Trader Greg Coffey
You can find many stories of success in the stock market online, but, as a rule, they all relate to a specific moment when a person, by chance, was able to climb to the top of Olympus.
It's worth understanding that sometimes a timely exit from the market is the best outcome, and 41-year-old retiree Greg Coffey is a great example of this, as he ended his career when everyone thought he was at the dawn of his powers.
Greg Coffey is Australian by birth, having been born in Sydney, Australia on April 25, 1971. After spending his childhood in his home country, his family moved to the United States to attend Macquarie University.
At university, I studied current research that was necessary for all insurers to set tariffs, as well as tax authorities.
Career ladder
After completing his Bachelor's degree at Macquarie University, Greg successfully passed the selection process and secured an internship at Macquarie Bank. A successful career start after a year of work in 1994 allowed him to trade his safe haven for a research position at Bankers Trust.
It is worth noting that this direction was very profitable for speculative purposes, since developing countries showed huge growth rates, which allowed for profitable short transactions with a minimal degree of risk.
After five years at the company, Bankers Trust hit a rough patch, leading to its acquisition by Deutsche Bank. Greg, a fairly well-known specialist at the time, resigned and became co-manager and co-director of George Soros's fund.
However, market conditions were far from ideal for investing in developing countries, and a number of problems with management and within the fund itself forced Greg to leave.
After leaving Soros, Greg received a lucrative offer to head up a division at Bank Austria, where he would be tasked with operations in emerging markets and risky speculative trades.
After working for the company for a short time, Greg Coffey received a very tempting offer from GLG.
Career at GLG
Coffey's early career at GLG was quite challenging. During his early stages, Greg was constantly executing orders for other managers and serving as an errand boy.
One day he made a huge mistake in operations, which led to a force majeure situation.
Such a mistake nearly cost him his career, as it damaged not only his relationships with his managers but also with the board. When the question of Greg's dismissal arose, Philippe Jabre, who owned a share in the company, intervened on his behalf.
After a year of work, Jabre's bet on Coffey paid off, as the talented young man not only realized his potential but also led several of the company's funds.
Greg managed over $7 billion, and his management income accounted for over 60 percent of the company's total revenue.
Greg Coffey managed to keep the fund's returns at 55 percent per annum for five years, for which the company paid him an average of $250 million.
Feeling the strong echoes of the crisis and the possible consequences for his career, Greg Coffey decided in 2008 to leave the company and end his stock market career.
By the time he retired, the 41-year-old trader had amassed a massive fortune of $743 million, which would allow him and his children to live comfortably for the rest of their lives.
