Michelle Williams...Commodity Trader and Actress
- Thread starter Maverick74
- Start date
I think Robbins still has the results from 1997---you can ask them and a google search may find them--mine as well.
To me the past is over; dead. This year will not be like 1997 or any other year in trading. Gotta deal with the beast in front of you today. Saitchell Paige said it best.
The massive change in electronic markets kind of erradicates much of the techniques of the past. What I am trading now is not--at all--like i traded in 1987 ...starting about 2003 electronic markets took over and, as they say, You can't go home...we are in newer world of trading.
That is not to say the logic of trading has changed; it has not. The tools had to be updated.
lw
To me the past is over; dead. This year will not be like 1997 or any other year in trading. Gotta deal with the beast in front of you today. Saitchell Paige said it best.
The massive change in electronic markets kind of erradicates much of the techniques of the past. What I am trading now is not--at all--like i traded in 1987 ...starting about 2003 electronic markets took over and, as they say, You can't go home...we are in newer world of trading.
That is not to say the logic of trading has changed; it has not. The tools had to be updated.
lw
Hey Larry, how do you explain that while you were making money hand over fist in your personal account, the client accounts you managed were losing much more, by a factor of more than 6-to-1? So much so, that the NFA considered it appropriate to point out in its findings that your own account was doing very well while, simultaneously, your managed accounts were doing very, very poorly. And that the NFA considered this to be a material fact which a potential customer would need to know in order to make a fully reasoned decision. Fascinating, don't you think? As an aside, time stamps back in the day were a beautiful thing, wouldn't you say?
Also, when you were competing in the Robbins Cup contest, I understand that part of the promotion was that the winners would be offered managed accounts, which was obviously designed to attract managed money. But my understanding is that you were identified and advertised as one of those who would manage client money even while the contest was underway and well before it was completed. Would this be accurate? And if so, how did that happen? Premonition?
Also, when you were competing in the Robbins Cup contest, I understand that part of the promotion was that the winners would be offered managed accounts, which was obviously designed to attract managed money. But my understanding is that you were identified and advertised as one of those who would manage client money even while the contest was underway and well before it was completed. Would this be accurate? And if so, how did that happen? Premonition?
I was managing accounts prior to 1987 so perhaps that clears that up.
Accounts that came in prior to the 87 crash made a great deal of money. One such customer was Susan Kringle who sued me for $53,000,000 claiming here $60,000 account should have gone to that amount instead of the $460,00 or so the account close out at. That was her laywers arguments; the judge threw it out.
Others that started around the crash lost money. Remember mytrading account at Robbins went from 2,200,000 prior to the crash down to 750,000 and then I traded it back to 1,100,000...still down from the equity high. A few others managers lost then too as I recall. That's why they call it the "crash of 87'.
So it depends on when they came is as to how they did.
Hope that helps clarify this.
larry
Accounts that came in prior to the 87 crash made a great deal of money. One such customer was Susan Kringle who sued me for $53,000,000 claiming here $60,000 account should have gone to that amount instead of the $460,00 or so the account close out at. That was her laywers arguments; the judge threw it out.
Others that started around the crash lost money. Remember mytrading account at Robbins went from 2,200,000 prior to the crash down to 750,000 and then I traded it back to 1,100,000...still down from the equity high. A few others managers lost then too as I recall. That's why they call it the "crash of 87'.
So it depends on when they came is as to how they did.
Hope that helps clarify this.
larry
Performance chasing is a big issue with CTA's. Investor money seems to flood in after a CTA has had a good run and they have a tendency to get long at or near the top. Then the draw down comes and they get out. The manager recovers to new highs and that is how you get the dichotomy of manager and investor performance.