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Andrew Ng wrote:
>
> From: Michael Smith <m2smith@xxxxxxxxxxxxx>
> 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
Andrew,
Niederhoffer's book was about his education as a speculator, but
Monday was about Niederhoffer going to graduate school. Tuition can be
very steep at market school.
Educationally,
Norman
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