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Since 95 there were apx 8 corrections of 10% or more and 25 corrections >5%.Its a fact that Vic has blown up twice,which isnt too shabby for a massive premium seller.I would assume that Vic took some time off after his first blow up,which could lower the number of corrections he has had to...

Very well said.I only critique Vic as I have had the good fortune of working with some of the most talented traders on Wall street.I will also be the first to say I certainly do not fall into that league as I lacked the "greed" factor that the great ones have,and my motivations were much more...

Surf,I will only say that SAC is the best at what they do.I cant say much more than that,but the proof is in the pudding,and they are heavily scrutinised.Steve is no Vic in terms of charisma,squash and music,but he is a trader with few if any equals... Surf,since the highs in Oct 2000,we have...

Surf,lets take Vic out of the equation.I will have to grant you that the institutions know well that Vic is a seller of options.The question is to what degree.At this point,I am speculating (poorly),and have not had the privelage of attending a Vic presentation. The problem with options, as I...

Cohen is in a league all by himself(with one or two exceptions),and as much as people will attack him,he is a super talented trader...His organisation,as well as Tudors is global in reach,DIVERSIFIED,with various arbitrage and market neutral strategies. I can tell you this from first hand...

Surf,sophisticated or not,there is a certain amount of trust that an investor must place with an individual when he places capital with them...I cant beleive for one second that any savvy/sophisticated investor would place one penny with a fund manager who blows up every time there is a 10%...

Surf,allow me to let you in on a secret which is apparantly only a secret to you..The investors do not know that Vice sells the short dated 85-95 percent of spot options as big as humanly possible to generate the returns he does. You show me where he openly discloses selling short dated gamma...

Thank you Pabst.I didnt have the heart to break Surfs heart,but he is truly clueless when it comes to the most basic concepts of option trading let alone derivative trading. Its a fact that Vice sells as much short dated gamma in the 85-95% spot range in such ridiculous size that its clear...

Surf,as the ex head trader of equity derivatives and emerging market derivatives at two major investment banks,I am confident I have a "reasonably" good understanding of the so called pressure Vice is under. As for retail guys,I am not Vics personal cabana boy hocking his personal belongings...

Surf, Do you understand the types of positions Vic places?? You need to stop listening to the Vic mantras and simply look at what he does...He sells short dated options,balls to the wall and is inacapable/unwilling of managing his gamma. I am in no way being judgemental as I am sure he is...

Surf,you left out this lil snippet,and sadly this little comment tells all one needs to know. Surf,IMHO Vic was overleveraged much closer to 400% and he suffered the same death that every premium seller does sooner or later.What is sad is the fact that this was at least Vics second...

RM, I can fully appreciate Vics insight,creativity and genius,but all I am hearing is he is(should be) a masterful research analyst whose greed/fear ratio is skewed just enough to go the way of the dinosaur should the markets move in a manner which he deemed "improbable"... What I would like...

Surf,are you sure he has made more ABSOLUTE $ than he has lost? Or did he increase his size as his assets grew,only to lose all? I am in agreement that on a percentage return basis,he is still up. Surf,no one is really aware of the risks Vic takes,first and foremost Vic himself.If HE was...

Surf,I am not well versed in the very method Vic made/lost his fortunes,but from the little I do know,he was short an excessive amount of gamma/vega relative to his capital.If I am not mistaken Vic was not attempting to arb out the "theoretical edge" between implied vol and historical vol,but...

The only play in C was to sell 50+ vol....If nothing else the AD investment should dampen volatility,and judging by todays closing option prices,the first chunk was taken out

Piezoe,this is exactly what occured,and it occurs over and over again to exceedingly smart people.I was the head trader of equity derivatives at a major wall street firm who was fortunate/unfortunate enough to merge with another firm whose traders were clearly more intelligent and better...

I agree with everythng you said,especially the "every way that matters" part...I have demoed/used almost every software product on the market and SS is the only one I would not want to be without..

If you are serious about fundamental screening with historical backtesting there are 2 choices..HGSI or Portfolio123....Zacks is OK,but not on par with the other 2

Jimmy,there has been many bold faced laws of trading posted on ET over the years,and I have found very few if any to have the universal truth everyone loves to preach of..The mantras can range from never averge down,to never scale out and always employ stops ...Proper betting size is far more...