Book has only 81 review with 3.5 out of 5. (Even with such a poor rating I still read his book). So I do not hate the guy I just didn't like the book. Book was not entertaining nor educational. What are the nuggets you are talking about? Squash? Sex? Having right last name? Can any of his nuggets be seen in your journal?
You have to understand, most of the people posting the âNiederhoffer is an idiotâ comments are a bunch of jealous, egotistical individuals, who donât know any better than to make judgment calls on peopleâs personal lives, experiences, skills and intellect based solely on selectively reading what the media presents. As you mentioned previously, the people getting criticized are those with PhDâs in math/fin/stats along with other degrees from top tier universities. Generally speaking, people of the same discipline, stamina and intellect, do not pass judgment on their own kind. With that said, I sincerely doubt that anyone posting âNiederhoffer is an idiotâ, truly understands the workings behind anything other than their own personal account.
Hey MarketSurfer Still using this female alias huh? Well I am unqualified to help you with your latent homosexual issues, but I can empathize with you about those who criticize Neiderhoffer's strategy without having a basis to really understand what he was doing. As you know I am not a fan, but I do not criticize his strategy, only his method of managing risk, which I characterize as amateur. Also I believe the gentleman had become complacent long ago. This is why he in essence allowed the losses to compound. One of the first rules when managing a situation like this is "stop the bleeding"...He waited and waited while money belonging to thousands of people disappeared... Like others who found themselves in a world of money and advantage, I think Neiderhoffer convinced himself that he was in effect invincible....the smartest guy in the room.... Others have made the same mistake, and with predictable results. Steve
I have a Ph.D., but one does not need a Ph.D. to know that risk is one subject Dr, Vic tends to neglect both in his books and in his trading. This is not passing judgment. It is an assessment that applies at one or another to each of us.
If you were a Martian looking down from outerspace upon Wall St. and the hedge fund world, you would be thinking, "I don't understand this, people give you their money, you are free to make bets with it, if you win, you keep a nice % of the profits and get rich beyond belief, if you lose, you apologize and get to try all over again. In fact, if you make money even for just one year, you keep a nice % of it-and get rich. Even if you lose the following year you don't have to give back your % of the winnings from previous years. Why isn't everyone rolling the dice as hard as possible with the greatest chance for personal success- at least near-term success? Seems like the market usually goes up and option selling usually works. Duh. These stupid hedge fund manager earthlings really can't see the forest through the trees. Only Brian Hunter got it. VN is learning but he's no Brian Hunter just yet. I thought these guys were supposed to be bright? Conscience? What's that? Doesn't exist on Mars and I didn't think it exists on Wall St." There's a greater game going on here. Think outside the box.
so we all sell gamma; your difference from most of us is your ability to hedge the main position successfully and profitably. back when you sold cheap gamma before your most recent fund; did you blow up ? you must have. i know for a fact that taleb also sold around his buys. you do make him out to be more of a one trick pony than he really is. that may be one reason why he thinks you are an ---hole.
You'll go the same way as him with that belief. You have a lot more to learn before you trade with real (big) money. Its not about winning and losing. If you try to win, the flip side is you can lose, like he did. If you lose its not some game. You lose all your money and its hard to make it back without connections. Thats it - your life is changed permanently. Trading is about making money - not trying to win or lose. They are different. Think about it.
Sure. Lets see. I have been trading since 1992. Started out in equities for a prop firm. Over the years I have traded for both hedge funds and prop firms, even had a stint when I was younger on an institutional desk. Have been on the commodities/futures side now for the last 7 yrs. You make me laugh surfer. You apparently run some kind of hedge fund (I use the term lightly because these days any clown with 100k can say he is a hedge fund). What I find kinda crazy is you post your trades on here. Any of the hedge fund guys I traded with/for wouldnt be caught dead posting their stuff on a public message board. I guess you are just being generous to the public. I really dont pay attention to your calls...couldnt give 2 craps what ya do or how ya do it. You do come across a sort of know it all and with an arrogant attitude. I guess you really are trying to be like your hero Vic. As far as Mr. N. How you can worship a guy who blew out in such a horrendous way with zero regards for how to cut losses is nuts. Sure they guy is a very smart individual. But he is an old dog that wont change....he will again blow out....almost happened last summer when we had that sharp pullback. Dropping 30 % in one month shows you that the guy is capable of imploding again. Do keep posting though. I enjoy your cute little stories about going to your posh store openings and high class parties.