SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Gorilla and King Portfolio Candidates
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Wyätt Gwyön who wrote (48893)11/14/2001 2:14:54 PM
From: Eric L  Read Replies (1) of 54805
 
re: Michael Steinhardt: No Bull

Turning Gut Instinct Into Profit


by Jon D. Markman

http://thestreet/funds/supermodels/10003894.html

About Michael Steinhardt

"long renowned on Wall Street as a mean, overweight, lavishly philanthropic cuss who rose from a single-parent household in the tenements of wartime Brooklyn to become one of the few hedge-fund managers to average 30% returns annually from the mid-1960s to the mid-1990s."

... who got snookered by a gorilla:

... the single worst trade of his life was too painful to include in the book (No Bull: My Life In and Out of Markets). It was a short position that he held in Cisco Systems in the early 1990s. He said he got snookered by a number of phenomena that "normally comfort one who shorts stocks that sell at a wild multiple": Substantial insider selling, increasing competition from strong rivals, and seemingly superhuman (and thus unsustainable) earnings growth. The result: He lost nearly $250 million in 18 months. He laughs that his aversion to expensive stocks would have led him to short all the Internet bubble stocks in 1998 and 1999 if he were still in the game, and "they would have carried me out on my shield!"

I like Jon Markman and enjoyed this article.

- Eric -
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News