For many years, the stock and futures markets have been consid-
ered separate and distinct entities. Stocks (securities) have been the
backbone of capitalism and are still regarded as such today. Stocks
are considered the “stuff” of which all “good investments” are fash-
ioned. Not only has stock and bond trading been considered neces-
sary for the survival of industry and business in a capitalist society,
but it has also been regarded as the single most viable form of in-
vesting for the general public.
When I began my search for traders worthy of inclusion in this vol-
ume, my first call was to Doug Makepeace. He has built a career on finding and investing his own and client funds with exceptional traders. Doug
was most generous in sharing information with me, even though doing so
threatened his ability to invest additional funds with these traders in the
future if they became too well known.
The Mind of a Winner. An Kiev Is not a Market Wizard; he is not even a trader. Why then should you pay attention to his advice? Because Steve Cohen, who is unquestionably one of the world's greatest traders (sec interview in this book), thinks enough of Doctor Kiev to have made him a permanent
Professional investment management. A professional
nvestment manager—who has access to extensive research,
market information, and skilled securities traders—decides
which securities to buy and sell for a bond fund. Professional
management can be a valuable service because few investors
have the time or expertise to manage their personal investments
on a daily basis or to investigate the thousands of bonds
available in the financial markets.