Newsgroup: it.economia.borsa
Titolo: William Eckhardt

Qualcuno ha materiali, links a sue interviste o scritti, qualsiasi cosa  ?
(quello sul sito di Zibordi lo conosco gia').
Anche in inglese, ovviamente
grazie mille

> Qualcuno ha materiali, links a sue interviste o scritti, qualsiasi cosa  ?
A parte l'intervista sul libro  The newMarket wyzards, c'è questo
Fund or affiliation
Steinhardt Partners
Methodology
Strategic trader betting on directional moves using an eclectic mix of
securities and using a team of traders and analysts. Emphasized on macro
asset allocation type of moves.
Research Techniques Employed
Paid $35M a year to Wall Street in Commissions. He gets first calls from
brokers; he will be the first to be shown merchandise.
He comes up with a macro view and then he'll find stocks to fit into the
view.
Make choice on long-term basis even when you bet short-term. He is both a
long-term investor and a short-term trader.
He is comfortable dealing with incomplete and inaccurate data.
Trading Techniques Employed
He reviews the firm's positions 6 times a day; requires his traders to
rigorously justify his position if it's not going well. He is a negative
monitor of the portfolio.
He plays on "variant perception" (perceptions that he developed which are at
variance with the concensus market view) until he feels they are no longer
valid.
He will study an idea for 5 minutes and then do it. But he reviews decisions
intensively, focusing on problems, not success.
As long as he thinks the fundamentals are still valid, he will stick to his
position even if it is going against him. He might, however, trade counter
(in smaller amounts, 20-40%) that position to make some money.
"I do an enormous amount of trading," says Steinhardt, "not necessarily just
for profit, but also because it opens up other opportunities. I get a chance
to smell a lot of things. Trading is a catalyst... I'm always just making
small moves. But still, most of the money I make is in holdings that I keep
for more than a year." i.e. his directional plays that is longer term than
the bulk of his trading.
He doesn't believe in hedging using another stock (in the same sector)
because it's like creating a 2nd problem. He doesn't use stop-loss. Doesn't
use any rule to buy on weakness or strength. Doesn't look at breakouts or
breakdowns. No charts either.
Philosophy and beliefs
Good trading is a peculiar balance between the conviction to follow your
ideas and the flexibility to recognize when you have made a mistake.
This balance of confidence and humility is best learned through extensive
experience and mistakes.
There should be a respect for the person on the other side of the trade. You
have to be intellectually honest with yourself and others. In his judgement,
all great traders are seekers of truth.
In the past 21 years, there is no set pattern; in some years, it was a few
well-chosen stocks, in others, just being on the right side of the market,
or in the right asset class. Anyone who thinks he can formulate success in
investment is deluding himself, because things change so quickly.
The traditional buy-and-hold mutual fund industry (employing an incomplete
strategy) is so restrictive they leave so much on the table for hedge funds
which are a lot more flexible.
There is a very important difference between being a theoretical contrarian
and dealing with it in practical terms. In order to win as a contrarian, you
need the right timing and an appropriate position size.
This requires courage, commitment, and an understanding of your own
psychology.
The advantage of trading as he did- being a L-T investor, S-T trader,
individual stock picker, market timer, sector analyst- is that he made so
many mistakes it makes him wise beyond his years as an investor.
To make money in the markets, you have to be willing to get in the way of
danger.
A major advice to any layman: Recognize that this is a very competitive
business, and when you decide to buy and sell, you are competing with people
who have devoted much of their lives to this same endeavor. These
professionals are on the opposite side of your trades and, on balance, they
are going to beat you.
History and other facts
In 21 years, his fund had been average 40% net long. The range was 15-20%
net short to >100% net long. The flexibility to shift market exposure
provided him with an important money management tool.
George Keane of Common Fund views Steinhardt as a low-risk manager.
Graduated from Wharton in 1960 at the age of 19.
Founded Steinhardt, Fine & Berkowitz. Fine left and started Charter Oak
Partners. Berkowitz left and started HPB Associates.
Examples
1983 went long 800,000 shares IBM at $117, sold at $132 then reverse and
shorted 250,000 shares back down to $120 before covering.
In 1981, with rates at 14%, went long $250M 5 yr T-bond (with $50M equity),
at one point he was down by $10M, and eventually made a profit of $40M.
Enabled it to post 97% return for 1982.
In 1985, bought Montedison, an Italian co., for $0.50 and sold for $3.00.
Accounted for half of the year's profit for the fund.
Performance Record
27% over 20 years: "... Steinhardt Partners, at its inception in July 1967,
twenty years later... net of his own fees, of 27%",

 A parte l'intervista sul libro  The newMarket wyzards, c'č questo
grazie mille Giovanni !!!!!!!!!!!