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Cover Story: Schwab's 18 Month Challenge - Will the Third Time Be a Charm?

Traders Magazine, November 1999

Gregory Bresiger

Lon Gorman, with some 30 years of trading background in the securities business, was on his way to running a hedge fund in 1996. Running a hedge fund was going to be his new career after some 16 years at First Boston, which had lost its independence to Credit Suisse because of its disastrous stockpiling of junk bonds.

Gorman, who had rebuilt First Boston's block trading operations in 1990, was uninterested in running another trading division. He believed he was suited to running a hedge fund operation because his background was mainly "in trading and taking risks." Then he was bowled over by an executive recruiter who was persistent.

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