Larry Williams at
http://www.ireallytrade.com says that he really
trades futures. But nowhere on his site does he upload his actual
trading statements. One can safely conclude that his winning the
Robbins World cup was what Taleb would call a 'Black swan event':
there is always somebody who wins the lotto. Nobody though wins the
lotto year after year. Taleb's view would be that Larry like a
gambler confused actual trading insight with random luck.
from
http://tinyurl.com/2fk5gja:
http://www.jurikres.com/snake/lawsuits.htm "...NFA fines Larry
Williams for not reporting to potential clients that, while his
personal account in a promotional 1987 contest was very profitable ( a
gain of + $902,599 ), his managed accounts for clients lost
substantial funds ( - $6,122,281 ). This constituted deceptive and
unbalanced promotional material and disclosure statements. Details in
William Gallacher's book Winner Take All.
Footnote -- In July 1988, the Larry Williams Financial Strategy Fund
was launched, followed in March 1989 by the World Cup Championship
Fund, managed by Larry Williams, Jake Bernstein and two others. The
1988 fund lost more than 50% of its clients' equity in barely one
year, as reported in the October 1989 issue of Futures magazine. The
1989 fund also lost more than half of its original equity by May
1990. ..."