“…Remember to view setbacks, losses and failures as
learning opportunities. All great achievers have made innumerable mistakes and
have failed, that is what provided the “experience” and the “education.” – Dr. Woody Johnson
Name: Louis Bacon
Date of birth: July 25, 1953
Nationality: American
Occupation: Hedge Funds Manager
Career
Born in Raleigh, North Carolina, Louis attended Episcopal
High School in Alexandria, Virginia. He went to Middlebury College in Vermont,
earning a B.A in American literature. In 1981, he got an MBA degree in finance
from Columbia Business School.
After getting his MBA, he worked in various capacities at
various firms and companies like Bankers
Trust, Walter N. Frank & Co, New York Cotton Exchange, and Shearson Lehman
Brothers. He founded Remington Trading Partners in 1987 and began to forecast
the market crashes and rallies. He traded according to his own forecasts
(something that most analysts today don’t do) and made huge amount of money
from that.
He founded Moore Capital Management LLC in 1989 with the
$25,000 he inherited from his family. Needless to say, his ventures became
hugely successful. In 2006, Forbes
referred to him as the 746th richest person on this planet. In the
world’s rich list, he took the 736th position in the year 2011, and
he was named the 238 richest American in 2010.
In the year 2010, Louis Bacon was worth $100,600,000,000.
He’d 4 children from his first marriage. He was remarried in
2007. In November 2007, he bought a $175,000,000-property in Costilla County,
Colorado, from the Forbes family. He’s also supported political parties and
causes.
Insights
- When did you
start trading? Have you faced any challenges? Most trading masters faced
losses in the past. Louis started trading with a low interest loan he
collected while he was till at Columbia, he lost money during his first 3
semesters. He’d to take another loan from his dad in order to stay afloat.
In the 4th semester, he recovered his losses and made profits.
Too many people quit trading after the first or second series of losses
without being aware that they might become very rich in future if they
held out long enough. Someone we call a genius today refused to give up
when things seemed hopeless. Louis didn’t quit and he’s a billionaire
today. Do you know the value of a billion dollars in terms of USD?
- As a speculator
you must embrace disorder and chaos. This is what Louis believes. The
unpredictability and uncertainties of the trading environment must be
embraced and mastered before we can become triumphant in spite of what the
market throws at us. We can make money in spite of the fact that the
market is uncertain and unpredictable.
- When you become
rich, you will easily engage in other activities in which you’re
interested. Just like Louis Bacon, you might want to engage in
philanthropy. Louis founded the Moore Charitable Foundation (MCF) in 1992,
to provide financial support to nonprofit organizations that work to
preserve and protect wildlife habitat and improve water systems. He’s also
contributed millions of dollars to other environmental and conservation
organizations, and thus won well-deserved recognition for doing this. In
order to emphasize his conservationist views, he says: “I am a
conservationist. It is in my DNA… When a profit-seeking company proposes
to take citizens' private land away for its own gain, people should stand
up for their rights…We are too quickly losing important landscapes in this
country to development - and I worry that if we do not act to protect them
now, future generations will grow up in a profoundly different world.”
Conclusion: The
best way to cut your learning curve and achieve a specific result is to find
people who’ve already achieved what you want and then model their behavior.
Louise Bedford says: Find a mentor, no matter what the cost. A mentor makes a
huge difference in your development. Of course, if you have a spare 10 – 20
years up your sleeve to perfect your skills alone, then by all means do so.
However, most people want more immediate results. I am where I am because I
found good mentors and I followed their advice. Failure can take a great
personal cost, and a mentor can help you avoid errors. I don’t know how people
can begin a business without mentors to help them. (Source:
Tradinggame.com.au).
This piece is ended with a quote from Louis:
“The ability to manage large assets well - it's like
being Michael Jordan or winning the gold in the Olympics; it's what you aspire
to.”
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: Super Traders
