2 Answers: Can anybody please tell me what is happening here, it is about how Eduardo Saverin made 300k with oil futures?
According to wikipedia:
While an undergraduate at Harvard, Saverin took advantage of Brazil’s lax insider trading regulations and made $300,000 via strategic investments in the oil industry.
According to the book ‘Accidental Billionares’:
(These are random paragraphs that mentioned how he made it)
“We focus mostly on oil futures. See, I’ve always been obsessed with the weather, and I made a few good hurricane predictions that the rest of the market hadn’t quite picked up on.
“Eduardo knew he was walking a fine line, trying to minimize the geekiness of how he’d actually outguessed the oil market; he knew the Phoenix member wanted to hear about the three hundred thousand dollars Eduardo had made trading oil, not the nerdish obsession with meteorology that had made the trades possible
If Eduardo made the cut, his life would change. And if it took some creative “elaboration” of a summer spent analyzing barometric changes and predicting how those changes would affect oil distribution patterns — well, Eduardo wasn’t above a little applied creativity.
I don’t understand it completely, While I understand what insider trading is, but he wasn’t tipped off by an insider or didn’t have insider knowledge ( I believe) and according to the book he made some smart predictions on his own, I’m fairly new to his and would love to know what behind, as he was only a sophomore then which I also am.