As your host here on iBankCoin, I felt it was my duty to describe what I do here, exactly. Compare and contrast the ongoings here– to other financial websites– and you will find the other sites are penned by pussies, lacking grit, also without top hat and smoking jacket. I hope you understand the significance of the statement.
I was placed in a pot of hot boiling water since young, dealing with adversity, widowed mother, impoverished and without snacks. Hard times.
It wasn’t chance that Le Fly was plucked out of his high school class by a mutual fund manager from Seligman, after reading an article written by a young space alien magician. Shortly thereafter, Plutonium Petey was opening mail for one of the biggest mutual fund managers in the country, clad in chinese delivery man shirts, extraordinarily rough around the edges.
The dominos were set in motion from that point; but it was only the beginning.
During the Asian contagion crisis, penniless and dejected, Senor Tropicana was left with just one client. He was a southern gentleman of extreme importance, with a proclivity to gamble. He had no business entrusting me with his money, since I was out of my league. But he gave me a shot.
As the crisis deepened, my wife and 1 year old son waited for me at home, basement apartment, owned by a fucking moron. About $35k in credit card debt soon ballooned to $50k, as my income remained nil for a period of 4 months, without abatement.
No one to rely upon but myself.
I capitulated, opting for the idea of a “salaried job” at one of the discount houses. I could make $50k in a good year, modern day union job, without the fucking union. But I was so depressed, my interview performances were abhorrent. No one wanted to hire someone who was moping around in chinese delivery man shirts, like a fucking loser, inverse of boss.
There is nothing dramatic about what I am about to tell you: there was no option but success from that point. I hit bottom, which coincided with the bottom of the market, in the gloomy months of 1998.
My southern gentleman client had just $20k with me. That was the entirety of my assets under management. I went to work.
Inside of 6 months, his account appreciated to $200k. My roster of clients expanded quickly through referral, as I went on a 15 for 15–dick hanging long– winning streak of leveraged excellence.
I was making $50k per month.
Since then there have been several peaks and valleys, namely 2001, when I wiped out my brokerage account– margin call style. But I had already learned the lesson, which was nothing was able to stop me, if I played the game with energy and better than the dork next to me.
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Church.
cant stop wont stop
regards
chuck
So if Im a kid in high school, spending ungodly amounts of time learning finance, I should write articles for daily mail? Im not sure what youre trying to get at, mister fly.
I won’t explain excellence to you. You need to experience it for yourself. Enjoy your own inflection point in life and get back to me.
Will do. Though I think Ill try to sell the story at airports before I get to you.
I was just being polite. I don’t need your fucking story.
Im joking around with ya, dont worry, no seriousness intended.
I was joking too.
Let’s be best friends?
Sure. I know the best picnic spots in town, the most romantic sunsets you’ll ever see.
Is there a Mortiwoman you can send in your place?
If I can speak for Fly, that would be more to his liking.
Publish that letter. For old times sake.
I don’t have the letter. It’s in the past and I never bothered to save it.
word. I want to read that letter that landed you spot number one.
PS: this kind of stuff is seriously inspirational to me.
Posts like this always come right before huge market moves. I am putting a straddle on, first thing tomorrow morning. Thank you Senior Fly, as always, for your literary excellence and sublime peeks inside the time machine machinations.
Did anyone catch the update on the new armed US drones that will be killing US citizens on US soil?
Absolutely riveting, for C-SPAN.
Getting us prepared, so we aren’t taken by surprise when it starts:
http://www.c-span.org/Events/Homeland-Security-Advisor-Speaks-about-Ethics-of-White-House-Strategy/10737430287-1/
Care to discuss Breitbart’s coroner?
Only insomuch that he is now dead, for he found some kind of deadly substance, in his blood work, no doubt.
This is serious stuff. There have been a lot of people that have been having strokes, heart attacks, and suicides at quite young ages.
I don’t think the larger audience of this country has any real idea of what is happening.
I mean, what country do you flee to, when you are already at the top?
The nomenclature of that C-SPAN program, was frightening, at the very least, and more than terrifying at best.
It was as if the people in charge of all this were from socialistic environs.
I just knew RBA would cut 50..oh, Po..just saw this and responded on the Friday Blog..Po Pimp says:
April 30, 2012 at 6:10 pm
And once again, let me spell this out very clearly.
IF NFP MOVE UP THE FUCKING MARKET WILL GO UP WITHOUT QE!!!!!
Reply
Trading_Nymph says:
May 1, 2012 at 1:10 am
We will see Po..Eur/USD would sell off hard, triggering AUD/USD to sell off..which in turn would trigger Commoditity sell off…and FOMC won’t be able to QE cuz NFP is good and we have already risked too much on the currency swap with ECB.
Reply
In case you don’t remember, the dollar was very strong during the mid to late 90’s (i.e. one of the greatest bull markets of all time). So don’t say a strong dollar will derail everything.
If people are getting jobs (NFP going up) the economy is improving. If the economy is improving there is no need for QE. If the economy is improving the market will go up. Ergo the market goes up without QE.
QED.
Dr. Fly, thanks for more of your history.
I hope you kept at least one of those Chinese delivery man shirts, as it might sell for a very nice price at a charity auction a few decades from now. And you could throw in a lunch date along with the auction, like Buffet does.
Correction: Buffett (a game).
Inspirational story as always, you succeeded at hitting bottom. In your opinion, ave you reached the TOP of the POPS yet?
Btw -according to Wikipedia , Top of the Pops originally featured only those on the way up, never on the way down.
I find that brutally interesting. Must have been a cold reality…
‘Fly Story’ is my favorite form of prose at iBC.
p.glass rules. but this is better. (imho)http://youtu.be/4Tr0otuiQuU
Hey I thought Howard Lindzon was Managing Director?
LOL great post Fly …feeling blessed to be Grandfathered in here since age 47
Timely and Inspirational as emotionally I am low after seeing three of my closest colleagues, the best employees you could ask for, all receive letters telling them they are no longer worthy of employment.
To see the barely competent remain…. Good lord.
Thank you for the story, sir. Your smoking jacket is most excellent.
Love these “origin tale” posts.
Were you opening mail for Paul Wick “back in the day?”
yes. Nice guess.
wiped out my brokerage account on margin in 2001 as well..Im sure it wasnt to your level..but 1/4 mill is a decent pinch……….
Thanks for the post. They certainly help those of us climbing the tough sections of the mountain.
good post Fly. nothing like having your back to the wall and a chicklet to feed.
Keep it coming this is really good stuff.
Would love to hear a narrative about you wiping out your account. What led you to do so and what you learned form it? I’m learned quite a bit from my own mistakes and learning from your mistakes may save me some money in the future.