Flash-in-pan trader, likely to fade into memory as just another would-be trader.
Years ago, I worked for a person whom literally starting trading while in jail abroad, placing orders with lawyer. He caught a couple of huge bull markets, and prior to my meeting him, had built a 100- million stockpile.
We are talking more than 50 years ago, when even 1 million was a lot of money. Almost no billionaires those days -- certainly not from trading.
But I soon realized he knew little about proper trading, he just knew how to buy, and leverage. He had accounts virtually around the world, with a dozen or more brokerage houses -- and was always on margin call, in order to continue building his position.
Eventually the bubble popped. His assets decimated. After I left his employ, and many years later, he wanted to meet. He asked to borrow some money.
My guy was relatively quiet about his trading, but that was mostly because he was still wanted for some legal issues.
But with Roaring Kitty -- and his like -- it is almost a sure sign of failure when one boasts about a position. Bill Ackerman finally leaned that lesson with Herbalife.
