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Trading and short selling with Kozok - a yield beyond 100,000%
 - how $4,100 turned into more than $7,000,000...

Flemming Kozok, July 2021. Photo: Bjørn Stig Hansen

Flemming Kozok started his trading career at the age of 15. Funding for his initial trades was derived from the savings earned in the job as a dishwasher at a local restaurant. Kozok began his day trading activities in January 2000, after which he for a period of 6½ years (January 2000 - June 2006) generated a total income from his trading activities at around DKK 16 million. The return measured in USD amounted to approx. 51,300%, in other words, a 514-fold return on capital. In total, Kozok has earned DKK 44 million in day trading after trading costs.

This return is based on the starting capital of $4,100 or approximately DKK 32,500, where Kozok changed his strategy to pure daytrading. In 2000, he managed to 129-double his capital based on 25,019 trades in the US stock markets. He thus executed more than 110 trades on average every day consistently through the year. In the course of just one year, DKK 32,500 yielded to DKK 4.2 million, which created the foundation for Kozok's further activity as a full-time day trader.

Yield record 2000-2006

Flemming Kozok generated:

  -  In 2000 a yield of 12.800% based on 25.019 trades.

  -  In 2001 a yield of 114% based on 20.241 trades.

  -  In 2002 a yield of på 84% based on 10.285 trades.

  -  In 2003 a yield of på 274% based on 11.856 trades.

  -  In 2004 a yield of på 141% based on 8.687 trades.

  -  In 2005 a yield of på 118% based on 7.828 trades.

  -  In the first half of 2006 a yield of 115% based on 8,494 trades.

During the period of full-time trading activity from 2000-2006, Kozok carried out more than 100,000 equity transactions in the US stock markets. Including part-time activity in the subsequent period, Flemming Kozok has generated in excess of 180,000 trades in the US stock markets. In total, he has paid about DKK 16 million in aggregate trading costs in connection with the execution of these transactions. It is thus clear that with a particularly high frequency of transactions, the trader must be prepared to cover substantial trading costs before the activity becomes profitable.

However, most of these costs are not related to ordinary brokerage fees, but fees per traded share, or "per share fees". Costs related to active trading in securities with a low absolute value can thus prove to be particularly high. See more about costs (in Danish) here.

Flemming Kozok's return has echoed through the years. - Here Harau Valley, Bukittinggi, Sumatra, July 2011 (private photo)

Part-time day trading – yield record 2007-2011

In the period 2007-2011, Kozok operated only part-time in the market place. Among other things, during this period he served on the board of two smaller companies and served as CEO of a smaller Danish venture capital company. Moreover, he completed his MSc degree at CBS in Copenhagen (2008-2010) and has furthermore taken part in numerous projects, for instance, collaboration with the largest online broker in Scandinavia, Nordnet Bank.

In the period 2012-2015 Flemming Kozok combined increased intensive trading with a lot of travel activity. This period resulted in several personal records in the markedet, including a strong year of 2013 with a profit from trading at about DKK 9 million (DKK 11 million before costs).

In the period November 2016 - July 2021 Kozok worked as a Special Consultant for the State Prosecutor for Special Economic and International Crime (SØIK), generally known (in Danish) as “Bagmandspolitiet”. In newspaper articles of October 2017 as well as a radio interview in the danish podcast Millionærklubben and an article on TV2.dk in July 2021 it has been highlighted that Kozok was deeply associated with the investigation of the "dividend case"; Denmark's biggest ever case on suspected fraud, in which foreign actors, in the period from 2012-2015, had been credited dividend tax reclaims for an aggregate amount of DKK 12,4 billion / euro 1,65 billion.

23.10.2017: Finans.dk: Kendt børshandler jagter forsvundne milliarder for bagmandspolitiet
23.10.1027: Business.dk: Kendt børshandler jagter skurke i Bagmandspolitiet

18.09.2017: Anklagemyndigheden.dk: Fra børshandel til SØIK
18.09.2017: Anklagemyndigheden.dk: En børshandler giver SØIK adgang til et lukket miljø

Despite other activities and less focus on day trading, Flemming Kozok has continued to generate the following return from the day trading dedicated capital:

  -  In the last six month of 2006 a yield of 28.17% based on 2.858 trades.

  -  In 2007 a yield of 43.78% based på 6.277 trades.

  -  In 2008 a yield of 52.70% based på 4.530 trades.

  -  In 2009 a yield of 159.88% based på 4.507 trades.

  -  In 2010 a yield of 44.29% based på 3.208 trades.

  -  In 2011 a yield of 85,48% based on 7.851 trades.

     Select highlights:

  -  For the month of September 2008 (the first month of the financial crisis) the yield was 22% based on 1.738 trades.

  -  For the 6 weeks during the financial crisis from the middle of September 2008 till October 2008 the yield was 43% based      on approx. 2.600 trades. See press release:      

  -  During the financial crisis from the middle of September 2008 until September 2009 the yield was 286% based on 7.522       trades. See press release:

  -  Flemming Kozok through 180 trades made new a profit record on a single day, March 21st 2013, where he earned USD 127,909. Earlier record was USD 78,000.

On May 29, 2013, Flemming Kozok has once again managed to make an earnings record, this time with USD 795,621, equivalent to DKK 4.6 million in only 3 hours. This personal record was mentioned in a few Danish news articles:
Ugen i Aktieland: Dansker tjente 4,6 mio på tre timer og Dansk daytrader tjente 4,6 mio kr i dag

  -  LATEST UPDATE: Kozok during the period November 2020 to February 2021 generated a profit of DKK 7 million based on about 3,000 trades, referenced in the Danish radio podcast Millionærklubben Sommer Special juli 2021.


Kozok on SoMe

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Contact information

Flemming Kozok can be contacted via e-mail:

Radio interviews (in Danish)

08.07.2021: Euroinvestor "Millionærklubben": En af Danmarks skarpeste day tradere
25.05.2015: Radio24Syv "Millionærklubben" available via Podimo podcast-app

Books where Flemming Kozok has participated through interviews

24.09.2015: Christian Kongsted & Erik Bork: "Daytrader" (Danish)
15.03.2014: Fernando Oliveira: "Traders of the New Era" (English)

Blog posts by Kozok (in Danish)

During the period 2011-2015 Flemming Kozok has written blog posts about various aspects of trading for Nordnet.dk.

An overview of the published blog posts can be seen below:

03.06.2015: Nordnet: Arenaen der forandrede sig
27.10.2014: Nordnet: "Put Your Hawks’ Eyes On"*
24.04.2014: Nordnet: Bogudgivelse - "Traders of The New Era"*
14.01.2014: Nordnet: En føler i felten - "Take feel to the field"*
02.07.2013: Nordnet: 4,6 mio. på 3 timer: En stor dag og dens betydning*
18.06.2013: Nordnet: No Love: En trader forelsker sig aldrig*
07.05.2013: Nordnet: En velsignet kombination: Similiaritet - Volatilitet - Likviditet*
03.04.2013: Nordnet: 1 mio. kr. på én dag: Intet nyt er godt nyt*
25.10.2012: Nordnet: Trading - fejlfortolkning, kompleksitet og individet bag*
25.10.2012: Nordnet: Om algoritmebaseret handel og konsekvenser for trading
25.04.2012: Nordnet: Et fundament mod uhensigtsmæssig tøven*
26.01.2012: Nordnet: De gode, små tab; et system der fungerer*
24.10.2011: Nordnet: Kurtage - en omkostning eller en investering?*
15.09.2011: Nordnet: Frygten som det stærkeste værn*
30.08.2011: Nordnet: Short Selling: Myten og Syndebukken
04.04.2011: Nordnet: Kravet til hurtig omstilling - Rare Earth & Uran*
31.03.2011: Nordnet: Investors bekymring er den kortsigtede aktørs velsignelse*
31.03.2011: Nordnet: Den kortsigtede investor*

* Link is currently inactive on Nordnet.dk

Articles by Kozok (in Danish)

26.03.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 6
19.03.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 5
12.03.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 4
05.03.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 3
26.02.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 2
19.02.2001: NetPosten: Daytraderen Kozok kommenterer aktiemarkedet - 1

Articles about Kozok (in Danish, Norwegian, and Swedish)

08.07.2021: TV2.dk: Bagmandspolitiets hemmelige våben mod Sanjay Shah forlader politiet
01.05.2018: Finans.dk: Dansk børshandler: »Markedet er brutalt og skabt til at snyde en«
23.10.2017: Finans.dk: Kendt børshandler jagter forsvundne milliarder for bagmandspolitiet
23.10.2017: Business.dk: Kendt børshandler jagter skurke i Bagmandspolitiet
23.10.2017: Ekstra Bladet: Børshaj jagter milliarder for politiet
18.09.2017: Anklagemyndigheden.dk: Fra børshandel til SØIK
18.09.2017: Anklagemyndigheden.dk: En børshandler giver SØIK adgang til et lukket miljø
08.08.2017: Daytrader.dk: Penny stock-aktier. Sådan handler man dem.
18.01.2016: Daytraderland.com: En succesfuld dansk daytrader - Flemming Kozok Sørensen
09.12.2015: Daytrader.dk: Flemming Kozok Sørensen - Portræt
26.09.2015: Business.dk: "Adrenalin i trading er noget, jeg aldrig har brudt mig om"
15.06.2015: Euroman.dk: Dagligdagen for en daytrader
01.06.2015: Dagbladet Børsen: Top-daytrader: "Markedet er et mindgame"
11.01.2015: Finans.dk: Frygt for markedet sikrer daytrader millioner
31.03.2014: Dagbladet Børsen: En daytrader er tålmodig og bygger et stærkt forsvar
31.05.2013: NPinvestor.dk: Dansk daytrader tjener 11 mio - betaler 2 mio i kurtage
31.05.2013: Ekstra Bladet: Dansker tjente 4,6 mio på 3 timer
29.05.2013: NPinvestor.dk: Dansk daytrader tjente 4,6 mio kr i dag
01.12.2012: Dagbladet Børsen: Sådan tjener man en million om året som daytrader (Hent artiklen som PDF)
25.10.2011: NPinvestor.dk: Flemming Kozok outperformer aktiemarkedet 12 år i træk
15.12.2009: CBS Observer: En bæredygtig daytrader under uddannelse (Læs artiklen side 12-13)
05.05.2009: Redeye.se: Flemming Kozok Sørensen – Tröttsam strategi gav 150 kr varje vända)
07.10.2008: NetPosten: Dansk daytrader tjener tykt på finanskrisen
02.10.2006: NetPosten: Daytrader betaler 15 mio kr i kurtage
21.08.2005: Berlingske Tidende: Jeg vil forbyde min søn at blive aktiehandler
18.05.2005: Finansforbundet: Børsmægler for egne penge
18.09.2004: Berlingske Tidende: Daytrader stopper med gevinst på 11 millioner kroner
27.09.2003: Berlingske Tidende: Daytrader med stor disciplin
29.09.2001: Jyllands-Posten: Daytrader tjener formue på aktienedturen
24.08.2001: Dansk Aktionærforening: En day-trader trapper ned
24.07.2001: NetPosten: tdc.com solgt for 1 mio. USD
02.05.2001: Jyllands-Posten: Hurtige gevinster i et faldende marked
12.03.2001: Digi.no: Kamikaze-trader 120-doblet innsatsen på ett år
11.02.2001: Jyllands-Posten: Millionær via nettet
02.02.2001: NetPosten: 22-årig dansk daytrader 129-dobbler kapital


"Everything changes, but nothing ever changes."
-- Ukendt

"Water seeks its own level."
-- Ukendt

"Look into the mirror - that's your competition."
-- Ukendt

"Know what you own - it has value."
-- Ukendt

"Split opinions make a market."
-- Ukendt

Relaxing with Kafka on the porch. From a tour of Indonesia, July-August 2011 (Private photo)


Edwin Lefevre: Reminiscences of a Stock Opreator
Edwin Lefèvre's Reminiscences of a Stock Operator is one of Flemming Kozok’s absolute favorite books about investing. Edwin Lefèvre’s main character in the book is by many meant to be pseudonymous for Jesse Livermore, perhaps the greatest speculator which have ever lived. However, Edwin Lefèvre was a real person, among other things he worked as a diplomat, column writer, journalist, and author.

Flemming Kozok has through his career as a day trader in the real world often derived parallels to points and situations in the book. With a background in the books many punch-lines and dogmas, it appears for Flemming Kozok as being the book which has taught him most of all.

As Flemming Kozok himself emphasizes: "One fantastic aspect about this book is that - in spite of having been written quite a while ago - it seems that not one single aspect in the ways of thinking related to trading the markets has changed till this day. With this book the reader can experience not only an interesting and well-written story, but also learn a lesson or two in an unexpected and very fascinating manner."

The book is an essential classic which gives an almost immortal and present insight into the psychology of the market which still exists today.

Read more about Jesse Livermore here, and about Edwin Lefèvre here

Buy the illustrated edition of the books at Amazon.com here

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