Star Trader? But... don't you need to blow up at least two hedge funds for that kind of status? Come on now, Brian Hunter not just brew up Amaranth, but also came close to doing so with his former employer as well (which got him fired). And let's not forget, he also caused one of his opponents to blow up their account as well by causing a hell of a margin sqeeze also with gas commodities. That almost counts as three funds right there! Niederhoffer managed to blow up BOTH his very own hedge funds separated years apart by shorting PUT options which finally caught up to him. At least he gave a discount to his first-time victims by allowing them to deposit into his 2nd go-around fund before blowing them up again! It's all good though, you see, he gave them a discount on his fees for that second one. Oh wait, James Cordier gets a special mention here too. Not just for blowing up his fund with short-strangles, but the fact that after losing the clients' money, they were STILL personally liable for more debt to pay up to the clearing houses. You see, they lost MORE money than they had actually invested. That feat alone should count as TWO hedge funds blown up, not just one.
New money is made selling market data not trading against bots, words to the wise why churn when you can run the numbers? I suppose it's the human ego that makes people want to "trade" the markets...buy when they're selling and sitting when their buying seems to be the warren way of eating...
Most people don't understand that. They never heard of risk barrier. Especially those who argue, to tear down someone: "If you would really make these returns you would be the richest man on earth." They assume that you compound eternally and you never take any money out as precaution.
Hi Bugsy, What I find so sad about this case is that he wasted some of the trading profits on stupid things like a Porsche 911 and , not sure if its true or not, race horses of all things!!!Such a shame that he didnt receive decent financial advice when in his 20's could of had a nice life set out instead of being a bankrupt in middle age. Such a waste/shame.
At least he enjoyed some of the money! Most traders who make small fortunes lose it all back without having enjoyed any of it.