Читать книгу Predatory Trading and Crowded Exits - James Clunie - Страница 15

The advice for traders tempted to short-sell assets that appear to be in a bubble is to avoid any isolated, heroic action. Sit it out until the tide turns, or (for the thrill-seeking) join in and ride the bubble, while keeping a very close eye on the exit door!

A number of high-profile investors and traders ignored this advice and paid the price with their jobs or funds. Amongst the best known victims of synchronisation risk and TMT noise trader madness were Julian Robertson at Tiger Asset Management, who closed his investment company in March 2000 after incurring losses; and, amongst long-only portfolio managers, value investor Tony Dye, chief investment officer at Phillips & Drew asset management in London, whose employment ended only three days before the peak of the market.