Prince of the pit
Who is George Soros? He is a successful Hungarian American Investor who is also well known for his philanthropist and political activities. George Soros nephew is often rumored to be Marc Mezvinsky (who is married to Chelsea Clinton); this is not true his nephews are Peter and Jeffrey Soros.
Soros has a net worth of $8 billion – having donated $18 to the Open Society Foundations (OSF); his philanthropically grant giving foundation.
Here are some excerpts from the Complete TurtleTrader on George Soros
Nineteen eighty-six was a huge year for Richard Dennis. He made $80 million (about $147 million in 2007 dollars). That kind of money- making put him squarely at the center of Wall Street alongside George Soros, who was making $100 million, and then junk bond king Michael Milken of Drexel Burnham Lambert, who was pulling in $80 million.
How they dealt with trading during times of rough seas.
Dennis had some severe down periods before that banner year of 1986. Perhaps his political ambitions had caused a loss of focus. Adding to his responsibility, by this time he had moved beyond trading only his own money. He was trading for others, and managing their money was not his strongest suit. He said, “It’s drastically more work to lose other people’s money. It’s tough. I go home and worry about it.”
This was not what his clients wanted to hear. In 1983, when his as- sets under management peaked at over $25 million, his accounts for clients hit turbulence. After a 53 percent rise in January, accounts dropped 33 percent in February and March. That drop was enough to prompt George Soros to yank the $2 million he had invested with Dennis only two months earlier. After a partial rebound in April and May, Dennis’s funds dived another 50 percent in value. His 1983-era computer that cost $150,000 did little to console nervous clients.
It took many of his investors more than two years to get back to even with their investment. Most didn’t stick around, and Dennis closed down some accounts in 1984. He rebated all management fees to losing accounts and conceded that trading client money as aggressively as his own money was not something clients could psychologically handle.
Trend Following Systems
Want to learn more and start trading trend following systems? Start here.