Larry Hite
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Lawrence D. Hite is a
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
manager who, along with
Ed Seykota Edward Arthur Seykota (born August 7, 1946) is a commodities trader, who earned S.B. degrees in Electrical Engineering from MIT and Management from the MIT Sloan School of Management, both in 1969. In 1970 he pioneered Systems trading by using ...
, is one of the forefathers of system trading. He is the author of the book, ''The Rule: How I Beat the Odds in the Markets and in Lifeā€”and How You Can Too,'' which was named a Wall Street Journal, LA Times, and Porchlight Books bestseller.


Early life

During college, Hite was a rock music promoter, as well as an occasional actor and screenwriter, but eventually became serious about staying in the music business. However, after several incidents, he decided to become a
stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...
in 1968.


Career

Larry Hite co-founded Mint Investments in 1981. By 1990, the company had become the largest
commodity trading advisor A commodity trading advisor (CTA) is US financial regulatory term for an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts, commodity options and/or ...
in the world in terms of assets under management. In 1990,
Jack Schwager Jack D. Schwager (born 1948) is an American trader and author. His books include ''Market Wizards'' (1989), ''The New Market Wizards'' (1992), ''Stock Market Wizards'' (2001) and ''Unknown Market Wizards: The best traders you've never heard of'' ...
dedicated a chapter of his bestselling book,
Market Wizards Jack D. Schwager (born 1948) is an American trader and author. His books include ''Market Wizards'' (1989), ''The New Market Wizards'' (1992), ''Stock Market Wizards'' (2001) and ''Unknown Market Wizards: The best traders you've never heard of'' ...
, to Hite's trading and risk management philosophy. In the same year, Hite began adding
systematic trading Systematic trading (also known as mechanical trading) is a way of defining trade goals, risk controls and rules that can make investment and trading decisions in a methodical way. Systematic trading includes both manual trading of systems, and full ...
of equity markets to the Mint managed futures portfolio. During this time, he also formed a partnership with the
Man Group Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly tr ...
and pioneered the principal protected fund concept, leading to a number of successful structured products and financial engineering innovations. In 1994, he retired from his role as hands-on fund manager at Mint. Since that time he maintained the position of managing director of Hite Capital LLC. In 2000, Hite chose to focus on his
family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50-$100 million in investable assets, with the goal being to effectively grow and transfer w ...
activities, which included
proprietary trading Proprietary trading (also known as prop trading) occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money (instead of using depositors' money) in order to make ...
and the funding of continued research and development in the field of systematic trading. Joined by former members of the original Mint team, Hite formed Hite Capital Management. In that same year, Hite became a principal investor and Chairman of North America region of Metropolitan Venture Partners, a venture capital firm specializing in technology-based firms. He maintains that position to date. As of 2010, Hite partnered with International Standard Asset Management (ISAM) to create a multi-strategy platform of liquid hedge fund strategies as well as a fund of managed accounts.


Philanthropy

Hite founded his own charitable enterprise, The Hite Foundation, where he serves as chairman. The foundation began with a focus on alleviating homelessness in New York, and aids scholars whose work and lives are threatened in repressive societies. He also serves as Chairman of the Development Committee for the
Institute of International Education The Institute of International Education (IIE) is a 501(c) organization which focuses on international student exchange and aid, foreign affairs, and international peace and security. IIE creates programs of study and training for students, educa ...
's Scholar Rescue Fund. The committee's goal is to provide a safe haven for academics and professionals who are at risk throughout the world.


Books authored

*''The Rule: How I Beat the Odds in the Markets and in Life--And How You Can Too'' (McGraw-Hill Education, 2019).


References


Further reading

* * * * * * * * {{DEFAULTSORT:Hite, Larry 1941 births American financiers American money managers American financial analysts American hedge fund managers American investors American philanthropists Living people Stock and commodity market managers