| Bruce
Babcock died this year. Cancer claimed him after battling
for five years. Bruce was the founder of Commodity Traders
Consumer Report and was Editor-in-Chief from its founding
in 1983 through it’s purchase by me at the beginning
of 1996. |
 |
Bruce
was a legend in the futures industry. He was the Editor-in-Chief
of CTCR. He was the author of bestselling books, such as
The Dow-Jones Guide to Trading Systems. He was a clever
designer of mechanical trading systems that he traded himself.
He was a futures speculator.
Bruce was a
lawyer by training. He was a federal prosecutor in Sacramento
before venturing into futures trading. He was involved in
prosecuting one of Charles Manson’s female companions.
The futures industry has always had a bad reputation for
scams and ripoffs. False claims are spread around like water.
Claims of super profits graced every page of every futures
publication and filled every mail box. The industry needed
someone who could cut through the hype and lies and tell
the truth. Some people hoped that the National Futures Association
would run the scamsters out of town but they have failed
miserably. I would argue that Bruce Babcock did more to
save the fortunes of futures traders than the NFA has.
He did it by
bringing a critical and incisive mind to the futures industry.
He questioned everything that he heard and read. He didn’t
believe what he read. He demanded proof of what he read.
He didn’t let hype stand unchallenged.
He
did it by having CTCR be the only organization to keep the
track records of the many trading advisors and newsletters
that swamped the industry with hype and unsupported claims.
CTCR remains the only publication that tracks the results
of following the recommendations of newsletters and advisory
services.
Bruce brought
an awesome integrity to the futures industry. He was not
afraid of anyone. His prosecutorial zeal was often on display.
He was often relentless and biting in his criticisms of
some books, software, systems, and ideas. Bruce had a reputation
for often being very critical and sarcastic in his reviews.
Hard hitting would often be an understatement.
One critical
decision in the beginning of CTCR was to not accept any
advertising. He didn’t want to run the risk of being swayed
by giving up revenue for fear of offending a big advertiser.
Let’s face it. It is difficult for a publication that accepts
advertising to give an unbiased review of a product. That
would be cutting off their arm.
Bruce knew
that he had to retain the freedom to be independent if he
was to make CTCR a truly unbiased source of information
and insight for the futures industry. I think that he also
knew that it would mean that he would make less money since
advertising dollars are what the magazine industry lives
on. But his sense of integrity was so high that he decided
to value integrity over dollars.
Larry Williams
said it the best, “He raised the bar.” No longer could vendors
push out inferior products without getting called on the
carpet by Bruce.
At the same
time, Bruce was publishing some of the best books on trading
ever written and creating some excellent trading systems.
Bruce was unique in that he actually traded the systems
that he sold. Year in and year out, he would call me up
and mention that he had another profitable year with his
systems. He didn’t sell something unless he felt it had
true value and that he would use it himself.
I believe that
the futures industry lost a titan of truth when Bruce died.
Special Free Bruce Babcock Issue for our Subscribers:
We are offering a free copy of the March 1996 issue of CTCR
to all subscribers who request it (while supplies last)
because it is the only significant interview with Bruce
Babcock ever printed in any publication. Email ctcreport@aol.com
or courtney@investors.net or call (800) 832-6065 to get
your copy.
