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Breaking news: Niederhoffer still in business after market correction!
- Thread starter just21
- Start date
Quote from ktm:
Vic is certainly an interesting fellow. His rise and fall and rise have been interesting to follow, especially given his strategy and my interest in discerning its evolution.
Given his May numbers, I have to question whether it has evolved all that much. Now, he may get it all back next month as he could have just rolled the whole pile down as Vic has been known to do - but for the time being he had a disastrous May. By my quick math, he lost about a third of his fund and somewhere around 30% for the month although I don't have precise numbers. He was up 30+% prior to May and is now down 6.6% for the year.
His June performance will be eagerly anticipated
Where do you see he is down 6.6% for the year? I'm just trying to figure out where everyone is pulling these numbers from. Last I saw, he is no longer reporting to Barclay's database.
Quote from omcate:
Hi,
Where can I find Niederhoffer's performance record for the past few years ?
By reading some of your posts, it seems that Vic has been selling tons of S & P 500 Put options.
Thanks.
Barclays has it. His fund is Matador under managed futures.
He has been reportedly selling SP puts, but with Vic you just never know. He says all kinds of things so you never really know what to believe. I will say this, he has taken his lumps this second go-round in months where the market has dropped, so it would seem logical that he's heavily short puts. In April 05 we dropped 45 on the SP in the days leading up to expiry and he was down about 12% or so - from what I remember. The next month he got it all back and more, so I'm surmising he just rolled down.
In May, we got a bit more volatile relative to recent history. Looking back 15-20 years though, this was really nothing. At the end of the month, the VIX still hadn't seen 20 and the SP was only down 3%. Given Vic's drubbing, I have to wonder what in the world he's doing over there? Is he THAT close to the money? If so, a 15% (SP) down month may take him out entirely. Are they short term trading (as he mentioned in a recent article) and they just got on the wrong side of something? I would love to know.
Vic's true gift to the trading world is showing how one can benefit
from the noise through scientific methods. Since he is almost always short gamma, when there is signal or a tide, he can get hurt.
His comments are often sarcastic and tongue in cheek. You really need to read between the lines to decipher the message.
That being said, Matador is one helluva competitor. In May Matador was down 28 percent, but last year they were up 50 something percent with barely a drawdown, if memory serves me
correctly.
from the noise through scientific methods. Since he is almost always short gamma, when there is signal or a tide, he can get hurt.
His comments are often sarcastic and tongue in cheek. You really need to read between the lines to decipher the message.
That being said, Matador is one helluva competitor. In May Matador was down 28 percent, but last year they were up 50 something percent with barely a drawdown, if memory serves me
correctly.
Again, I have a soft-spot for Vic and was delighted to see him win the MAPA award in April, but I mean why this love for short gamma positions.
Down 28% in one month ...there wasn't even a market crash!
Come on Vic!
Fat tail cat, when you say he's a heluva competitor what do you mean. Do you run an options fund??
Down 28% in one month ...there wasn't even a market crash!
Come on Vic!
Fat tail cat, when you say he's a heluva competitor what do you mean. Do you run an options fund??
Quote from Fat-tail Cat:
Vic's true gift to the trading world is showing how one can benefit
from the noise through scientific methods. Since he is almost always short gamma, when there is signal or a tide, he can get hurt.
Speaking of gamma.
"Also, you should never be short gamma. I've become very anti any kind of short gamma trade. That includes carry trades, which in my mind are essentially synthetic short gamma trades. I'm a great believer that portfolios in the macro space should always be long gamma, not short. Never, ever be short gamma."
--Christian Siva-Jothy, Inside the House of Money
Quote from CPTrader:
Down 28% in one month ...there wasn't even a market crash!
Come on Vic!
Bwahaha.
Quote from archimedes:
Speaking of gamma.
"Also, you should never be short gamma. I've become very anti any kind of short gamma trade. That includes carry trades, which in my mind are essentially synthetic short gamma trades. I'm a great believer that portfolios in the macro space should always be long gamma, not short. Never, ever be short gamma."
--Christian Siva-Jothy, Inside the House of Money
Bwahaha.
When I made my comment above, I though of Christian's quote. That quote was the most poignant quote in that book for me. It confirmed something, I've always intuitively felt in my heart.
Quote from CPTrader:
Again, I have a soft-spot for Vic and was delighted to see him win the MAPA award in April, but I mean why this love for short gamma positions.
Down 28% in one month ...there wasn't even a market crash!
Come on Vic!
Fat tail cat, when you say he's a heluva competitor what do you mean. Do you run an options fund??
nope, just an observer.
Vic is a premier empiricist, that's why he loves to short gamma.
Hats off to the practicing empiricists out there, because they are way ahead of 90% of the crowd, but with one caveat:
beware of the logic behind the empiricism.
Quote from Fat-tail Cat:
nope, just an observer.
Vic is a premier empiricist, that's why he loves to short gamma.
Hats off to the practicing empiricists out there, because they are way ahead of 90% of the crowd, but with one caveat:
beware of the logic behind the empiricism.
As you wisely hint, the problem with empircism is that many atimes it is pronged upon fallacies that are iimprudently held as cardinal truths.
Thus, I doubt if they are "way ahead of 90% of the crowd" as you state. Why do you think so.
proturf, you are here , if you read this why don't you chime in!