Novogratz: Goldman desk made hundreds of millions on 1997 Asian crisis
Mike Novogratz · Michael Novogratz – Galaxy Digital (First Meeting, EP.06) · Aug 12, 2019 · at 12:38
Galaxy Digital CEO Mike Novogratz recounts his transition from Wall Street sales to macro trading and running Goldman Sachs's Asian trading business during the 1997 Asian financial crisis.
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“Goldman Sachs, Asia's blowing up, and we predicted it, had the foresight, and had some spectacularly highly leveraged bets that Asia would blow up that we were smart enough to figure out. It wasn't, I had so much courage that I took all this risk to make a fortune. I found a way with limited risk to make a fortune, and boom, once it blew up and we made a couple hundred million dollars, you go from being a 10 dollar trader to a 50 dollar trader to a hundred dollar trader, and now you're a big guy.”
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