years. Better than most posters on ET I imagine.
  3. A FLAMBOYANT hedge fund trader nicknamed the Wizard of Oz has announced his retirement at the tender age of 41 - with a fortune of $665 million (£430m) to enjoy.

    London-based Greg Coffey also has a portfolio of luxury properties dotted all over the world.

    Sydney-born and Macquarie University graduated Coffey, who famously walked away from a $250million golden handcuffs deal in 2008, said he was ending his 20-year career to spend more time with his wife and three young children.

    He revealed his decision to retire in a letter to investors of Moore Capital Management which is run by American billionaire industry pioneer Louis Bacon.

    "After nearly 20 years in the financial markets I’ve decided to leave the industry," Mr Coffey, once tipped as a possible successor to Mr Bacon, wrote.

    "The demands of my growing family mean that I am unable to commit to the market with the same intensity going forward.

    "I plan on seeing much more of my wife and children and spending time in my home country, Australia."

    The obsessional trading style of ‘The Wizard’ was the stuff of legend. He would have his trading terminals flown to his hotel wherever he was on holiday, then re-assembled to allow him to trade through the night while his wife and children slept.

    He apparently demanded a cup of coffee be delivered to his desk at the same time every day, even if he was not in.

    In 2008, Mr Coffey stunned traders when he turned down a seemingly irresistible $250million deal to stay with his then employer, hedge fund GLG Partners.

    He went on to join Moore, where Mr Bacon described him as "one of the most impressive traders in the world".

    Mr Coffey has mansions in London and Sydney, and bought the sprawling Ardfin estate in the Hebridean Island of Jura in 2008 when it was on the market for $5.42 million ( £3.5m).

    The hunting estate includes several houses and cottages, prolific red deer stalking, ten miles of coastline and seven private islands.

    Mr Coffey, who is said to prefer jeans and leather jackets to suits, graduated with a degree in actuarial studies from Sydney’s Macquarie University and in 1994 started trading.

    He averaged annual return to investors of 22 per cent.

    When he joined Moore he headed the firm’s European operations and was in charge of the firm’s Emerging Markets fund, at one stage overseeing a portfolio totalling several billion dollars.

    But his funds reportedly diminished to such an extent that this year he was overseeing just ‘a few hundred million’, said one investor.
  4. He was running a fund at the age of 21 (he's 41) ?


    To calculate that 22%, all they did was take his career span from his 1st day of work as a gofer 'til today, then took the total return from his few good years during the bull market when he was actually running a fund

    All other things equal, a comparative ROI% from some manager who has been thru a few market boom & bust cycles is more impressive than a bull market money manager with a track record coinciding with a bull market

    His recent poor performance is a testament to that

  5. Well .. in my world .. walking away with $665 million after only "a few good years" is absolutely positively killin it.
  6. Chausey


    If it's true he made that much, what signal does that send to high net worth investors who seek out talented managers today. Perhaps that these guys only really look out for themselves and want to walk away with your money or money made by using your money on the front lines. You take all the risk, they make the risk free money. How the hedge fund industry is still standing today is the 8th wonder of the world. Smart money is acting like dumb money these years now. There is no need to analyze or trade when the Fed does it for you. Money spent on lobbying and ensuring loose money policy is far more effective use of capital today than some trader.
    Also, when will people stop fooling themselves with the whole persona of what makes a trader successful. Drinks coffee when no one is there, wears lucky tennis shoes, stays up all night. Sounds like dilusion and gives me hope that much money remains to be taken from well off people.
  7. Now this is an Elite trader.

    If you asked to see his P/L, it would be public record. no guru smoke and mirrors.

    Of course, someone this good would never teach others for $1400 online classes. haha.

    But i'm guessing he had access to billions in order to make millions. I'm pretty sure he didn't start with an IB account of 10,000. Which tells other people's money, and a lot of it.

    if you aren't this rich in your 40's, you must hate money!!!

    now go get your money!!!

    and where is my coffee....they have 19 seconds.
  8. newwurldmn


    He might have been running a 50MM book at the age of 21. It's not uncommon if you are at a fund or a bank.

    Also, his 22%/year includes years when he was running billions, which is impressive. When you are managing 5 Billion dollars, you are trying to make almost 1 billion trading futures, you and I both know that is hard and that is in the most liquid markets in the world.

    And over 20 years, he saw 3 bear markets: early nineties, early 2000's and 2008 (from which he never recovered).

    It's hard to say that this guy isn't genuinely a superstar in the trading world. But I know you are just jealous.
  9. mm19


    i have made this year 700% in my account.

    however, i only keep enough money to lose 1 trade in account.

    then i get client funds.

    i make cash rate return in next 12 years and i have made 22% over 13 years.

  10. newwurldmn


    But you will never get to manage billions of dollars that way
    #10     Oct 21, 2012