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main Boca Raton, Florida, office. The Boca Raton office is where Henry is located and where trading and research are done.

Henry says he really does not have a typical day. And in his role, few things have to be done on a daily basis. "Watching the markets is a great waste of time in this business if you're not actually involved in a trade. My curiosity keeps me at quote screens much too often. There is always a story being told somewhere in the world in our markets, and there is a certain fascination in watching events unfold pricewise." Despite this, Henry does not go to bed until the Japanese markets close at 2 A.M. eastern standard time.

Henry spends his time researching. And more often than not, the research focuses on stocks. He focuses on correlation coefficients and ways to balance the portfolio. "You can't research the Holy Grail. You can't fine-tune. The more you do, the less efficient you will be in the future."

Henry says his role today is like a parent watching a child grow up. The rules and procedures are written down, and he observes that they are followed. He may call up the trader and ask, "Are we doing this?" rather than saying, "Do this."

Henry hadn't thought about completely retiring and the company carrying on without him. He has no interest in selling because that would give him cash and he already has plenty. But technically, because it is a mechanical system, the company could be sold.

DEFENSIVE APPROACH TOWARD STOCKS

Henry feels there has been too much money in too few hands and that the unravelling of some of the large global macro managers may be good for market participants in general and managed futures traders in particular. "The markets should be engaged in price discovery, not knee-jerk reactions."

In Henry's view, Americans have an irrational attitude toward stocks today. Their expectations are based solely on the past five years, and if one thing is certain, he says, what made them money in the past five years will not in the next five years.

These attitudes do not affect the futures market—just the stock market. A roaring stock market (at the time of the interview) does have a minimal effect on what he does regarding interest rates and currencies.