Trader turned yogi style
With the shut down of the open outcry trading in Amsterdam end of 2002, a lot of young men suddenly lost their job. Their game of trading didn’t exist anymore. Trading options on the screen turned out to be a whole new ball game. Time for a career switch. Some retired, other traders found a new profession. Teacher (economics), risk manager, selling beds, selling coffee machines or cleaning windows. And some people in the energy trading business of course.
Last weekend in our largest newspaper, De Telegraaf, a story of another career move (link, NL). Former market maker Tim van der Vliet turned into a writer, a spiritual writer to be more specific. He started as a local in the pit, together with Bodo Groen (currently director of Park Frankendael (link, NL). He made 200k profit on 9/11 with his long gamma and long vega position. Keep in mind this wasn’t a safe company profit, he was trading with his own money.
Fear of losing his fortune
According to the story, he was terrified of losing his 600k fortune. Not much later he indeed lost it all. The good part was the fear of losing was worse than the loss itself. Lost it on a single day, according to the Telegraaf headline. In reality he stayed vega long, gamma long and delta short – and in a time of sinking volatiles this was killing. Lost everything between December 2002 and April 2003. That’s the same period as the open outcry finally migrating to the screen, so it’s also the tale of a pit trader who failed on screen.
Source Capital
Tim joined the Swiss algo firm Source Capital, the research desk. Yes, the very same company discussed in the comments on this website recently. Worked with some of the best brains in the business, passed his CFA exams and after five years sold his stake in the company for a tidy sum. Well done, exit trading and enter zen writing.
Spiritual awakening
He writes in English, he self published his book Spiritual Awakening (the easy way) in 2010, was picked up by Hay House Publishing – a kind of new age publisher. Available at Amazon. The book was republished, and this year his book is being translated into Dutch. Published by Lev (Bruna).
Mysticism, new age and spiritual books – not really my cup of tea. But the guy is apparently good in what he’s doing, and is a friendly chap. I may give it as a Sinterklaas present to my mother-in-law. And borrow it back to read what he has got to say. Could also attend his guru presentations, but really – that’s a bridge too far.
Here’s Tim’s Wikipedia page: http://en.wikipedia.org/wiki/Tim_van_der_Vliet
I met Tim once when he started at Source. Nice guy. Quite amazing that he spent form 2005 to 2010 at Source Capital without being a programmer.
How large was his stake in Source and how tidy was the sum? Anyone?
“600k fortune” … contradictio in terminis?
I’ve always found it hard to be zen. That’s until I met Tim and read his book. I loved the simple way in which concepts are explained, yet poetic at the same time. On occasion when the world starts going into hyperdrive, and you’re just trying to keep up, try this book. I take 3 deep breaths, turn to a page, and there is the light of inspiration for that time and place.
He should team up with Rob Keldoulis
He should rejoin Source Capital to replace current management
‘I may give it as a Sinterklaas present to my mother-in-law. And borrow it back to read’
this should be termed as giving a ‘dutch present’
‘“600k fortune” … contradictio in terminis?’
you haven’t lived and worked with the dutchchies? refer to the above ‘dutch present’
this should be termed as giving a ‘dutch present’
what do you mean?
you are dutch aren’t you? can’t even see the difference anymore between a present and a dutch present, can you
Hi!
@TomV. I tell you over coffee…
And a small correction: I am not a guru! One of my last allergic reactions to people is to guru’s. In my book I make fun of spirituality and those who are or seek guru’s. But then, as contradictive as most people with their head in the spirits are, I do have a guru….the neihgbour’s bulldog. Ever realized that god speled backwards is dog…? Makes you think doesn’t it?
Dogs are Zen: (from the UK version of my book)
a dog is exactly
how we would wanna be
faithful
in peace
no memory of the past
no worries of the future
running after bikes
enthusiasm for nothing
and pissing everywhere you like…
As a true cheesy spiritual author I am so full of my guru that I dedicated my book to my guru, the neighbour’s dog Sammy…and even put him on the cover.
Stay Zennnn! T
http://www.timvandervliet.com
Dutch version is called ‘Open je ogen’ published by Bruna. And a great gift!!
Define ‘Stay Zennnn!’ or for that matter define ‘Moment of Zen’
Moment of Zen is when you drive $1.5mln sport car and any girl wants to take a ride with you.
‘How large was his stake in Source and how tidy was the sum? Anyone?’
very small unfortunately, as Pieter van Hasselt holds the large majority of shares and only some peanuts are left to people like Itay, Chris… Moreover, Source Capital has never really done great. A small profit or zero and few shares cannot lead to a large payout…
where is this yogi getting his money from then, he must have punted successfully over the years?
It is again trouble at ALL Options. Mr Jacobs is reorganization his company again for the ?? time. We have lost count. This time his head of trading is the victim. Who’s left and who’s next ?
what do you mean reorg, isn’t it small family office anyways, from time to time few people are going to be asked to move on, natural in financial markets, don’t think in socialist manner, this is capitalism, if you lose interest in your work, you are encouraged to do something which you might have interest in
‘where is this yogi getting his money from then’
teaching about spiritualism, he has got a beautiful web page, did you already order the book?
‘a dog is exactly how we would wanna be’
and what’s about a cat?
I love pussy
Teaching spiritualism and selling some random dog book pays the bills, really?
Another reorganization??? Is there anything left to reorganize at All Options?
A couple of weeks ago someone told me that they now employ less than 35 (which in instelf is impressive since they employed >350 in 2009), and no profit at all over the last 5 years.
As a former senior trader I have to say I am not surprised at all. Any company with Allard at the helm is bound to fail.
So now it is the Head of Trading’s fault? (Is that still Dimi by the way?).
Anyone but Allard of course.
Wel gaaf, former senior trader daro.
nou ja gaaf…..
Be cool, former senior trader daro
what’s daro?
well cool…..
so former senior trader is not surprised at all, how’s that?
And how did you reach the conclusion that any company with Allard at helm is bound to fail, isn’t it possible that he picked the wrong business model or a wrong senior trader to run it?
Possibly but then he has a knack for continuously selecting the wrong traders.
and I can tell you, Allard doesn’t delegate. He may not be involved in everything (primarily by lack of interest) but when around he wants to decide every single detail. Which makes him responsible for the failings.
well, the market is full of ‘former senior traders’, its the case of bad lemons on choice
And don’t fault with the delegation part, most accomplished people in management decision making are full of ego and love micro-managing, that’s the name of the game
you think, allard should have let you run the ship and you would have earned him hundreds of mios with your senior trading prowess
Puree frustation on my side of course that he never did
what’s with all the censorship, are we all 5 year olds here?
there is no need for Puree frustation, just start your own trading company, hire senior trading talent and then delegate while they print hundreds of mios for you
Does anyone know what Sharon Essigman actually does at Source Capital?
Anyone going to ABN Clearing Christmas Party this year in Adam?
Never went, but seems nice. Anyone want to share his previous experience?
Does ABN Clearing still do the “Fortis Christmas Box”?
“Never went, but seems nice. Anyone want to share his previous experience?”
Too many sausages and not enough clams.
only small party this time
‘Does anyone know what Sharon Essigman actually does at Source Capital?’
personal secretary of Itay Gross with the special and only task of making him feel very important
yes, that’s very important task, she manages special projects for him, not your typical secretary –
nl.linkedin.com/pub/sharon-essigman/2/a44/125
what do you expect from financial market participants party, if you don’t hire women, don’t expect them to show up to your party
why is everyone saying that Source Capital is firing when in reality they are hiring:
– a back office manager to reconcile trading with clearing http://www.jobscout24.ch/de/job/back-office-manager/2707520/
– a system engineer http://www.jobscout24.ch/de/job/system-engineer/2704970/
– strategies with a working strategy and developers http://www.sourcecap.ch/careers.html
seems they have the money to hire
these are replacements for those who left, the last is a marketing statement from the website. Of course they will hire, like any other firm, traders with a working strategy, the question is if traders with a working strategy want to go there (and potentially share/lose their strategy).
lekker bezig Tim! beter dan de RD crowd 🙂
what on earth are those ground breaking strategies that traders have up their sleeves that they might lose if they implement it at source?
who is Paul vd P, is he a management at source
‘good working Tim! better than the RD crowd’
@ anonymous: you will probably be an “anonymous” for the rest of your life. IDENTIFY YOURSELF!
oh, and before i forget : if you have a question for me, please address me in a proper manner.
define ‘Paul vd P’
Gezellig hiero!
Source Cap is a great company! But it was my time to leave…
Zen is when your baby just falls a sleep when your friend enters your house to drink beers. Zen is riding a 1.5 mln sportscar. Zen is when you don’t take things too seriiously…and a lot more. Btw, my ‘Zen’ is ‘Zen from Amsterdam’. Basically Zen without rules.
If you like to know more about Zen form Amsterdam, read my book! 😉
Dutch: ‘Open je Ogen’
http://www.awbruna.nl/web/Boek/9789044971057_Open-je-ogen-1.htm
English: ‘Spiritual Awakening (the easy way)
http://www.bol.com/nl/p/spiritual-awakening/9200000013742628/
Beurs borreltje vrijdag 20 dec?
Tim
‘Source Cap is a great company! But it was my time to leave…’
Zen is when you can find kind words for a scam and fraud such as Source Capital. Is self illusion the key to happiness?
define ‘scam and fraud such as Source Capital’
how many copies of this have you sold tim and what’s your pnl?
“Zen is when you can find kind words for a scam and fraud such as Source Capital.”
Where do you get your info from? Although I left Source…Source cap is a great company, good management, and very intelligent trading. Learned a lot. It’s the furthest from ‘scam and fraud’ that I have experienced in the market… Where are you working anonymous???
“how many copies of this have you sold tim and what’s your pnl?”.
Open je ogen and Spiritul Awakening (the easy way) are just out, no sales figures yet. My self published version sold 1000 pieces pr yr in Amsterdam only without PR. If I sell 100K books per year I’m doing fine. 1 million books per year I am smiling :).
So my pnl is not even slightly close as what it used to be… But living the simple life (still no sportscar) and doing what I like!!!
T
handelde hij alleen atm opties 600 k is toch niks
en was die baas van hem die zuipert ?
define ‘ronaldg’
is this good translation
‘he acted alone atm options 600k is still nothing and tinkerer who was boss of him zuipert?’
I’m asking Jack to remove the comment about losers
‘If’ is a big if, no?
are there really 1000 believers just in amsterdam without PR, it’s depressing to realize all the naivety around us
anyways you can ignore the guy bumming about source, he sounds like disgruntled ex-trader, take his complaining with a pinch of salt
There is still hope for failing traders…
Watch your language. I’ll ask Jack to remove your comment again.
Who are you TomV, and why do you feel it’s your responsibility to police the comments, demanding censorship?
*brrrp*
[take it easy dude, just behave]
there is still hope for failing traders where retail wouldn’t trade with them but you can still write very useful books which the masses just fall in love with, what a trade
here is another alternative for failing traders who don’t want to go into zen direction
http://www.youtube.com/watch?v=flhma66uw0k
disclaimer though, you know goldman on your cv first, not your usual prop house blah
plenty of new positions available at Source Capital AG:
http://www.efinancialcareers.com/jobs-Switzerland-Zurich-High_Frequency_Quantitative_Developer__Researcher.id00713187
http://www.efinancialcareers.com/jobs-Switzerland-Zurich-Senior_Softare_Developer_CHigh_Frequency_Trading.id00713194
http://www.efinancialcareers.com/jobs-Switzerland-Zurich-InfrastructureDevOps_Engineer_Algorithmic_Trading.id00713192
this proves that most of the 50% who left were not fired, they simply recognized that the company is a sinking ship and that management is dishonest. This also shows that Anson McCade is unprofessional as they send potential candidates to the Titanic knowing about this, completely misrepresenting a bad career opportunity. Competitive marker rate and fantastic bonus (only available for the researcher) is of course a joke…
okay, let me explain you how recruitment market works, headhunter like Anson McCade don’t care about you or the firm so long they earn their fees, the firm doesn’t care as an Anson McCade like recruiters keep sending them potential candidates with their brilliant strategies for which the firm doesn’t have to pay, it’s really like a free option, if you get good candidate, you don’t mind the fees, if not, well that’s part of running such a business. As for the candidates, well nobody bloody cares about them, there are so many of them around these days.
So bottom line, read these postings with a pinch a salt
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