If I were you I'd invest in a remedial grammar class. Yes, I was long puts from early July through August. I'm long a bunch now also. Who was my source? I had multiple sources. Vic is a liar, scam artist and pretentious prick know it all who has no business in this business. Obviously your (sic) clueless. You're not hip to the deceit. Here's how it goes. Take a skinny 99% outcome and leverage it to the hilt. During the years that it works trumpet how you are smarter than the pack and rape off performance fees. Then when the inevitable happens (shit Vic doesn't even need a black swan to blow out) you leave investors holding the bag. You then blame, your clearing firm, the CME, the locals in the pit, sub-prime, Asia....whatever flavor suits you. Rinse and repeat again.
That's sad. ProfLogic said is best; it sucks to see anyone in trouble. Saying that trading is a zero-sum game, and that if you want to win, indirectly, you WANT someone to lose, is one thing, because that someone who will lose is often an anonymous other. But when I read about people who lost to Mr. Market, I feel a vicarious sense of pain. It reminds of my own horrible moments in front of the screen watching a $1000 loss turn into a $5000 loss...
Good information sharing, good summary. Well done Pa(b)st Prime. Don't expect more from VN other than excuses and perhaps another book. The guy is toxic, to his family, to his investors, to the industry....
Hey Pabst: Gotta say I agree with you. I'm thoroughly unimpressed with Baron in this, and several other instances, where he seems to come down on the wrong side of things. In fact, I'm starting to believe you can count on Baron to be a "wrong way Corrigan." And as you said, we all make mistakes, including Baron. But an acknowledgment of that mistake would have been in order you would think. Normally, Baron seems to come down on the side of money (from advertising) versus the truth. Here, he seems to come down on the side of personality versus the truth....I guess it doesn't even take a buck. A new low indeed. OldTrader
I personally found all this very interesting ala LTCM. The real issue which is money management is very instructive to new and old traders alike. Some of the personality stuff is due to the type of person VN is. I don't know him so I can't say. New traders end up getting on the wrong side of a trade, now what? Same with guys swinging big size, directional traders, etc. This game is not for everyone. The drawdown in futures is terrible usually due to under capitalization. Even if VN got blown out by a margin change at CME then he was undercapitalized. I think the threads have been mosty on target and I learned more about money management. At the risk of repeating myself here is a simple article on money management bet size, etc. If anyone wants to add a lesson about money management do so. http://www.seykota.com/tribe/risk/index.htm
AFAIK Pabst hasn't signed a confidentiality agreement with Vic. He's within his rights to post about a potential blowup at a hedge fund. Vic on the other hand appears to have lied to Baron in order to manipulate him into censoring Pabst. Are you of the view that lying in order manipulate and censor for commercial advantage is superior to honest reporting of the facts?
As interesting as this thread is, I have received numerous complaints, pertaining to its demeanor, tone, and content. So lets take the thread back on topic of VN performance, and off the topic of personal attacks and slanderous speculation. Will make my life easier, thanks. --------------------------------------------------------------
This brings a question - if a HF manager lied about performance to keep his investors from pulling money or to keep them investing new money, and/or new investors gave money based on this lie - would this constitute securities fraud or fiduciary irresponsibility? Legitimate question but it may not mean much with lockups anyway.
Agreed 100% In my humble opinion, Baron has shown a lack of prudent judgment and/or integrity in this matter.