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>From what I recall Niederhoffer had sold a large put position way out of the
money in Aug or Sept and tried to add to it that day. A single local (ISK)
had taken a large part of his original position (in aug or sept, probably
aug) on a $50,000 bet he makes each year and turned into into a small
fortune. From what DROEX says about Refco ,he is right from what I have
heard, the panic button was telegraphed to the pit and he was taken out. If
you were to see this pit it would be easy to believe this. It is a small
overly crowded pit so word gets around fast. Also, from reading Nied's book I
can easily invision himself doing exactly what he did, blow up. I do not
think he is a great trader from reading his book, but a more an intelligent
sadist, probably better suited at an analysts desk like Jack Schwagger, but
much wiser. Oh well.......
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