An interesting fact about wall street --- the bigger you blow up, the more money you can raise next time. The fact that you had what it took to gather the massive asset base in the first place is like nectar to the biggest of investors regardless of the blow ups. They know if you can lose that big, you can also win that big. Only thing that's the death punch is if you are suspected of fraud. Then it's over for you in the biz, even a not true rumor.
Victor Niederhoffer was given another chance after his first blow up in 1997. And he did exceedingly well with his new fund, until, that is, he blew up again. And while fraud may make investors run for the hills, being convicted (and charged) of market manipulation doesn't seem to worry them too much. http://www.executive-magazine.com/getarticle.php?article=8114
Great link. Manipulation is far different than fraud in investors eyes. Thanks, surf PS. Vic successfully sued the exchange for being part and parcel of his first blow up, recovering lost funds.
It seems that not just in trading, but in America in general, one's social status is based more on one's official occupation than income. One has status based to some degree with how the majority of people in one;s career track do, regardless if one is an individual exception. One cannot buy one's way to a higher career status. Examples: 1. In New York City, you might meet at the Four Seasons, the 20 out of 200,000 waiters who actually earn 150,000 a year. Does making 150,000 allow them to buy out of working class help status and gain the same respect as a 150,000 corporate sales guy at Oracle? NO 2. Suppose you work at a startup that gets bought out, your options vest as an employee and you have 400,000 after taxes( has happened), but at the same time you get laid off. Will the 400,000 allow you to buy yourself out of the unemployed category in terms of dating? NO, women will still see you just as much as an unemployed guy as the typical broke unemployed guy. 3. Here in New York City, there have been some immigrant entrepreneurs who have started low profit margin high volume 1 dollar burger places and one dollar pizza places. Even if they make six figures, they will never gain the social status of a traditional six figure professional. 4. In Brooklyn, there are some plumbers that make 250,000 a year with an established truck and crew. Yet I doubt that they are seen as equals to 150,000 a year Bain Management consultants. They are viewed as just as much blue collar as a 12 dollar an hour construction guy. 5. Of course, the 0.001 percent of independent traders who earn six figures will never gain any respect. They will be seen the same as the 95 percent who lose. I guess my two thoughts questions are: 1. Not just in trading, but in general why can't the blue collar entrepreneur, independent trader, ultra high level waiter to Donald Trump who earns as much as a corporate professional gain the same respect? 2. An interesting thought: Since women will judge a guy based on the majority or stereotype of those who are in his occupational class regardless of whether or not he differs as an individual, (For instance, women will never date a guy whose unemployed. They will Lump the loser who never has had a job with the laid off silcion valley professional with a six figure severance package and a 99.99 percent chance of working again. ) there are interesting arbitrage possibilities for a woman seeking financial security. Analogous to being a hedge fund manager feretting out bankruptcy or small cap stocks that are actually worthwhile. Thanks ,
Then again the strong, independent bitch can pay her own way since we are all so equal today, right hun?
You guys over think things.. Just say your an I.W. (Independently Wealthy) and leave it at that and get on with the date. Most people like to hear the sounds of their own voice anyway, so if you want to "score" I would advise you redirect the conversational focus back to understanding them. Its not what they know about you, its what you know about them. Dodge the gold diggers, good luck.