Bruce Kovner borrowed $3,000 so that he could trade. He turned it into about $40,000, then lost almost half his asset leaving him with only $20,000 in profit before deciding to get out. Now, $20,000 of pure profits from an initial $3,000 loan or investment is phenomenal but coming back from $43,000, Bruce Kovner said that trade taught him one valuable thing, every trader should know about Proper Risk Management.
Kovner has a mansion in New York City that has a lead-lined room to protect against a chemical, biological, or bombing attack. Bruce Kovner’s net worth is $5.3 billion dollars as of May 2016.
“Rule #1 of investing is never lose money…”
Not the boxer, not the kickboxer and not the football player. No. This trader is the epitome of inspiration. Lewis sold his family business to get starting capital for the forex market and succeeded. He started building his wealth through 1980-90. Previously, he also worked alongside of George Soros as well, another successful billionaire forex trader.
He took part in crashing the European Exchange Rate Mechanism (ERM) with Soros’ Quantum Fund. Joe is now tax exile living in the Bahamas and lives a happy life like everyone else who has made massive amounts of money and chooses to hop countries for tax mitigation purposes. If you’re an active forex trader, you would know about him.
He spends most of his time working from his yacht and as of May 2016 Joe Lewis’ net worth is $5.4 billion.
“…Rule #2 is never forget rule #1.”
– Warren Buffett