Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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Many of the posts on Daily Speculations are from members of our SpecList, an e-dinner party of traders and assorted natural philosophers, now in its fifth year. If you are interested in participating, click here for more information.


Alex Castaldo, born in Rome, holds a Ph.D. from the City University of New York. He works as a researcher and trader at Niederhoffer Investments.

Paul DeRosa is a partner of the New York-based Simpson & Co. hedge fund, one of the top-performing funds. Daily Speculations considers him the most astute fixed-income trader in the world.

Tim Melvin, of Stevensville, Maryland, is a broker-trader specializing in distressed securities.

Ross Miller is president of Miller Risk Advisors, a credit and portfolio risk management consultancy.  He has written three books, Paving Wall Street, What Went Wrong at Enron (with Peter C. Fusaro), and Computer-Aided Financial Analysis, and over twenty articles. He received a B.S. in mathematics from the California Institute of Technology and an A.M. and a Ph.D. in economics from Harvard University.

Andrew Moe got into it for the fortune, not the fame.

Jim Sogi is a philosopher, Juris Doctor, surfer, trader, investor, musician, black belt, sailor, semi-centenarian. He lives on the mountain in Kona, Hawaii with his family.

Brett N. Steenbarger, Ph.D. ("The Market Shrink") is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY.  A licensed, practicing psychologist and active trader for the past 20 years, he is the author of The Psychology of Trading (Wiley; 2003) and numerous articles on trading psychology for financial publications. In September 2003, Dr. Steenbarger stepped down from his position as the University's Assistant Dean for Counseling and began trading the stock index markets on a daily basis.  Dr. Steenbarger does not offer coaching or other commercial services to traders, but welcomes questions and comments at steenbab@aol.com For more information, visit his Web site at www.brettsteenbarger.com.

Steve Wisdom, a Pennsylvania-born Harvard graduate, has been Victor Niederhoffer's right-hand man off and on for more than 15 years. He also has been associated with Argos Capital Management, Monroe Trout and Knight Trading Group. 

George Zachar is principal of Greensward Capital, a money management and trading firm in New York. He focuses on U.S. and European debt futures and options thereon.