Yeah , maybe so. depends what you mean by big, for a start, and i maintain most very wealthy types with their head screwed on just "know" as part of their makeup not to bother with "chatter'. Look at $rm$, $costaverageman$, and presumably thorn if rm is right (no reason he woudnt be) and likely many others here im sure............their the exception, not the rule. Besides, if their not busy enough spending their dough , it's reasonable to conclude their mad and not such good role models at any rate
Those in the industry, like brokers, clearing agents, accountants etc, know who's doing what and how much. But it is rumor unless they could substantiate it. And to substantiate it would violate privacy and lead to a lawsuit for certain. Running for office though might give one a "political" incentive to leak such info provided that it looks like you might have had some sort of "inside knowledge" (what non-traders call inconsistency.)
managing opm, either in a fund or as a sub allocation from a larger fund/trader, is one of the greatest money making schemes that exists. It is so much sweeter in terms of valuation of the trading enterprise (stable cash flows) risk, reward, profit potential, etc, that any good trader other than the shut-in introvert should be managing opm. hey i know, i have been that person and have made a commitment to change. Most solo traders are solo because they don't have any credibility, are not very good, and basically are not going anywhere, with of course a small number of exeptions including those just starting who have not had time to create a record. Just think about it from a businessmans perspective.. the big boys got big by seeing the big picture and by realizing a dollar earned off someone elses pile is 2x or more as sweet as a dollar made risking ones own.
some of the above has merit, but some traders prefer to trade, not sell. and selling and raising money might not be a strength of theirs even if they were willing. throw that in with the possibility that they might not have connections to people with money, and you have a problem. for example, i would like to someday run a hedge fund, but only if it has the potential to be medium sized or larger at some point($50 million). i've been a profitable trader for 5 + years with few down months, but the money raising is a concern. it's not really something i would enjoy.
Why are you looking to others for your inspiration? Here's the straight dope: Compounding your own measly stash to a nine or ten figure sum is about as doable as, say, flying a Cessna across the Atlantic. Of course, as you'll recall, those odds didn't stop Lindbergh.
Agreed. I know lots of people in real estate, business, trading etc. Some go it alone, some take on others. They can all make a lot of money up to a point... That's when you tap the opm, make them some and youself alot more.
Once you can afford to live the lifestyle you want though, more and more money doesn't really matter. A good independant trader that's been around a while could build a low 7 figure stash with a 6 figure income. How much more do you really need? Unless you aspire to rub shoulders with the Hollywood crowd and make it to the pages of Star magazine or own a $20M Manhattan apartment. I'm sure lots of people would be content with a nice home, no mortgage and the ability to buy whatever they want.
Couldn't agree more. Let's think in terms of Van Tharp's powerful concept of "infinite wealth". Paraphrasing, what you need to accumulate, in terms of a specific (to you) combination of assets and/or streams of income, to assure that you'll be able to maintain a particular (again, to you!), secure, comfortable lifestyle for yourself and family indefinitely. Ultimately, to be able to live life on your own terms, however you may define that. Incidentally, almost by definition, the most successful independent traders would not be the chatty, big-mouthed types...
There might be lots of big independent traders. Traders might operate so privately and secretly that they remain unknown. Some traders might not appear to be wealthy. Consider Warren Buffett, living in a house in a average neighborhood and drives his own car. I recall reading that Warren Buffett is the second richest man in the world.
Very solid thinking. As I approach 50 this year, I realize that money is not everything. Hell, it's about nil on the importance scale. I could buy just about whatever I want. So what? Relationships, family, peace of mind - that's where it's at. Can you achieve some of that, shepherding OPM? Maybe, but peace of mind? Fughettaboutit. Best to all. edit: I guess you could do it for a while, get really rich, then quit and start a TV show. Booyuh!