On business being fun:
"Business is fun. Business is awesome," said Sykes, who brought female models onto CNBC in April to hold up stock charts during a contest show.
On giving credit where credit’s due:
"I would like to thank the thousands of inept corporate management teams, shady brokers, boiler rooms, pump and dumpers, stock promoters, market manipulators, wannabe traders, newsletter writers and Internet message board posters — for your endless scheming and undying greed, without which my fortune would never have been possible."
On his life’s work:
” "I want to provide education and clarity about business and trading, especially to young people," said Sykes, who cited a recent study that showed 700,000 college students are involved in day trading.
"There are so many people doing this, and they need inspiration."
On what’s wrong with the SEC and why he didn’t make any money:
Sykes also plans to become an advocate for regulatory change. The SEC doesn’t allow hedge funds to advertise and doesn’t allow anyone with a net worth below $1 million to invest in hedge funds, ostensibly to protect investors from the higher-risk levels carried by hedge funds.
Sykes said those rules prevented him from raising enough money to grow his fund to a significant size.
Sykes said the main problem is that the SEC is underfunded and therefore is forced to regulate the industry in a pre-emptive manner, rather than punishing wrongdoers when they are caught.
"The way to police the markets is not to force everyone to be secretive, it’s to fund the SEC to the extent they can fine people for misleading press releases and other abuses," Sykes said.
"If you’re willing to take the risks, you should be allowed to make the investment. We need to take the fear out of the industry."
On why he's self-publishing "An American Hedge Fund":
He...realiz[ed] he could make far more profit per book on his own.
Hedge fund investor turns hand to publishing [New Haven Register]