John Arnold has made billions as an energy-trading phenom. But the rules of his game are about to change.
(Fortune Magazine) -- You could hear John Arnold trying to choose his words carefully. Seated at a table inside a drab building in , D.C., in August, Arnold hardly fit the of a , 35-year-old natural-gas trader.
翻译: (财富杂志)--- 你可以听到约翰-阿罗德小心翼翼的选择自己的用词. 他正在参加一个会议,这个会议在位于美国华盛顿的一个土褐色的政府大楼里召开. 在8月, 约翰-阿罗德几乎成为一个35岁进行天然气贸易的亿万富翁.
He wrung his hands as he waited to speak and twisted his wedding band. He filled, and refilled, and re-refilled his water glass. Then he stuttered a bit before he gained momentum and politely advocated rules that would restrict others while allowing him to keep doing what he does.
It was a rare public for one of the least-known in the U.S. But the stakes were high. Arnold was at a hearing of the Commodity Futures Trading (CFTC).
Commodity prices have been volatile in recent years -- and then crashing to earth -- and the federal regulator is dramatic rule changes to rein in , whom many blame for the gyrating prices.
Arnold would tell you -- if he were inclined to tell you anything (and he rarely is) -- that he's a . He might say, though, that that's not a bad thing to be. But call him what you want -- nobody has profited more when it comes to natural-gas trading in recent years.
翻译:阿罗德会告诉你---他会倾向于告诉你一些事情---他是一个投机者. 他可能会说,会想做一个投机者不是一件坏的事情. 但是在最近几年没有人再能获得更多的利益当天然气贸易变成了国家天然气贸易.
His Houston-based hedge fund, Centaurus Energy, which manages more than $5 billion in assets, has never returned less than 50% in seven years of business.
Arnold's wealth a large chunk of the fund, which would make him the second-youngest self-made in the U.S. -- behind Facebook's Mark (assuming you believe the social- company's valuation).
Arnold has the brain of an economist, the of a veteran gas man, and the iron stomach of a riverboat gambler. Perhaps most notable, though, is his uncanny ability to extract colossal profits from .
He began his career as a trader at Enron -- and escaped that disaster not only with his intact but also with the biggest bonus given to any employee, which he used to seed a new fund.
A few years later he earned $1 billion betting that natural-gas prices would go down just as a reputedly brilliant gas trader at Amaranth made a bet in the opposite direction. More recently, as the bubble burst in 2008, taking even more fund managers with it, Arnold foresaw the looming collapse and once again nearly doubled his money.
But now he faces the biggest test of his career. His mojo relies on his ability to make enormous bets. The CFTC, however, has vowed to impose trading limits that would target the industry's largest players. That, say observers, could be a dose of for the .