Jan
31
A Humble Conversation, by Victor Niederhoffer
January 31, 2007 |
Speaker 1: How is the market treating you?
Speaker 2: Not as badly as usual, but we've still got a long way to recover.
Speaker 1: No, really. I'm hoping things are good with you and you are giving them the usual drubbing.
Speaker 2: The market's been drubbing me much too much lately.
Speaker 1: That's not easy to believe. We are surviving, but we need much improvement.
Speaker 2: That's much more than I could say for most of last year.
Speaker 1: But time favors the optimist.
Speaker 2: It's path dependent regrettably.
Speaker 1: But the path is a long one.
Speaker 2: I wish it didn't have all those pitfalls.
Speaker 1: You have always been very resilient after a fall.
Speaker 2: The problem is that I can't let it happen more than once. They only forgive you once and I am always on the brink. If you only knew what I have gone through.
Speaker 1: I heard you're at the top again.
Speaker 2: I wish that were true. We're so attenuated that any figures like that
would be meaningless.
Speaker 1: I just want to say that Hakeem and I are very grateful to you for all you taught us while we were at your shop.
Speaker 2: You're the one that can teach me. I would much rather make it the way your shop does, following the big waves, and knowing that just one profit will cover all the short term.
Speaker 1: It hasn't been clear sailing for us either.
Speaker 2: The only one that can grind is the house. Regrettably, I try to grind against the house.
Speaker 1: Well look, I was hoping that things were going well and that you weren't concerned about all the months that have gone by without a decline.
Speaker 2: I am very concerned. At my age, I can't afford to give back the wherewithal for my seven tuitions. There hasn't been a decline of more than 2% for the longest period in history.
Speaker 1: We would be happy to buy you dinner and just catch up.
Speaker 2: I'd like that very much as soon as things quiet down and the risk is a bit lower.
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