While investors around the world were hitting the panic button during the global share sell-off on Monday – a Japanese day trader who’d made a big bet against the market timed the bottom almost perfectly.
Giving a play-by-play of the trade to his 40,000 Twitter followers, he claims to have walked away with US$34 million (NZ$52 million).
As financial markets got crazy this week many people turned cautious. Some were paralysed. Not the 36-year-old day trader known by the Internet handle CIS.
‘I do my best work when other people are panicking’ he said in an interview Tuesday – about an hour after winding up the biggest trade of a long career betting on stocks. He asked that his real name not be used because he’s worried about robbery or extortion. To support his claims he shared online brokerage statements showing his trades second by second.
CIS had been shorting futures on the Nikkei 225 Stock Average since mid-August – wagering it would fall. By the market close on Monday a paper profit of US$13 million (NZ$20m) was staring him in the face.
He kept building the position. When he cashed out late that night a collapse in New York had caused his profit to double.