Jaydee
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Hi guys
I happend on this newsletter to Moore Capital's investors today and thought you might like to read it too. Louis Bacon's take on the Greece/Eurozone situation is very interesting and also his breakdown of the last 20 years of Moore's trading history. My favourite part, however, is the latter section of the newsletter which reads:
“We also had no idea of some of the very trying times before us. It was the faith of you, our investors, and my fellow employees that kept me going in the dark periods of 1994/95 and 2000/03 when I questioned – as every portfolio manager does when in a valley of losses – whether I was finished, if my talent was squandered, or if it was perhaps all luck anyway. I see it often in Moore’s PMs who become so down on their performance and who wonder at our patience, while I bide my time until they are winning again. It is that patience you investors have provided many times with Moore.
“What keeps one at professional investing after it is financially incumbent and potentially after one’s ‘sell-by date’? It is the constant challenge of the ever-increasing competition; the diabolical nature of the markets which, like the sea, are disarmingly calm and alluring for a stretch and then dangerously stormy; the forever relearning of the same lessons, repeatedly and naively thinking one can master one’s previous shortcomings; or believing one is getting better over time despite the potentiality that one is just becoming more inured to living through the inevitable cockups, confusing talent with endurance? Or perhaps it is the fear we will find nothing else besides the macro markets that will get us closer to the flame of involvement in events of world importance – even if as a bystander or marginal player.”
Excellent!
Anyhow, I'll leave you to read the full pdf.
Best
JD
I happend on this newsletter to Moore Capital's investors today and thought you might like to read it too. Louis Bacon's take on the Greece/Eurozone situation is very interesting and also his breakdown of the last 20 years of Moore's trading history. My favourite part, however, is the latter section of the newsletter which reads:
“We also had no idea of some of the very trying times before us. It was the faith of you, our investors, and my fellow employees that kept me going in the dark periods of 1994/95 and 2000/03 when I questioned – as every portfolio manager does when in a valley of losses – whether I was finished, if my talent was squandered, or if it was perhaps all luck anyway. I see it often in Moore’s PMs who become so down on their performance and who wonder at our patience, while I bide my time until they are winning again. It is that patience you investors have provided many times with Moore.
“What keeps one at professional investing after it is financially incumbent and potentially after one’s ‘sell-by date’? It is the constant challenge of the ever-increasing competition; the diabolical nature of the markets which, like the sea, are disarmingly calm and alluring for a stretch and then dangerously stormy; the forever relearning of the same lessons, repeatedly and naively thinking one can master one’s previous shortcomings; or believing one is getting better over time despite the potentiality that one is just becoming more inured to living through the inevitable cockups, confusing talent with endurance? Or perhaps it is the fear we will find nothing else besides the macro markets that will get us closer to the flame of involvement in events of world importance – even if as a bystander or marginal player.”
Excellent!
Anyhow, I'll leave you to read the full pdf.
Best
JD
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