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Let me see....you're a god now because you can take pot shots from the
cheap seats, right? Because you have the 'courage' to take a swipe at
someone because you read an article about them closing a fund. Ok, I get it.
Let me clarify my thoughts on Richard Dennis for you. He is a great trader.
He has his own style. He has always always always had huge drawdowns in his
trading account. That's how he trades. He's always traded like that. HE can
stomach trading his own style. HE has made a great deal of money in the
past handful of years.
BUT his funds have blown out twice. WHY? Because investors cannot stand
those draw downs, no matter what they say when they sign up. Why does he
continue to try to manage pools? I haven't a clue. But I know he has opened
pools that have an out clause when the drawdown hits XX [XX being roughly
50 percent draw down from some agreed upon mark]. And he recently closed a
fund because he reached a draw down mark.
That makes him a money manager that is unsuccessful. But if you do your
homework, you'll find he had a similar situation a few years ago and
allowed anyone that wanted out to exit the pool in med-year. And then the
pool finished up for the year--in fact, up triple digits over the 18 month
period following most investors leaving.
His trading style is unusual. He risks lots. That's how he trades. Is he a
successful trader? One of the most successful 'size' traders to ever run a
small account into several hundred million dollars.
Now, as for calling me a few names, I think you owe me an apology. What do
I get for stating what I believe is the other side of your argument in
public here? Nothing. I don't sell a thing. I don't represent anyone.
Richard Dennis and the others I mentioned in my reply won't read these
posts and certainly don't care what's posted here about themselves or their
trading success/failure.
But I remember several posts [none of them yours, to be fair] early last
year saying that this is the new economy, investing by the dinosaurs is
over. Now the on-line little guys rule the world, etc. The truth is that
things aren't new...they just change. They'll come around again--just wait
your turn. Why take pot shots at folks that are out there IN PUBLIC
trading, showing their results, being held to public scrutiny? When they
fail, it must be a great thrill to write these posts for you, huh? I didn't
recall just how long you have been managing your two hundred million dollar
fund...
Why turn so poisonous? I was merely trying to point out what I think is the
other side of the story.
And by the way...'scoffed at by my following?' Who in their right mind
would follow me? Good traders are in dependant thinkers. They take what
suits them and move on. Don't follow me. Find your own methods and don't
waste time throwing stones.
Best,
Tim Morge
At 10:10 AM 2/21/01 -0700, Prosper wrote:
>You read right, and I think I can prove it. Since Dennis made his killing,
>has he been making a killing since? No, he had to dump his managed funds
>twice because of huge losses. If your in so tight with these big names you
>should know that.
>
>You may conclude what ever you like. I know that anyone that does not sing
>praises to the famous names will be scoffed at by their following. How does
>that old saying go, something like, "1 thousand can say that something is
>true but that doesn't make it so."
>
>On second thought, Yes, Dennis is a god and you should buy another book by
>umm... somebody.
>
>
>Prosper
>
>
>
>
>
>
>
>
>
>
>----- Original Message -----
>From: "Timothy Morge" <tmorge@xxxxxxxxxxxxxxx>
>To: "Prosper" <brente@xxxxxxxxxxxx>; "Monte C. Smith" <mcs@xxxxxxxxxxx>
>Cc: <omega-list@xxxxxxxxxx>
>Sent: Wednesday, February 21, 2001 8:34 AM
>Subject: Re: The Ross Hook: less Please
>
>
> > Whoa! Let me read that again...Richard Dennis wasn't a talented trader but
> > relied on LUCK??? to amass many hundreds of millions in trading profits
> > from the 1970's until now?
> >
> > What are folks smoking these days? I've read on this forum that Warren
> > Buffett is a has been, George Soros just can't cut it and now, Richard
> > Dennis's hundreds of millions were made because he was lucky!
> >
> > I have had the pleasure of knowing some of these folks, trading against
> > some of these folks and even executing some of their orders in the cash
> > currency markets...sorry, folks. The people that say these things just
> > don't know a thing about these traders.
> >
> > As for picking up tips and tricks...I find them where I can. If I pick up
>a
> > trick for $150 and make several thousand dollars once I am finished
> > researching it and then carefully begin using it in my arsenal of trading
> > tools, to me, the price of that tool was cheap.
> >
> > The beauty of trading is that it is [now mostly] done by other humans
> > making judgements. Beauty and the use of a tool is in the eye of the
>beholder.
> >
> > I have a strong disagreement here. Sorry...I conclude you don't have a
>clue
> > about Richard Dennis.
> >
> > Best,
> >
> > Tim Morge
> >
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