Here are some of the legendary names that played the game right.
Legends and idols exist in any field. They are the ones who break boundaries and shatter records, letting us know that impossible is just a word.
In the volatile world of financial markets, many make or break their fortunes. Here are a few legendary names that have consistently stayed in people’s memory:
George Soros: Estimated to be at USD 25 billion, Hungarian-born Soros and his family fled the country to escape the holocaust toLondon.
He is most famously known as “The Man Who Broke the Bank of England” in 1992 after his short sale of USD 10 billion worth of pounds, yielding a tidy USD 1 billion profit.
A self-made man, he worked his way through the London School of Economics as a railway porter and a waiter before his entry into the financial world through a merchant bank.
He later moved to New York, and established the famous Quantum Fund with USD 12 million. He is the chairman of Soros Fund Management, one of the most successful firms in the history of the hedge fund industry, boasting USD 30 billion in assets.
A longtime supporter of liberal causes, Soros has been a fierce critic of President Donald Trump.
Steven Cohen: Estimated at USD 13 billion, Cohen is the founder of SAC Capital Advisors which is a hedge fund that focused on trading equities.
Cohen started off with USD 7,000 that was meant to be his Wharton School tuition fees. He gained clout with his fast trading tactics and founded SAC with USD 20 million of his own money in 1992
In 2013, SAC was charged by the Securities and Exchange Commission an insider-trading scandal that cost Cohen $1.8 billion in penalties.
SAC became one of the largest and most successful hedge funds in history and charged some of the industry's richest fees, which helped Cohen amass a USD 1 billion art collection.
Richard Dennis: A legendary Chicago-based commodities trader, Dennis, along with partner William Eckhardt, co-created the mythical Turtle Trading experiment. Here, he trained beginners that earned close to USD 175 million in five years
He initially joined the Chicago Merchantile Exchange at the age 17. Reportedly starting with USD 5000, Dennis went on to acquire a USD 200 million fortune from ten years worth of speculation.
Another supporter of Libertarian causes, he is strongly against drug prohibition.
John Paulson: Estimated at USD 7.9 Billion, Paulson owns the hedge fund Paulson & Co. which he founded in 1994 with USD 2 million.
He had several stints at Boston Consulting Group and Bear Stearns be Paulson, a supporter of President Donald Trump, is famed for betting against subprime mortgages at the peak of the 2007 credit bubble and making billions.
He used credit default swaps to effectively sell short the US subprime mortgage lending market.
Paul Tudor Jones: With a net worth of USD 4.7 billion, Paul Tudor Jones II runs the Tudor Investment Corporation, which he founded as one of the hedge-fund investment firms in the world.
Jones shot to fame after making around $100 million from shorting stocks during the 1987 market crash.
The record of Jone’s company has been exemplary since inception, delivering double digit annualized returns.
A regular philanthropist, he also founded Robin Hood Foundation to fight poverty in New York.
Jesse Livermore: Legendary stock market trader of the 19th century. He made and lost several multimillion-dollar fortunes during his lifetime.
He was one of the few who made a killing at the stock market in America by short selling during the crashes of 1907 and 1929, making USD 3 million and USD 100 million respectively. Adjusting for inflation, 2016 rates would see USD 100 million at 1.35 USD billion
On November 28, 1940, he committed suicide in Manhattan, New York City.He believed in working alone, trading with few stocks, trading with stocks that show a pattern and cutting one’s losses early on in the game.He stated that he lost his fortunes several times because of not following his own rules