Working the Odds: Your Time and Opportunity Horizon

In the mid-1970s, I had moved from Jack’s firm to a commodity house, Hentz, but that didn’t work out, so I decided to go out on my own. I started off by raising small funds and got several investors in the $50,000-to-$100,000 range. I did a few of these funds, and they performed extremely well, which gave me a small track record of success.

But getting to the next step was a challenge. I didn’t have a big name, and I didn’t have big connections, so getting big money under management was tough. Even proving I could double people’s money wasn’t enough. And when I mentioned the word futures, people would think only maniacs do that. Plus, I was betting across commodities markets, and people ...

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