Tuesday, March 30, 2010

Leucadia resident Andy Lindloff featured in New York Times

... in this story on day traders:
Mr. Lindloff, 49, is sitting in his living room here in a city known as “surfer’s paradise,” about 25 miles north of San Diego. Surrounded by the playthings of his daughter — a toy oven, a doll house — he appears to be alone. In fact, he has plenty of company. With a hands-free headset, he is speaking to Steve Gomez, his partner in Today Trader, a two-year-old Internet venture that is “about helping traders find success through virtual technology,” as it says on the company’s Web site.

The company charges aspiring traders $199 a month for a live, real-time view of Mr. Lindloff’s computer screen, along with the running banter, commentary and advice that he and Mr. Gomez provide through the morning. (After lunch, it’s just Mr. Lindloff.) The service is billed as a chance to look over the “virtual shoulder” of two veteran stock traders, but you don’t really see anyone’s shoulder. It’s more like staring at the instrument panel of a jet while eavesdropping on the pilots, plus the ceaseless tap-tap of a keyboard.

[... Lindloff] says he has averaged somewhere between $100,000 and $120,000 a year for the last 10 years, even during the worst part of the Great Recession. With low expenses, he lives comfortably, though hardly extravagantly.

It's a shame the New York Times didn't do any verification of Lindloff's trading success (by looking at his tax returns for example). If he's actually earning that much consistently, that's a huge accomplishment. Most "day traders" either blow themselves up within a year or have some other income or assets that they live off while pretending to day trade for a living.

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