Bruce Kovner, the Great Commodity Trader, is featured in Financial World

Financial World
The Wall Street 100
By Stephen Taub, David Carey, Richard Coletti, Tom Bancroft
July 11, 1989
Page 39

No. 27 Bruce Kovner
At Least $25 million

Has $600 million under management at commodity trader Union Financial, which he chairs. Kovner, 43, tried teaching as a Harvard fellow, but clearly prefers the erratic gyrations of currency and metals trading. Accounts return 15%.

Financial World
The Wall Street 100
By Stephen Taub, David Carey, Amy Barrett, Richard J. Coletti and Jackie Gold
July 10, 1990
Page 54

No. 2 Bruce Kovner
More than $110 million

This secretive futures trader earned a dazzling 50% return for accounts worth more than $900 million at year-end. Earlier this year, Kovner formally linked up with hedge-fund meister Michael Steinhardt. Kovner has a country home in Dutchess County, NY, about 45 minutes north of Steinhardt's. A music aficionado, he has best been known to treat friends to private performances at his New York City home by up-and-coming musicians, often from New York's famed Julliard School. Six feet two inches tall, with a neatly trimmed graying beard and a professional manner, Kovner, 45, grew up in the San Fernando Valley east of Los Angeles, the son of an engineer. The former Harvard teaching fellow switched from academia to Republican Party political consulting before getting into interest-rate futures and currencies. When he lost $23,000 trading soybeans one day back in 1977, he could not eat for a few days. One friend remembers Kovner consoling himself after a multimillion-dollar loss by telling himself it was small sum in percentage terms. Does much of his trading after or before US exchange hours from monitors in his homes. Keeps staff on duty 24 hours a day.

Financial World
The Wall Street 100
By Stephen Taub and David Carey with Alison M. Smith
July 21, 1992
Page 40

No. 4 Bruce Kovner
Caxton Corp.
At least $60 million

When a bad case of writers block stymied his quest for a Harvard Ph.D., Kovner drove a cab to pay the rent, took harpsichord lessons at Julliard and dabbled at a succession of pursuits while seeking this true calling. In 1976 he found it: currencies and futures speculating. A 47-year-old native of California, Kovner now runs New York City-based Caxton, where his staff confers daily with government policymakers in order to better gauge up-coming shifts in interest-rate-sensitive markets. Even so, those markets fooled Kovner for much of last year. His $1.2 billion in assets were up just 14% on average, far below his lofty norm. Government probes, meanwhile, are investigating Caxton for a possible role in the Saloman Treasury auction scandal.

Financial World
The Wall Street 100
By Stephen Taub, Nanette Byrnes, and David Carey
July 6, 1993
Page 41

No. 6 Bruce Kovner
Caxton Corp.
At least $100 million

Last fall, like Soros, Steinhardt and Robertson, this secretive New York City currency and futures speculator bet against the European Community's initiative to dictate currency values. The EC's effort flopped, and Bruce Kovner's prescience lifted last year's net returns on his $1.4 billion asset pile to 22%. A 48-year-old native of California, Kovner forsook a budding career as an academician and Republican Party political strategist in 1977, when he caught the trading bug.

Kovner began by dabbling in futures with $3,000 borrowed from his MasterCard. Then he got serious, learning the ropes under Commodity Corp. trading ace Michael Marcus. Within five years, Kovner had built a $35,000 opening stake into more than $20 million. At Caxton, Kovner keeps his staff on duty 24 hours a day to get a jump on impending shifts in interest-sensitive markets worldwide, while he tracks the action before and after trading hours from monitors in his homes.

Financial World
The Wall Street 100
Call it the year of the hedge funds. For this elite band, it was the best year ever.
By Stephen Taub and David Carey with Andrew Osterland and David Yee
July 5, 1994

No. 5 Bruce Kovner
Caxton Corp.
At least $200 million

Bruce Kovner minted money last year, wresting a hefty net gain of more than 36% from his $2 billion asset pile. But Kovner, a 49-year-old Manhattan currencies and futures speculator, has had a rocky 1994. The stronger yen and deutschemark have punished him, although not nearly as harshly as they have his hedge fund peers George Soros, Michael Steinhardt and Julian Robertson.

With backing from the Rothschild family, Kovner launched Caxton (named after a 15-th century English printer Kovner learned to admire while putting together his rare book collection) in 1983. He has trading screens in both his elegant Park Avenue apartment and his country house, a Georgian-style mansion 75 miles north of New York City. Kovner, who sports a salt-and-pepper beard and a professorial demeanor, once hoped to earn his living as a scholar and teacher. But a case of writers block thwarted his bid for a Harvard Ph.D.

Financial World
The Wall Street 100
By David Carey and Stephen Taub
October 21, 1996
Page 59

No. 10 Bruce Kovner
Caxton Corp.
At least $70 million



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