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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Steve Wisdom

"Who Let You in the Owner's Box?"

(The Chairman's foreword: One of the more hilarious things one has seen recently . But one is reminded of Irving Redel's theory of least observable differences. Such a shocking move is designed to be final as it sucks no one in the way I was able to lose so much in Thailand where the 75% decline was so much more gradual until the final 0ct 27 quite observable move when NYSE closed for the day down 6%. and one succumbed.  -- Victor Niederhoffer)

The crisp fall air, the crack of the bat, a storied rivalry resumed in the playoffs.. . Baseball as it's meant to be.. . But the quietude is disturbed.. .

''Hey, who let you into the owner's box?''

''I have to show this to him! It's really important! He needs to know! It's about his copper position!''

''Can't you see he's watching the game? Get the **** out of here before I call security!''


(The Chairman's afterword: One notes with pleasure that the hedge funds of the hero of Mr. Wisdom's post made a remarkable comeback in September, exactly as he had predicted and hoped. One tips the hat and has gold coins at the ready to throw at him. -- V.N.)

(P.S. Another annoying distraction:

G A S O L I N E -  N Y - U N L D
New York Mercantile Exchange
1)HUX4 Nov04 132.40 -8.54
2)HUZ4 Dec04 133.40 -7.59
3)HUF5 Jan05 134.50 -6.45
12:43:04 18-Oct-04)

"More Observable Differences," by Victor Niederhoffer

One noted the quite visible observable difference in copper opening down some 10% a week ago, and it was queried whether this mite be a pilot fish, and or whether news of this mite have disrupted a baseball game. One adds the hope that empathetic vibrations from same might have augmented the Yankees' recent performance. And also, whether the 5% decline in gas futures today, the worst in at least 1 year (one doesn't trade same), might indicate further changes in the lineup.


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 Trout Trading, Societe Generale and Deephaven Fund