Surf,why cant you simply accept the fact that as gifted as Vic is as a researcher,he has fatal flaws that he is incapable of overcoming. The mere fact that many successful traders have studied under him without spectacuarly blowing up should be the proof in the pudding.From my vantage point,you are much like him..
As I am sure you know how and why he blew up as well as how he made his money,tell me why an over leveraged premium seller/ mean reversion fanatic is worthy of your worship.I simply dont get it,and if you had to invest every last penny with someone,would it be someone like Vic,or someone like IZZY from Millenium?
If the unfathonable answer is Vic perhaps you should listen to the musical lyrics of your god more closely...
"In both cases I was in over my head. I didn't have the capital to be strong enough to provide a backup in the case of unforeseen events. I didn't have a proper foundation. I was playing with adversaries who were stronger than me and who actually made the rules. My base of operations was not diversified enough, and I was vulnerable to forces I couldn't withstand. I was too vainglorious. In my opinion, those are recurring errors behind most disasters."
"I thought that because my method worked in markets that I knew about and had quantified, I could apply the same methods to something I didn't know about. And I had as an example [George] Soros, who would always say, "I made the most money in things I don't know about."
"I reached for things that had a qualitative, but not quantitative similarity [to previously successful strategies"
"I still think that the crash of Oct. 27, 1997, was basically due to brokers running my position against me, knowing that I was on the ropes. The market had its greatest drop in the previous 10 years that day. And then the next day, once they were able to force me out, it went up more than it dropped."
"The movements in volatility were greater than I had anticipated. We were prepared for many different contingencies, but this kind of one we were not prepared for"
"We identify anomalies in the empirical distribution of current prices — then exploit these in a risk controlled way.
My basic ideas about the creative power of the market, buying in panics, buying on weakness—I don’t think what has happened has anything to do with that stuff. I am going to keep going, for better or worse."
As I am sure you know how and why he blew up as well as how he made his money,tell me why an over leveraged premium seller/ mean reversion fanatic is worthy of your worship.I simply dont get it,and if you had to invest every last penny with someone,would it be someone like Vic,or someone like IZZY from Millenium?
If the unfathonable answer is Vic perhaps you should listen to the musical lyrics of your god more closely...
"In both cases I was in over my head. I didn't have the capital to be strong enough to provide a backup in the case of unforeseen events. I didn't have a proper foundation. I was playing with adversaries who were stronger than me and who actually made the rules. My base of operations was not diversified enough, and I was vulnerable to forces I couldn't withstand. I was too vainglorious. In my opinion, those are recurring errors behind most disasters."
"I thought that because my method worked in markets that I knew about and had quantified, I could apply the same methods to something I didn't know about. And I had as an example [George] Soros, who would always say, "I made the most money in things I don't know about."
"I reached for things that had a qualitative, but not quantitative similarity [to previously successful strategies"
"I still think that the crash of Oct. 27, 1997, was basically due to brokers running my position against me, knowing that I was on the ropes. The market had its greatest drop in the previous 10 years that day. And then the next day, once they were able to force me out, it went up more than it dropped."
"The movements in volatility were greater than I had anticipated. We were prepared for many different contingencies, but this kind of one we were not prepared for"
"We identify anomalies in the empirical distribution of current prices — then exploit these in a risk controlled way.
My basic ideas about the creative power of the market, buying in panics, buying on weakness—I don’t think what has happened has anything to do with that stuff. I am going to keep going, for better or worse."
