Michael Marcus (trader)
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Michael Marcus is a commodities trader who, in less than 20 years, is reputed to have turned his initial $30,000 into $80 million.[1]
Contents
Career
Marcus began his trading career in 1972, when he bought plywood futures with his life savings of $700. In the summer of 1972 President Richard Nixon froze prices of some commodities, but the futures contracts rallied sharply, increasing Marcus' stake from $700 into $12,000. In 1973 he turned $24,000 into $64,000.[citation needed] He also used Freight derivatives.
Marcus learned money management from Ed Seykota, whom he met while working as an analyst.[2] He was a founding trader of Commodities Corporation, where he was chief currency trader and hired and taught Bruce Kovner as a trader.[2][3] Marcus blamed the ending of his first marriage on his having to check the markets every two hours throughout the night.[4] Marcus eventually became an EVP at Commodities Corporation. Marcus has recently invested in small-company stock through his holding company Canmarc Trading Co and later made private-placement investments in small OTC Bulletin Board listed companies like Prospector Consolidated Resources[5] and Encore Clean Energy Inc[5] and Pink Sheets Touchstone Resources.
ViRexx Medical Corp, a company focused on immunotherapy treatments for certain cancers, chronic hepatitis B and C, and embolotherapy treatments for tumors, announced Marcus's election to its Board of Directors at its Annual General Meeting held May 25, 2006.
Marcus was featured by Thomas A Bass, in the book The Predictors: How a Band of Maverick Physicists Used Chaos Theory to Trade Their Way to a Fortune on Wall Street.[6] Additionally, Marcus was interviewed by Jack Schwager in the book Market Wizards. Marcus was described as a chartist who "keeps an eye on market penetration and resistance."
Education and personal
He graduated in 1969 Phi Beta Kappa from Johns Hopkins and studied Psychology at Clark University.[2] At one time he was a devout follower of the Maharishi Mahesh Yogi.[1]
Notes
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Books
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Further reading
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External links
- ChartSecret.com: Lessons From Legendary Traders: Michael Marcus
- Curated Alpha: Curated Interview With Michael Marcus from Market Wizards
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- Pages with reference errors
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- Articles with unsourced statements from December 2011
- Clark University alumni
- 1956 births
- American financial businesspeople
- American money managers
- Living people
- Johns Hopkins University alumni
- Stock and commodity market managers
- American philanthropists
- American stock traders
- American currency traders
- American commodities traders
