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rams03
02-06-2009, 09:44 AM
Today's WSJ has an interesting article about this guy. His gambling took him from BJ, to poker, and then to much bigger stakes in finance. He blew $1.8-billion in 2008, but had earned almost that much the prior two years.

Interested in this board's opinion. Is he a goat and symbol of this decade's excesses? Or is he a great trader that just had one bad year? Would you invest in his new hedge fund?
TJMAXX
02-07-2009, 01:44 PM
post the article for us non-subscriber's of the wsj...
rams03
02-09-2009, 07:22 AM
TJ, come on now. A quick google of the guy brings up dozens of articles.

Great forum we have here.
Hal01
02-09-2009, 03:00 PM
post the article for us non-subscriber's of the wsj...

This should work: http://online.wsj.com/article/SB123387976335254731.html?mod=googlenews_wsj
marcoforte
02-09-2009, 03:43 PM
When you think you can't lose, you do. Any market adjusts to things that always worked and couldn't lose. Running scared and hungry prevents the hubris of pride because you never rest on your laurels and are looking for the next edge. Remember trees don't grow to the sky.

Don't know the man but I wouldn't invest with him. I look for verifiable 10 year records.
TJMAXX
02-09-2009, 03:58 PM
seems like its another case of 'risk management' stepping in to unwind trades that only exacerbated the issue. That's the problem with these trades, if you unwind in a scared market you get steamrolled. Unwinding several billion worth is no easy task, and its often best to sit on it during extreme market conditions. Kerviel was in exactly the same position, and he got screwed every which way.