Bruce Kovner
From Taxi Driver to Billionaire Macro Trader
Bruce Kovner
Macro & Forex
Key Stats
Net Worth
$6.6 Billion
Origin
American
Lifespan
Born 1945 (81 years old)
Biography
Bruce Kovner went from driving a taxi to becoming one of the world's most successful macro traders. He founded Caxton Associates, which at its peak managed over $14 billion and generated average annual returns of 21% over 28 years.
Humble Beginnings
Kovner was driving a taxi and taking odd jobs when he made his first trade—a soybean futures contract purchased with a $3,000 cash advance on his credit card. That trade eventually turned into $45,000.
Caxton Associates
In 1983, Kovner founded Caxton Associates. The fund became one of the most successful macro hedge funds in history, known for its ability to profit in any market environment through currency, interest rate, and commodity trades.
Mentorship
Kovner was mentored by Michael Marcus at Commodities Corporation. He has since become a mentor himself and is known for his analytical approach to global macro trading.
Trading Philosophy
"Undertake each trade with a clear plan for getting out if you're wrong. The inability to deal with losses is the most common cause of trading failure."
Famous Trades
Soybean Futures
First trade using $3,000 credit card advance eventually grew to $45,000, launching his trading career.
First Big Win
+$45,000
Legendary Quotes
"Undertake each trade with a clear plan for getting out if you're wrong."
"The inability to deal with losses is the most common cause of trading failure."