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He is personally a conservative investor. In fact, reports indicate that when he bought the Florida Marlins he paid $150 million in Treasury bills. Principals' assets traded along with client assets range between $35 and $75 million. (The vast majority of the money is John's or JWH & Co.'s which is owned by John through a trust.)

Henry offers 12 programs in four categories—broadly diversified, financial, foreign exchange, and multiple style program. The programs have different combinations of style, timing, and market characteristics. Investment style differences are based on the number of directional phases that investment program uses for markets—long, short, or neutral—and how position sizes are determined. Timing refers to whether trends are recognized over a short-term to very long-term period. The programs can also be distinguished by the markets traded. Overall, JWH trades about 65 markets globally. On average, the firm holds about 50 positions.

The broadly diversified category programs include the original investment program, the global diversified program, and the JWH global analytics family of programs. Of this group, the original program is the largest, with assets under management totaling $226 million. The original program is a two-phase one, meaning that positions are held either long or short. The timing component is long-term trends. It is a diversified program that includes all major market sectors—interest rates, stock indexes, currencies, metals, energy, and agriculture.

Financial programs include financial and metals, the world financial perspective, global financial portfolio, international currency and bond portfolio, and worldwide bond program. In this category, the financial and metals program is the largest program with assets of $366 million. It began trading in October 1984. It seeks to identify and capitalize on intermediate-term price moves in currencies, interest rates, metals, and non-U.S. stock indexes. The financial and metals program won't invest in a market unless there is a clearly defined trend. It uses a three-phase investment style; in other words, the system can be long, short, or neutral. Henry observes that the financial and metals program does better during good markets and worse in bad markets.

In the foreign exchange category, the programs are the international foreign exchange program, G-7 currency portfolio, and dollar program. The largest program is international foreign exchange, with assets of $84.4 million. This program seeks to identify and capitalize on intermediate-