Category: Money Tips Date: 2007-05-02
Hasty approach the low success rate
Q: You were only in stock do?
A: bonds, equities, foreign exchange and commodities futures, I do everything.
Q: When did you start into the stock market from outside the market?
A: I was almost from the outset, are engaged in various transactions, such as stocks and bond trading is almost the same time began. In addition, I was studying at Oxford, I began to engage in foreign exchange transactions. As for the commodities futures trading, it is in the late 1960s started from the beginning of gold. I remember I went to apply for a job, the employer asked me: "You always look at which parts of the Wall Street Journal?" I replied: "I always look at the commodity futures Edition." That guy is very surprised, because he is such . Later, he decided to hire me, and I refused him, he was furious. I was in 1970, who apply for work, I was already engaged in commodity trading, and
Q: You earlier trading career, I was referring to the September 1970 date, was not successful. You from the days when what lesson?
A: I learned from the early failure of many lessons, enough to be in my subsequent transactions to avoid many errors. Unless I learned to know what they are doing, would be best to do nothing. I have learned to wait until a full opportunity to their advantage, it would be best not to rashly admitted, so even if you made a mistake, it will not greeted with at least significant harm.
Q: You have from September 1970 after which year also showed a significant loss of the transaction?
A: No, and
Flexible investment Quantum Fund
Q: How large the fund set up?
Answer: Yes, with my partner George Soros founded. Two partners, take-away a secretary, Quantum Fund, so hit the road.
Q: The Quantum Fund is engaged in what types of transactions? As far as I know, the fund's management style different from other funds.
A: We invest in global stocks, bonds, foreign exchange and commodities futures.
Q: You and Soros are independent operations?
A: It is not. If the nature of the work according to the distinction between a trader George Soros, and I am an analyst.
Q: Do you job is not the case, for example, you think the U.S. dollar should be left empty, then by him to decide the timing of shorting?
A: Something similar to the case.
Q: If you disagree then Chun?
Answer: If the odds, we usually do nothing.
Q: Having said that, with the same views that you only would their own home?
A: We are not mandatory to be. Sometimes even if we disagree, it may carry out transactions, as one of them is definitely more resolute attitude. However, this situation rarely occurs, generally we have to conduct a transaction, the will first reach a consensus. I really do not like to use the term consensus, as consensus-oriented investment strategy often failed, but we seem to be always the first to reach a consensus before the transactions.
Q: The Quantum Fund in the transaction being so diverse, you are how to allocate funds?
A: We have great flexibility in the allocation of funds. When we are buying a commodity futures has had no funds, we will invest in portfolio of the most attractive investment projects are not clearing, and then selling the funds to buy the latter product. For example, we want to buy corn, but the funds are insufficient, we simply give up either the idea of buying corn, or else that is sold in the hands of other goods. This can be a very flexible portfolio strategy.
Q: You Are Never to assess their position held by the individual at risk? I mean, if you in a particular market losses must be reduced when part of the portfolio holdings, you are simply reduce the holdings in other parts of the market?
A: Yes. We always cut the portfolio of the most unattractive parts.
