Name Michael Marcus | Role Trader | |
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Education Clark University, Johns Hopkins University Similar People Bruce Kovner, Ed Seykota, Jack D Schwager, Paul Tudor Jones, Richard Dennis | ||
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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.
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. He also used Freight derivatives.
Marcus learned money management from Ed Seykota, whom he met while working as an analyst. He was a founding trader of Commodities Corporation, where he was chief currency trader and hired and taught Bruce Kovner as a trader. Marcus blamed the ending of his first marriage on his having to check the markets every two hours throughout the night. 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 and Encore Clean Energy Inc 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. 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. At one time he was a devout follower of the Maharishi Mahesh Yogi.