Bruce Kovner

Bruce Kovner is one of the legendary figures in global macro trading, having founded Caxton Associates in 1983 after starting his trading career with a $3,000 borrowed against his credit card to trade soybean futures. His initial investment grew phenomenally, and he went on to build Caxton into one of the most consistently profitable macro hedge funds ever, achieving compound annual returns of approximately 21% over two decades. Kovner's trading approach was rooted in deep fundamental analysis of global macroeconomic flows, currency dynamics, commodity markets, and geopolitical developments — assembling a comprehensive worldview before taking directional positions across asset classes. He built a team of exceptional traders at Caxton and was known for rigorous risk management despite taking large concentrated positions. Kovner stepped back from active management in 2011. He is also known as a major philanthropist, contributing substantially to educational and cultural institutions including Juilliard and the American Enterprise Institute. He was profiled extensively in Jack Schwager's "Market Wizards."