thanks! cool, happy you enjoyed it. practical speculation is much more of a straight forward market book than "education...." both classics! enjoy. surf
Just to add some color, I used to work for a FOF that visited there about a year ago, and I recall that they had one fund (they manage maybe 5) that had to be liquidated if it fell more than 10% below the yearly high water mark. I remember thinking that was an odd setup as it would be hard to expect much upside if you had to liquidate after a 10% drawdown. I wonder if that is the fund people are talking about, as the size of position people are talking about here should have not shut him down. He was a nice guy, quite odd though. He seemed to have a good sense of humor. Has he retired? I remember he was ill at the time we visited, and about 65 yrs old. An earlier post said his #2 guy had taken over. I met him also, and he seemed quite arrogant, one of those guys that tells you every 15 minutes about his Harvard undergrad. I think he had been there quite a long time though, so was probably quite good at his job. Vic seemed to be quite a careful guy to tell you the truth, as every 15 mins he mentioned his losses in 97, and I got the impression the main purpose of the fund was to earn back his good name. To tell you the truth the returns he churned out in the last 8 years or so have been phenominal. I am no longer at the same firm, so don't have any records, but I remember being quite impressed.
Not that it's totally relevant to this thread, but that guy is VERY VERY good at what he does. I know him personally; he's not arrogant at all. Great dude, in fact. I won't mention his name since you didn't.
one of the best in the HF business, by far, with the depth of experience to match. arrogant?? yeah, about as arrogant as ghandi. never heard that description before. surf