Victor Higani

I forget who said that relative value trading is like picking up nickels in front of a steamroller. Nickels because these are teeny tiny opportunities to profit.

I forget who said that relative value trading is like picking up nickels in front of a steamroller. Nickels because these are teeny tiny opportunities to profit.

It was the hot thing, you know, so it just was attracting money. Just as we were making a lot of money, those trading desks were making a lot of money. So the bank management gave them more money and said, make me make even more. Here's more capital. And it expanded really quickly. And the opportunity set just looked a lot less attractive than it had looked.

It was the hot thing, you know, so it just was attracting money. Just as we were making a lot of money, those trading desks were making a lot of money. So the bank management gave them more money and said, make me make even more. Here's more capital. And it expanded really quickly. And the opportunity set just looked a lot less attractive than it had looked.

It was the hot thing, you know, so it just was attracting money. Just as we were making a lot of money, those trading desks were making a lot of money. So the bank management gave them more money and said, make me make even more. Here's more capital. And it expanded really quickly. And the opportunity set just looked a lot less attractive than it had looked.

There was a smaller and smaller set of opportunities. Viewer nickels to pick up. We could see that. Yeah. Sadly, we probably didn't make the right, we didn't respond in the right way to it all.

There was a smaller and smaller set of opportunities. Viewer nickels to pick up. We could see that. Yeah. Sadly, we probably didn't make the right, we didn't respond in the right way to it all.

There was a smaller and smaller set of opportunities. Viewer nickels to pick up. We could see that. Yeah. Sadly, we probably didn't make the right, we didn't respond in the right way to it all.

there were these currency devaluations, stock markets dropping, but we weren't super active in these emerging Southeast Asian markets. We had some little things on here and there, but very, very small, and we weren't too worried about it.

there were these currency devaluations, stock markets dropping, but we weren't super active in these emerging Southeast Asian markets. We had some little things on here and there, but very, very small, and we weren't too worried about it.

there were these currency devaluations, stock markets dropping, but we weren't super active in these emerging Southeast Asian markets. We had some little things on here and there, but very, very small, and we weren't too worried about it.

What was happening in the spring of 1998 was that Citigroup was shutting down their proprietary trading operation and we didn't really know it.

What was happening in the spring of 1998 was that Citigroup was shutting down their proprietary trading operation and we didn't really know it.

What was happening in the spring of 1998 was that Citigroup was shutting down their proprietary trading operation and we didn't really know it.

Everything was starting to behave a little bit differently, but we didn't realize, you know, it created a reshuffle. And I think it kind of got things started.

Everything was starting to behave a little bit differently, but we didn't realize, you know, it created a reshuffle. And I think it kind of got things started.

Everything was starting to behave a little bit differently, but we didn't realize, you know, it created a reshuffle. And I think it kind of got things started.

We didn't actually have much exposure in Russia. I mean, we lost money in Russia, but not a lot.

We didn't actually have much exposure in Russia. I mean, we lost money in Russia, but not a lot.

We didn't actually have much exposure in Russia. I mean, we lost money in Russia, but not a lot.