Several months ago, I was approached by Timothy Sykes to do a review of his upcoming book, “An American Hedge Fund“. I accepted and promptly received an autographed uncorrected proof of the book.
An American Hedge Fund, is an interesting autobiographical tale of Tim’s trading life, which is relatively short considering he’s only 26. He begins the book by chronicling how he began trading while in High School, using the library’s Internet connection to research his picks.
As a day trader recognizing momentum, hype, and stock chart patterns he moved in and out of positions on a very short-term basis during the Internet boom. In doing so, Tim turned $12,000 in Bar Mitzvah money into an audited, pre tax $1.65 million – before graduating from college.
As the Dot Com bubble bust, Tim adapted by learning how to short stocks, and he successfully made it through the financial aftermath of 9/11.
After four years (1999-2002) of doing this and turning himself into a millionaire, he decided to start his own hedge fund, the Cilantro Fund. He then became disenchanted with the hurdles that hedge funds face when trying to raise capital, and this served as his motivation for writing the book.
Tim and his book have no shortage of critics, but overall, I found the book to be a fascinating and inspiring journey into an often misunderstood industry. Tim is brutally honest in detailing not only his successes but also his many large mistakes and the psychology that led to them. In the early stages of the book I wanted to start day trading, and by the end, I was reminded why I don’t.
It’s not a how to book, but there is certainly wisdom to be gained from his story. If you’d like to decide for yourself, see below for a chance to win your own free copy:
Tim recently sent me the official release version of the book, which actually contains a snippet of my review in the front cover, so I am going to give away the original, signed, book that I received. For your chance to win, simply leave a comment on this post explaining why you’d like to read the book. One random entry will be selected on Monday, November 12.
Your odds of winning should be pretty good. Good Luck.
Update 11/12/07: Carl Hunter won the book.