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Former teenage soldier hatches millions from Chinese egg futures

• nharada 11y ago
  > The opportunity Zhang saw was very specific: to borrow a lot of money quickly to produce high profits in a poorly understood market. Isn't this exactly what is currently bankrupting millions of Chinese citizens?
  • curiousjorge 11y ago
    basically all the people who made their money are getting out and now the mass is getting into it. Reminds me of the story a hedgefund wrote where his grandma started telling him to buy stocks, he immediately drove home, and closed all his positions.
• chollida1 11y ago
  Not really sure there is much to see here. When the market goes straight up anyone who borrows money to put into it will look like a genius. > Last year, the volume of egg futures traded increased 1,703.3 percent from 2013, making it the 9th largest futures market in the world by volume, according to figures from the Futures Industry Association. If there is that much money plowing into it, then you just buy and hold. That's why people point to atleast a 5 year track record as the first rule to follow if you are looking to invest your money in an actively managed product. The other thing to notice is that the results are unaudited. I too can claim any results I want if I have no investors.
  • jsprogrammer 11y ago
    Past results guarantee future returns. ...or something
• 7Figures2Commas 11y ago
  > Zhang trades on his own account... > "The goal is to have the hedge fund with the highest return in the world, with capital of around 100 billion yuan," he said. I hope this is a translation issue, because otherwise it would seem that the subject doesn't even know the difference between a prop trader and hedge fund.
• ucaetano 11y ago
  "Zhang trades on his own account and Reuters was not able to independently verify his earnings."