Netdeal

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Who is Bruce Kovner ?

Kovner drove a cab to pay the rent, took harpsichord lessons at Julliard and dabbled at a succession of pursuits while seeking this true calling. In 1976 he found it: currencies and futures speculating.

Bruce Kovner, born in 1945 in Brooklyn, New York, didn’t make his first trade until 1977 when he was 32 years old. He borrowed against his personal credit card at that time to buy soybean futures contracts and netted a $20,000 profit. He subsequently joined Commodities Corporation as a trader, booking millions in profits and gaining a solid industry reputation.

He founded Caxton Alternative Management in 1982, transforming it into one of the world’s most successful hedge funds, with more than $14 billion in assets. The fund’s profits and management fees, split between commodity and currency positions, made the reclusive Kovner one of the biggest players in the forex world until he retired in 2011.

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Do you know who George Soros is ? He is the man who broke England. George Soros Vs the British pound
The British pound shadowed the German mark leading up to the 1990s even though the two countries were very different economically. Germany was the stronger country despite lingering difficulties from reunification, but Britain wanted to keep the value of the pound above 2.7 marks. Attempts to keep to this standard left Britain with high interest rates and equally high inflation, but it demanded a fixed rate of 2.7 marks to a pound as a condition of entering the European Exchange Rate Mechanism (ERM).

Many speculators, George Soros chief among them, wondered how long fixed exchange rates could fight market forces, and they began to take up short positions against the pound. Soros borrowed heavily to bet more on a drop in the pound. Britain raised its interest rates to double digits to try to attract investors. The government was hoping to alleviate the selling pressure by creating more buying pressure.

Paying out interest costs money, however, and the British government realized that it would lose billions trying to artificially prop up the pound. It withdrew from the ERM and the value of the pound plummeted against the mark. Soros made at least $1 billion off this one trade. For the British government's part, the devaluation of the pound actually helped, as it forced the excess interest and inflation out of the economy, making it an ideal environment for businesses.

Read more: The Greatest Currency Trades Ever Made http://www.investopedia.com/articles/forex/08/greatest-currency-trades.asp