Michael steinhardt's rebellious miracle

The First Iron Law of Wall Street-Irreversible Market Behavior.

The second iron law of wall street-stop loss must be made.

The third iron law of Wall Street-you will never live for half a year if you violate the above two rules.

And michael steinhardt not only often violated the above two iron laws, but also retired with 4.5 billion assets!

1967, the largest hedge fund company was founded in George Soros, and the famous hedge company was also founded in Michael steinhardt. Steinhardt is an outstanding and elegant person. His office will be in the same building as the newberg-Barman Foundation. There is a house outside Siches Special Effects Company. He is an excellent manager and a strict boss for a large fund.

1994, in the bond market crisis, many hedge funds estimated that some European countries would cut interest rates to boost the weak economy, so they bought a lot of bonds and waited for appreciation. Of course, as usual, they used a lot of leverage. steinhardt and his fund only held $30 billion in bond positions, but the Fed system raised interest rates by 0.25% because of its strong economy, forcing Europe to follow suit. Steinhardt suffered the biggest Waterloo in life, and lost 654.38+03 billion overnight. Even so, his fund has maintained an annual compound interest growth of 25% for more than 20 years.

1995, tired of shorting the market, decided to walk away. He claimed that he had enough money and wanted to find other thrills. He bought the north of Westchester. He owns many properties in Croton Reservoir. There is a tree-lined road around. The tree-lined road overlooks the reservoir. His house is on the right side of the river bank, and there is a big swimming pool in front of it. This house once belonged to theodore dreiser. This 20th century novelist once wrote American tragedies. On his land, steinhardt bought many animals and set up a wildlife park. He fed them and almost created an African animal sanctuary.

Steinhardt said that courage is more important than knowledge, and timing is more important than direction.