Caxton Associates - Bruce Kovner
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Date updated:09-08-2008
Caxton Associates, L.L.C., is a $20 billion dollar New York-based trading and investment firm formed as the successor to Caxton Corporation, which was founded in 1983 by legendary billionaire macro trader Bruce Kovner.
New York Magazine recently had a great profile on Kovner titled, “George Soros’s right wing twin.
Caxton Associates' primary business is to manage client and proprietary capital through global macro hedge fund strategies as well as other alternative investment disciplines. Caxton Associates has been ranked one of the top 10 of the largest hedge funds in the world.
Bruce Kovner was famously profiled in the book, “Market Wizards”by Jack Schwager who wrote that at that time (1989) Kovner had returned over 80% annually during the prior ten year period. Over the past ten years Caxton has supposedly returned 28%+ annually including a 31% return in bear market year 2001.
Some of Kovner's trading techniques and philosophy include:
"When you have a fundamental view before a piece of major news, wait till the news is out and see how the market "vote".
"Place stops at where, if reached, will reasonably indicate that the trade is wrong, NOT at a point determined by the maximum dollar you are willing to lose."
"Stock market has many more short-term countertrends. Whereas, commodities markets are more trending."
"The first rule of trading is don't get caught in a situation in which you can lose a great deal of money for reasons you don't understand."
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It might depend on your timeframe. The
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10/09/2007 10:25 AM CDT Asked by Paintball Guns
Mr. Kovner, would you mind explaining your investment philosophy?
Paintball Guns
01/04/2007 00:07 AM CST Asked by David Amann
This is an interesting portfolio! It doesn't look like any single philosophy is driving it. You've got these smaller company value plays like PWEI, big dividend paying companies like WFC, growth oriented tech companies like RIMM, and takeover targets like BLS. This is a stock portfolio that could use some study.
01/04/2007 00:05 AM CST Asked by David Amann
Ah! PWEI! Looks like Kovner has been reading The Little Blue Book that Beats the Market! :) I notice that folks that PWEI have AEOX too. Another stock that was featured on www.magicformulainvesting.com. Maybe stockpickr should put up a portfolio from that site.