Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => General Topics => Topic started by: Al-Gebra on September 30, 2006, 12:40:05 PM
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Of all the traders gambling big sums on energy, a 32-year-old Canadian named Brian Hunter made some of the brashest bets and the fastest money.
Last week, he fell hard, proof of how quickly fortunes can reverse in gyrating commodities markets. Here in this bustling new energy frontier, Mr. Hunter headed the energy desk for a Connecticut hedge fund called Amaranth Advisors. At the end of August, trading natural gas, he was up approximately $2 billion for the year. Then Mr. Hunter lost roughly $5 billion, in about a week.
While energy consumers have seen their bills rise, many traders' paychecks have soared. Mr. Hunter is estimated to have taken home $75 million to $100 million last year.
He joined Deutsche Bank's energy desk and gained a name trading U.S. gas futures -- where his wide profit and loss swings provoked a stormy face-off with superiors.
Mr. Hunter personally generated $17 million in profit in 2001 and $52 million in 2002, according to a complaint he later brought in state court in New York. By 2002, he pulled down more than $1.6 million in salary and bonus and began supervising the gas desk in 2003.
In December 2003, just as his group was close to ending the year up $76 million, he claimed in the suit, things went awry. In a single week, they had losses of $51.2 million, he said in the suit. He blamed "an unprecedented and unforeseeable run-up in gas prices" along with "well-documented and widely known problems with" Deutsche Bank's electronic-trade-monitoring and risk-management software, which he said hurt traders' ability to extricate themselves from bad trades. Deutsche Bank denied its systems were to blame.
maybe it's time to check your fund manager's nationality . . . 8) make sure he's not canadian or english.
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"make sure he's not canadian or english"
>BIGOT
xL
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if he's got the skills to be UP by $5B, he'll always have a good job waiting for him somewhere.
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if he's got the skills to be UP by $5B, he'll always have a good job waiting for him somewhere.
1. as usual, you display monster reading comprehension. he was up around 2B, and then lost 5B in a couple of weeks.
2. he's already got plenty of money, but the bloom is definitely off this rose. he might get a job as a consultant that pays far less than he would have made as hedge fund superstar.
3. everyone knows that anglo-saxons make poor traders, unless they're from the South. :P
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sorry, missed that.
But if he had the skill to be trusted with $3B he didn't earn and he managed to earn $2B, he'll always have a job.
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sorry, missed that.
But if he had the skill to be trusted with $3B he didn't earn and he managed to earn $2B, he'll always have a job.
do you know how trading on margin works? he didn't lose money he was managing, he lost money he didn't have.
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do you know how trading on margin works? he didn't lose money he was managing, he lost money he didn't have.
right. sorta like hedging? :) Point is, the guy can alway make a dollar out of 50 cents, even if he will lose it half the time. He'll always have a firm willing to pay him to consult.
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right. sorta like hedging? :) Point is, the guy can alway make a dollar out of 50 cents, even if he will lose it half the time. He'll always have a firm willing to pay him to consult.
actually, sorta like not hedging/ when you take such a strong position, the market can clean you out quicker than Hurricane Katrina (which ironically put money into his pocket).
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3. everyone knows that anglo-saxons make poor traders, unless they're from the South. :P
Care to elaborate on which ethnic communities/cultural influences produce the world's leading traders? I'm taking notes here.