Michael Marcus (trader)
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Michael Marcus is a commodities trader who, in less than 20 years, is reputed to have turned his initial $30,000 into $80 million.[1] Marcus met his mentor Ed Seykota while working as an analyst and learned money management from him. Later while working.[2] at Commodities Corporation and before becoming the company's executive vice president, he hired Bruce Kovner to be his assistant and taught Bruce the ins and outs of trading.[3]
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[edit] Career
Marcus began his trading career in 1972, when he took his whole life savings of $700 and bought plywood futures. In the summer of 1972 President Richard Nixon froze prices of some commodities like wood, but the futures contracts went sky high and Michael turned his $700 into $12,000. He repeated the feat in 1973, turning $24,000 into $64,000.[citation needed] He also used Freight derivatives.
While at Commodities Corporation he hired Bruce Kovner as a trader.[2] As the firm's leading currency trader, Marcus had to wake up every two hours throughout the night to check the markets, which had the negative consequence of ending his first marriage.[4] As a founding trader of the firm, Marcus rose through the ranks at Commodities Corporation eventually becoming an EVP. Marcus has recently diversified by investing in small-company stock through his holding company Canmarc Trading Co and later made private-placement investments in small OTC Bulletin Board listed companies like Prospector Consolidated Resources[5] and Encore Clean Energy Inc[5] and Pink Sheets Touchstone Resources.
ViRexx Medical Corp, a company focused on immunotherapy treatments for certain cancers, chronic hepatitis B and C, and embolotherapy treatments for tumors, announced Marcus's election to its Board of Directors at its Annual General Meeting held May 25, 2006.
Marcus was featured by Thomas A Bass, in the book The Predictors: How a Band of Maverick Physicists Used Chaos Theory to Trade Their Way to a Fortune on Wall Street.[6] Bass said that Marcus "parlayed a thirty-thousand-dollar stake into an eighty-million-dollar fortune." Marcus was described as a [[chartist] who "keeps an eye on market penetration and resistance."
[edit] Education and personal
He graduated in 1969 Phi Beta Kappa from Johns Hopkins and studied Psychology at Clark University.[2] At one time he was a devout follower of the Maharishi Mahesh Yogi.[1]
[edit] Notes
- ^ a b Schwartz, Martin (1999). Pit Bull. pp 22, 176, 179, 184, 190: Collins. ISBN 0-88730-956-9. http://www.amazon.com/gp/reader/0887309569/?keywords=Michael%20Marcus&v=search-inside.
- ^ a b c Weiss, Philip (2005-08-08). "George Soros’s Right-Wing Twin" (PDF). New York magazine. http://www.trendfollowing.com/whitepaper/bruce-kovner.pdf. Retrieved 2006-08-05.
- ^ "Kovner, Bruce on Forbes 400". Forbes 400 1999 (Forbes magazine). 1999-10-01. http://www.forbes.com/finance/lists/54/1999/LIR.jhtml?passListId=54&passYear=1999&passListType=Person&uniqueId=6OQE&datatype=Person. Retrieved 2006-08-06.
- ^ Griffiths, Jay. "Colonising the night". Red Pepper magazine. Archived from the original on 2006-05-13. http://web.archive.org/web/20060513143738/http://www.redpepper.org.uk/cularch/xmayday.html. Retrieved 2006-08-06.
- ^ a b "SEC edgar". SEC. 2006-08-06. http://sec.edgar-online.com/2000/05/31/13/0000950116-00-001369/Section4.asp. Retrieved 2006-08-06.
- ^ Bass, Thomas A. (2000). The Predictors. p 220: Owl Books; Reprint edition. ISBN 0-8050-5757-9. http://www.amazon.com/gp/reader/0805057579/.
[edit] References
[edit] Books
Schwager, Jack D. (1995). Technical Analysis. Wiley. ISBN 0-471-02051-6. http://books.google.co.uk/books?vid=ISBN0471020516&id=h0AfBRLrkJYC&pg=PA755&lpg=PA755&dq=%22Michael+Marcus%22+futures&sig=bnNGI-hAl6wdEAkjLhED4NExrNY.
Banks, Ferdinand E. (2001). Global Finance and Financial Markets: A Modern Introduction. p 79: World Scientific Publishing ( Hardcover). ISBN 981-02-4326-X. http://books.google.co.uk/books?vid=ISBN9810243278&id=ZMREFuig1yoC&pg=PA79&lpg=PA79&dq=%22Michael+Marcus%22+futures&sig=_iLaEVVROTFn3dyEGkCv28UaO94.
Vaga, Tonis (1994). Profiting from Chaos. Mcgraw-Hill. ISBN 0-07-066786-1. http://books.google.co.uk/books?vid=ISBN0070667861&id=hjUMHEHpp38C&pg=PA124&lpg=PA124&dq=Profiting+from+Chaos:+Using+Chaos+Theory+for+Market+Timing,+Stock+Selection,+and+Option+Valuation+Michael+Marcus&sig=3DsyIsmHZaSdB9GAkaAwFzZVeSo.
Mieg, Harald A. (2001). The Social Psychology of Expertise. LEA, Inc. p. 124. ISBN 0-8058-3750-7. http://books.google.co.uk/books?vid=ISBN0805837507&id=8TPLr5MxPyUC&pg=PA117&lpg=PA117&dq=%22Michael+marcus%22+trader&sig=xVmlYY6RvM0FOuOb4Mod1LEcVb4.
Schwager, Jack D. (2006). Market Wizards: Michael Marcus, Blighting Never Strikes Twice. Marketplace Books. ISBN 1-59280-285-0. http://www.amazon.com/dp/1592802850/.
[edit] Further reading
Schwager, Jack D. (1993). Market Wizards: Interviews with Top Traders. 48 pages: Collins; Reissue edition. ISBN 0-88730-610-1.
"SEC profile". 2006-08-06. http://www.secinfo.com/$/SEC/Registrant.asp?CIK=1264878&View=Registrant. Retrieved 2006-08-06.
