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Chapter 4. Big Events in Trend Following > Event #3: Asian Contagion and Victor...

Event #3: Asian Contagion and Victor Niederhoffer

The Asian crisis of 1997, also referred to as the Asian Contagion, was yet another big event where trend followers won. One of the biggest losers during the fall of 1997 was the infamous trader Victor Niederhoffer. Always opinionated, bombastic, and for most of his trading career, exceptionally successful, Niederhoffer’s trading demise was swift and complete.

Victor Niederhoffer played a big game, whether at speculating, chess, or squash. He challenged grandmasters in chess and won repeated titles as a national squash champion. He regularly bet hundreds of millions of dollars and consistently won until Monday, October 27, 1997. That day he lost an estimated $50 to $100 million, and his three hedge funds, Limited Partners of Niederhoffer Intermarket Fund L.P., Limited Partners of Niederhoffer Friends Partnership L.P., and Niederhoffer Global Systems S.A., bellied up.[45]


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