Richard Dennis had to borrow $1600 from his relatives in order to start trading on the stock exchange, because he couldn’t afford such luxury while working as a messenger on a stock exchange. With this money he bought a place on “Mid Am” – the exchange where small versions of ordinary contracts are traded. The place cost $1,200, so Richard had only four hundred left to trade. Either due to his incredible luck or due to his thought-out and quality strategy, Richard Dennis managed to turn this money into a fortune, which, according to rough estimates, currently amounts to about $200 million.
Richard’s main feature is his ability to endure any losses statically. Illustrating this statement, I would like to recall the serious losses incurred both by several public funds under his management and by his own account between 1987 and 1988. Richard’s response to the incident was a letter to the investors in which he said that “these results are commensurate with my own huge losses”.
Lately Richard Dennis has been taking a very active political stance, particularly in favour of raising tax rates for rich citizens, which does not fit into the standard image of a multimillionaire. He is also the founder of the Roosevelt Center for American Policy Studies, known for its liberal views on the political and economic situation in the country. In addition, liberal candidates always get his support in elections. Although, it is worth noting that in the political sphere, Richard Dennis has won far fewer victories than in trade.