At thirteen, Lukas Fröhlich shorted the German DAX at 100 to one, lost 200% of his account overnight and sold his bicycle to pay the broker. Years later, Jack Schwager and George Coyle had his 2020 record independently checked for Market Wizards: The Next Generation. The auditors found his public figure was too low: 1,132,045%.

In this episode:

– The two loss limits that ended four or five teenage blow-ups

– How he shorted small caps gapping up ahead of dilution, and the three-strikes rule

– The pyramiding rule George Coyle says he had never heard before

– Why he quit mid-cap breakouts in 2021 while they still worked

– The 40% drawdown of 2022, and six failed Alibaba probes before a 20-fold payoff

– Why both authors say: don't copy him

Everything comes from chapter four of Market Wizards: The Next Generation. Our own arithmetic is labelled as ours. This is education, not financial advice.

Full written profile and free research sheet

Greatest Companies · EP16 · Nokia

Nokia once sold more phones than anyone on earth. Then, in a few years, it was gone from the market it owned. We examine how total dominance turned into total collapse, and what it teaches about moats that depend on a technology cycle.

Read the full story in The Greatest Companies: How the World's Best Businesses Were Built:https://completetradersedge.com/greatest-companies-book/