Larry Williams' 1987 Robins Championship Trade Log

Why are there so many negativities on this "Elite Trader" board? All I see most of the time is people tearing each other apart. One might be elite in trading but sure lack being elite as a human being.

When can one contribute something constructive, even if one knows nothing about common courtesy?
 
Quote from Bolimomo:

Why are there so many negativities on this "Elite Trader" board? All I see most of the time is people tearing each other apart. One might be elite in trading but sure lack being elite as a human being.

When can one contribute something constructive, even if one knows nothing about common courtesy?
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Absolutely agree.

Regretably the internet gives individuals a place to hide and poke at people, concepts, thoughts and ideas they wouldn't or couldn't confront and attack in person.

Sadly, small people make small choices.
 
traderzones,

what is your inherent value to this group, zip!!!
what is your inherent value to society as a whole, zip!
will you be missed, doubt it!
 
It's the internet,

and it's all bullshit :D

Wanna read crazy trader stories?
Market Wizards. Those guys are for real.
Richard Dennis comes to mind...
 
Here are some extra juicy details :



"NFA fines Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted deceptive and unbalanced promotional material and disclosure statements. Details in William Gallacher's book Winner Take All.
http://www.amazon.com/gp/product/1557385335

Footnote -- In July 1988, the Larry Williams Financial Strategy Fund was launched, followed in March 1989 by the World Cup Championship Fund, managed by Larry Williams, Jake Bernstein and two others. The 1988 fund lost more than 50% of its clients’ equity in barely one year, as reported in the October 1989 issue of Futures magazine. The 1989 fund also lost more than half of its original equity by May 1990. "


http://www.jurikres.com/snake/lawsuits.htm
 
Quote from marketsurfer:

larry admits it was a one time thing for that kind of massive win.


however, his daughter, the lovely and talented Michelle, won the contest some years later although far from the percentage return LW posted.
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Surfer, you are as astute an observer as you are a trader. (Not very.)
 
Quote from Vienna:

Absolutely correct.
I was told by Joe Ross once that the whole thing was set up with several accounts, with the winners only showing in the official account.
Joe said that the firm who organized the contest had offered to do the same for him :-)
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Quote from Thunderdog:

Here are the critical and incontrovertible facts that you should know and consider:

1) At the same time that LW was doing exceptionally well in his contest account, his managed accounts were performing exceedingly poorly. Remember: at the same time.

2) In the days of that famous trading contest, the NFA dealt with numerous problems relating to time stamps and broker/money manager collusion at the expense of the money managers' clients. It was a fairly widespread problem and, because of the collusion, it was very difficult to prove. Intelligent people had to assess whatever facts were available to them at the time in order to draw their own conclusions. You may contact an enforcement attorney at the NFA to confirm this bit of historical fact. You may also wish to read the following book to get a flavor of the times:

http://www.amazon.com/Brokers-Bagme...=sr_1_1?ie=UTF8&s=books&qid=1226339327&sr=8-1

3) Ever since the time stamp and other issues have been addressed and, for the most part, resolved, LW has never been able to replicate his performance again. Not ever.

Now, if you are a thinking person, then you will draw your own conclusions.
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1987 : net loss $902,599 - $6,122,281 = - $5,219,682

july 1988 : +50 % loss in 1 year

march 1989 : +50 % loss in 1 year


pretty consistent in the wrong direction...



Thunderdog,

When was the "timestamp, broker/moneymanager collusion" problem solved ?
 
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