This guy isn't the first person to make money in one arena and extrapolate that he could do it in others only to get his ass handed to him.
I'm Canadian so the wealthy people AI know are either in finance or hockey players, and those that have lost money in areas outside their wheel house have all followed the same path.
1) Give money to a person they don't know very well to invest in a business idea they aren't an expert in.
There is no step two.
As a side note, i found this interesting....
> It wasn’t until Sarao left Futex in 2008 and struck out on his own that he started to make serious money. Public filings show his assets popped to 14.9 million pounds from 461,000 pounds in the 12 months ending in June 2009, long before he enlisted a programmer to build a system that authorities say was designed to cheat the market.
Not sure what helped more in his rise:
The 6 years he spent learning at another trading firm or the fact that on his own he probably had alot less risk oversight that allowed him to lever up more than he would have in side of an investment house.
> That near-obsessive drive to hold on to as much of his wealth as possible can also be seen in the way he conducted his business affairs. Looking to minimize his tax bill, he was introduced by his accountant to John Dupont, a director at the London arm of an Isle of Man-based financial advisory firm called Montpelier Tax Consultants
The best investment adivce I ever got was from my father. and I quote.... "Don't fuck around with your taxes any more than an H&R block adviser would let you. Getting a million dollar tax bills 7 years after you earned the money isn't worth it."
I'm Canadian so the wealthy people AI know are either in finance or hockey players, and those that have lost money in areas outside their wheel house have all followed the same path.
1) Give money to a person they don't know very well to invest in a business idea they aren't an expert in.
There is no step two.
As a side note, i found this interesting....
> It wasn’t until Sarao left Futex in 2008 and struck out on his own that he started to make serious money. Public filings show his assets popped to 14.9 million pounds from 461,000 pounds in the 12 months ending in June 2009, long before he enlisted a programmer to build a system that authorities say was designed to cheat the market.
Not sure what helped more in his rise:
The 6 years he spent learning at another trading firm or the fact that on his own he probably had alot less risk oversight that allowed him to lever up more than he would have in side of an investment house.
> That near-obsessive drive to hold on to as much of his wealth as possible can also be seen in the way he conducted his business affairs. Looking to minimize his tax bill, he was introduced by his accountant to John Dupont, a director at the London arm of an Isle of Man-based financial advisory firm called Montpelier Tax Consultants
The best investment adivce I ever got was from my father. and I quote.... "Don't fuck around with your taxes any more than an H&R block adviser would let you. Getting a million dollar tax bills 7 years after you earned the money isn't worth it."