>>>


occasion as high as 1,000 contracts. In 1981 that was a good size. During the first three years the (widely dispersed) average annual profit was 54%. Checking this out today, the Magnum Program used ten times leverage. No wonder the system eventually suffered the contractual drawdown limit. Tese were the early years of managed futures. A maximum drawdown not exceeding the average annual profit was quite acceptable for a trading system. Now we trade 0.5 to 1.5 x leverage (e.g. with no leverage, on balance).


If you ask me what made me switch from architecture to the financial markets, it was the sad fact that architects have to fight for their fees, and fund managers don’t. Tat’s too bad. Tere are many instances where architects have turned to all kinds of other imaginable endeavours: most curiously one went into the funeral business, another one became a clown. Among these former architects are celebrities such as Paco Rabanne and FX trader Bill Lipschutz.


When did DynexCorp commence operations and what services does the company provide?


In 1981 Conti moved me to their branch in Lugano, Switzerland. After the sale of ContiCommodity in 1984 to Refco who had no office in Lugano, I was looking for a new home – and found it with E.F. Hutton in London, at the firm’s Mayfair office. I was hired by Bob Scheiner, an exacting Navy man, who generously offered a mews house for three months behind Cadogan Square until I had found my own place, a small town house on Paradise Walk near the Royal Hospital. I actually got mail posted to Peter Pan, Paradise Walk, London SW3!


After a brief stint at Refco London, I became independent in 1988 and formed my own firm, Dynex Corporation (DynexCorp today), with offices in Geneva. Our first corporate clients were the successful nostro accounts of two private Swiss banks. In their wake followed a slew of pension fund money from Japan and the United Kingdom. We have managed institutional funds since 1990.


Who are the key people in the firm and what are their main day to day responsibilities?


Peter Panholzer


I am the chief trader concerned with portfolio and risk construction, a task I have performed for the last 32 years. Risk levels are monitored via audio alarms and also checked by other members of the team.


october 2011 e-FOREX | 185


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180  |  Page 181  |  Page 182  |  Page 183  |  Page 184  |  Page 185  |  Page 186  |  Page 187  |  Page 188  |  Page 189  |  Page 190  |  Page 191  |  Page 192  |  Page 193  |  Page 194  |  Page 195  |  Page 196