The investor, known for his shy, soft-spoken demeanor, leverages his portfolio to the max, using derivatives and other Wall Street esoterica to limit his downside. Fletcher racks up triple-digit average annual returns. Managing his personal portfolio, estimated at more than $60 million, Mr. He filed suit and won another $1.3 million. Fletcher generated $25 million one year, he received only half of the $3 million he felt he was due. The firm had hired him with the promise of up to 25% of the profits he produced, but when Mr. Fletcher founded Fletcher Asset Management in 1991 with money he won in arbitration from Kidder Peabody & Co. "He's smart, and he wins."Īn African-American in a field that remains overwhelmingly white, Mr. "There's no secret to his success," says Bear Stearns & Co. Fletcher has been using the Big Board, his trades have sometimes accounted for more than 5% of exchange volume. And though he manages less than $200 million, in the five years Mr. Then again, Alphonse "Buddy" Fletcher is not your typical money manager. It's not often that the chairman of the New York Stock Exchange lobbies a small money manager for his business.
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