Black Weds for the Thailand SETI
- Thread starter eagle488
- Start date
Uh oh.
Get ready for a big yard sale at Vic Niederhoffer's!
Famed speculator Victor Niederhoffer played the same games everyone else did -- but he always played bigger. As a student of trading, he worked under George Soros; he regularly challenges grandmasters in chess and checkers; he's won repeated titles as a national squash champion. As an international futures trader, he regularly wagered hundreds of millions of dollars on margin. And on Monday, Oct. 27, 1997, he lost.
Big time.
Niederhoffer's three hedge funds, Limited Partners of Niederhoffer Intermarket Fund L.P., Limited Partners of Niederhoffer Friends Partnership L.P. and Niederhoffer Global Systems S.A., were wiped out Monday as losses estimated at $50 million to $100 million claimed the first high-profile victim of the market swoon.
TheStreet.com has obtained a letter addressed to Niederhoffer clients in which he writes: "Right now the indications are that the entire equity positions in the funds has been wiped out." Acknowledging his propensity for risk, the memo added that "this time we did not succeed, and I regret to say that all of us have suffered some very large losses."
According to the letter, Niederhoffer's losses came as a result of speculative bets on S&P 500 puts, and he was among several big traders to get tagged with huge losses, according to a source on a Chicago trading floor. Curiously, a standard bet on puts Monday would have proved prescient. Possibly, one trader said, Niederhoffer had started going long by writing puts during last week's weakness. That would have become a dangerous and costly trade on Monday as markets screamed lower. Another trader thought Niederhoffer had made bets based on volatility that had gone terribly awry. Niederhoffer's funds have been working with its brokers since Monday evening to meet obligations, according to the memo.
According to hedge fund tracking service Daniel B. Stark & Co., Niederhoffer was up to $120 million under management in late July, but then the Thailand baht was destroyed on the currency markets -- a bad event for Niederhoffer. Other Asian currencies dropped like dominos, and Niederhoffer suffered a $50 million loss, according to published reports. Then, just as quickly, sources say he climbed out of the hole, making it all back by mid-October. He had $70 million under management by the end of September -- up 27%, or $19 million, for the month. His funds have always been volatile, but never like this...
Get ready for a big yard sale at Vic Niederhoffer's!
Famed speculator Victor Niederhoffer played the same games everyone else did -- but he always played bigger. As a student of trading, he worked under George Soros; he regularly challenges grandmasters in chess and checkers; he's won repeated titles as a national squash champion. As an international futures trader, he regularly wagered hundreds of millions of dollars on margin. And on Monday, Oct. 27, 1997, he lost.
Big time.
Niederhoffer's three hedge funds, Limited Partners of Niederhoffer Intermarket Fund L.P., Limited Partners of Niederhoffer Friends Partnership L.P. and Niederhoffer Global Systems S.A., were wiped out Monday as losses estimated at $50 million to $100 million claimed the first high-profile victim of the market swoon.
TheStreet.com has obtained a letter addressed to Niederhoffer clients in which he writes: "Right now the indications are that the entire equity positions in the funds has been wiped out." Acknowledging his propensity for risk, the memo added that "this time we did not succeed, and I regret to say that all of us have suffered some very large losses."
According to the letter, Niederhoffer's losses came as a result of speculative bets on S&P 500 puts, and he was among several big traders to get tagged with huge losses, according to a source on a Chicago trading floor. Curiously, a standard bet on puts Monday would have proved prescient. Possibly, one trader said, Niederhoffer had started going long by writing puts during last week's weakness. That would have become a dangerous and costly trade on Monday as markets screamed lower. Another trader thought Niederhoffer had made bets based on volatility that had gone terribly awry. Niederhoffer's funds have been working with its brokers since Monday evening to meet obligations, according to the memo.
According to hedge fund tracking service Daniel B. Stark & Co., Niederhoffer was up to $120 million under management in late July, but then the Thailand baht was destroyed on the currency markets -- a bad event for Niederhoffer. Other Asian currencies dropped like dominos, and Niederhoffer suffered a $50 million loss, according to published reports. Then, just as quickly, sources say he climbed out of the hole, making it all back by mid-October. He had $70 million under management by the end of September -- up 27%, or $19 million, for the month. His funds have always been volatile, but never like this...
that's old news.Quote from Wayne Gibbous:
Uh oh.
Get ready for a big yard sale at Vic Niederhoffer's!
Famed speculator Victor Niederhoffer played the same games everyone else did -- but he always played bigger. As a student of trading, he worked under George Soros; he regularly challenges grandmasters in chess and checkers; he's won repeated titles as a national squash champion. As an international futures trader, he regularly wagered hundreds of millions of dollars on margin. And on Monday, Oct. 27, 1997, he lost.
Big time.
Niederhoffer's three hedge funds, Limited Partners of Niederhoffer Intermarket Fund L.P., Limited Partners of Niederhoffer Friends Partnership L.P. and Niederhoffer Global Systems S.A., were wiped out Monday as losses estimated at $50 million to $100 million claimed the first high-profile victim of the market swoon.
TheStreet.com has obtained a letter addressed to Niederhoffer clients in which he writes: "Right now the indications are that the entire equity positions in the funds has been wiped out." Acknowledging his propensity for risk, the memo added that "this time we did not succeed, and I regret to say that all of us have suffered some very large losses."
According to the letter, Niederhoffer's losses came as a result of speculative bets on S&P 500 puts, and he was among several big traders to get tagged with huge losses, according to a source on a Chicago trading floor. Curiously, a standard bet on puts Monday would have proved prescient. Possibly, one trader said, Niederhoffer had started going long by writing puts during last week's weakness. That would have become a dangerous and costly trade on Monday as markets screamed lower. Another trader thought Niederhoffer had made bets based on volatility that had gone terribly awry. Niederhoffer's funds have been working with its brokers since Monday evening to meet obligations, according to the memo.
According to hedge fund tracking service Daniel B. Stark & Co., Niederhoffer was up to $120 million under management in late July, but then the Thailand baht was destroyed on the currency markets -- a bad event for Niederhoffer. Other Asian currencies dropped like dominos, and Niederhoffer suffered a $50 million loss, according to published reports. Then, just as quickly, sources say he climbed out of the hole, making it all back by mid-October. He had $70 million under management by the end of September -- up 27%, or $19 million, for the month. His funds have always been volatile, but never like this...
You are resourceful, but you need to read.
My humble opinion is that the lifting of the currency controls will have a short term positive effect. However, this decision demonstrated to investors the dangers with the new government in Thailand. Who knows what they will do next?
The last Thailand administration may have been corrupt, but it was run by a successful businessman. The new Thai government is run by...who knows?
This will have a lasting effect on the foreign markets.
The last Thailand administration may have been corrupt, but it was run by a successful businessman. The new Thai government is run by...who knows?
This will have a lasting effect on the foreign markets.
I've been going to Thailand twice a year for the last 9 years. I have friends who live there (mainly retired Americans). The crap the Thais pull on foreigners and each other is amazing. Shinawatra was just as corrupt as anyone before or after him. The whole country is corrupt to the bone. But it's still an amazing place to hang out in for a few weeks.
Uhm, well...no shit. It's in his latest books and.
It's freakin' 10 YEARS OLD! (I was just trying to make a "joke". I failed, as usual...)
But thanks for the complement!
Good trading to all!!!!
The crap that people pull in NYC is amazing. There is not one month that I have lived in the NYC area without someone trying to scam me.
I remember the time I was sitting there listening to the car radio when there was a special announcement that the governor of NJ was about to speak. Then I heard this "I am a gay American." I almost thought that this was a routine from Saturday Night Live. I thought I had heard it all until that one.
Thailand is packed full of amateur wanna-bees who think they can be corrupt. No one can be as corrupt as the ones I have witnessed over the years in the tri-state.
NYC is the corrupt capital of the world. From the Brooklyn camera-television shops all the way to Wall Street. There is no place in the world that is more corrupt.
I remember the time I was sitting there listening to the car radio when there was a special announcement that the governor of NJ was about to speak. Then I heard this "I am a gay American." I almost thought that this was a routine from Saturday Night Live. I thought I had heard it all until that one.
Thailand is packed full of amateur wanna-bees who think they can be corrupt. No one can be as corrupt as the ones I have witnessed over the years in the tri-state.
NYC is the corrupt capital of the world. From the Brooklyn camera-television shops all the way to Wall Street. There is no place in the world that is more corrupt.
the whole world is corrupt. Anywhere and everywhere you go.Why? 98+% of people are lazy.98+% of people are dishonest.98+% of people want something for nothing.
that's the way the world is.Deal w/it.
blackguard