so Jack Hershey is a SOUGHT after trader hes a physics major? so he trades sophisticated? More like a James Simons type of trader?
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ET's Jack Hershey at least has the decency of admitting in the previous page that he's not the John Hershey of wharton's faculty (who, as you can see from the bio, is not a trader).
Notice how in an earlier post he mentioned seven letters implying several degrees and then when called out on it he dismissed it.
The industry has a buy side and a sell side; ET has those who see through Jack Hershey in about 2 seconds flat, and those who don't
Why? I know a trader who has $5-$10MM in AUM between personal capital and a few select long-term relationships. This trader has no marketing and administrative headaches, no capital raising arm or consultant dealings, no friction with the small coterie of backers (for whom the amounts invested are not large relative to total assets), a short-term trading methodology that is well-suited to the amount of funds deployed (but could run into headaches at larger size), and a happy, healthy lifestyle. Add in the pleasure of pursuing a craft and executing it well, and I fail to see how that is not laudable, sustainable success on every level. There is nothing wrong with wanting to expand. But assuming that every trader needs to expand seems myopic.
Similar to others, Hershey is the sole name on my ET ignore list. His communication style is so bad I'm not even sure it qualifies as English. Can't tell if this is done with purposeful effect (to be more oddball guru-like) or the result of mental deficiency. Don't much care either way.
I know but surely since Jack was an adjunct professor there, and Professor Hershey has been in Upenn since the 1970's, I am sure they have met?
I've seen too many traders and firms that went through the "eh, I got $xxxxMM in AUM, my clients love me, and my alpha is real; I'm happy keeping it at this level", and then face the inevitable alpha decay - at which time they wish they grew while they could to survive the times when they couldn't. In the case of a lone-wolf type trader with a small AUM base of friends and family, the bad time will be one where (1) his alpha decays and he losses his craft* (2) he losses his own net worth, (3) he losses his friends and family who are pissed off that he lost their money. Take on this level of correlated risk without any plan to get past it is taking on a vast amount of risk without reward - hence, why I think it's a poor choice. (*) the difficulty of sustaining alpha is a reason why trading is not like a craft - does a master sushi chef wake up every morning wondering if he's going to stop being able to make the same sushi he has for the last 30 years? In a craft, skill is cumulative over time. In trading, alpha is not. (Not that I'm saying experience doesn't matter - not at all my point - but that measurable alpha is not necessarily time-additive).