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From: Michael Smith Newsgroups: misc.invest.futures Subject: Niederhoffer Can't Make Margin Call Date: Thu, 30 Oct 1997 06:15:44 GMT
For those who don't know, Niederhoffer wrote a bestseller called The Education of a Speculator. Great book. He sent a letter today telling clients he had to liquidate all 3 of his funds to meet margin calls. He runs macro funds similar to Soros, or "the great Soros" and Nieder called him.
I believe he had about $120 million under management. Nothing compared to Soros, but a lot.
He apparently sold puts naked during Monday.
It's a sobering reminder of what kind of risks we take. This guy is a best selling author on the subject and he got washed out.
Happy trading...
I am not an advisor. I, at times, share what I know and what positions I'm taking. I, at times, do not.
Best Wishes Andrew Ng
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