Nothing too exciting today in the markets. I finished up today and for the year I'm up 4.6%. That figure is okay, but I definitely want to hit double digits again! Also, from various readings, it looks like the market behavior is changing a bit- people are expecting a rebound of sorts. The big mover in my portfolio was Forest Labs (FRX), it ended the day up 2.8%. I've owned this stock for exactly two weeks and it has rebounded to a gain of 7%. Hopefully this continues.
Ok, I know my headline is a little dated since it's almost half way through 2005, but I did run across an interesting article. The list of the top 100 traders was published by Trader Monthly and a small recap of it can be found here.
The interesting part of this list is the guy who finished number 1: Steve Cohen
He finished #1 with an estimated annual income north of half a billion dollars! That wasn't a typo: half one billion
That seems like an unreal amount, but I have heard of it happening before. When Michael Milken (hopefully I'll get to him later, and show another side of the issue) was in full force it was estimated that in one year he made a little over $500 million.
Back to Steve Cohen: I looked for a bio and I found a decent one on Business Week that was written in 2003. It's a really interesting read.
Another topic I'm interested in is behavioral finance. I'm trying to find some good articles and I'll hopefully post about it soon.
I've added a new finance blog.
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