Financial data about pro firms

Originally posted by GHJ
Just as important is a firm's risk management. I've heard of traders losing hundreds of thousands with far less in their accounts--all while the managers in charge of risk fell asleep at the wheel. This has reportedly happened several times at a firm you are intimately close to. :)
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You're absolutely right about risk control. And in all the years we've been around, this has only happened once, and we caught it in plenty of time. If you mean by "intimately close" one of firms owned by ex Bright Traders, well, I wouldn't know for sure about them, but I doubt it. They both claim excellent risk control.

Remember, unlike most firms, the "risk money" is all family money, not shareholders or traders money, and ....we like our money, so obviously we do a pretty good job with risk control.

Don
 
Originally posted by Don Bright
You're absolutely right about risk control. And in all the years we've been around, this has only happened once...we do a pretty good job with risk control.
Don
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OK. Don. Whatever you say. ;) My sources suggest otherwise but, fortunately for you, I'm not about to recount the stories in a public forum.
 
Many sole proprietorships or partnerships will not give you financials due to policy (any type of firm). They train their monkeys (secretaries in finance, etc.) to say 'no that is our policy' . So while a good firm will give you the financials, if they refuse, it doesnt necessarily mean theyre bad, just protected the policy that is part of the massive bureaucracy we all live in....
 
If you think about, why would a couple of guys with a "sole proprietorship" or whatever simply make that policy to begin with? It is an easy way to duck the issue, and all the reports are sent to the regulators anyway (at least quarterly). Oh well, on to other things...

Don
 
Risk management, policies, deals...it's all just stuff until they send you the check. And then you have to wait until it clears. Prop trading in risky business.
 
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