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The access to information and access to people who want dads favor is very valuable. In either case, his father was also an investor of some sort as per the wikipedia page. So while Warrens father was not a multi-millionaire who left him a fortune, he did have a significant tail wind.

His father was a congressman. Pretty sure that did not hurt :rolleyes:

I never worked for Jump, but I did a stint as a PM for one of their direct competitors and I have worked with a number of their alumni in various places. You gonna find that while these ads say "blah", the reality is is blah^0.5 - there are plenty of people working for Jump that went to no-name...

LOL. This is awesome...

Actually, pretty much the only place where I've seen complex ML used in finance is high frequency trading. In fact, people were using random forrest models to play order book games before the current data craze (like late 2000s) and these days they are probably the only ones who use any forms...

It will have no gamma or vega at al, unless of course we rally 5200 on SPX - unlikely even with JPow at the helm :D This is not an option position. The two strikes are a mile away from the money and all that you get is financing due to the fact that you are gutting it (both put and call are...

Yep, my point exactly - you get income and get tendies! PS. I am bored stiff today (unhappy bored - failed to hedge my long gamma during the dip)

But, but, but what if spooz rally to 5300? :P

The general answer is obviously yes. The exotics desks will hedge themselves with vanillas and, as a result, will drive the vols. It's already happening in less liquid markets/names. In the index space, for example, KOSPI and NKY vols are largely driven by the flow from auto callable hedging...

Well, they do have a nice executive summary on the front page:

Where do you see that? Because euromomo says that "excess deaths are substantial" https://www.euromomo.eu/#substantial-increased-excess-mortality-seen-in-europe PS. they have a super-nifty graphical interface that allows you to compare excess deaths by year etc...

Well, fake news from CDC tell us that as of October 7th the excess mortality for the year was (right here https://www.cdc.gov/mmwr/volumes/69/wr/mm6942e2.htm): There are several interesting aspects there (the ethnic distribution is pretty incredible, IMHO), definitely worth reading.

It's a tricky question. If you are trading a small set of instruments and have a quality data feed, the smartest thing is to record your own. A bit more work but also you get a lot of auxiliary data etc. Otherwise, it depends on your budget (and 20k for someone who's running a 500k portfolio...

My approach (granted, we trade different products and I am much more driven by capacity) is to scale the strategy down 50% if I hit a drawdown that's bigger than max DD and gradually scale it down to de minimis size if i don't see a recovery. Now, all my strategies are based on specific flows or...

Out of curiosity, what portion of your clients have real psychological issues? If they do, do you find that the problem transcends their profession and spills over into their daily lives? I have seen a lot of traders who start viewing everything in life as a trade and it really hurts them. Like...

The pro is also much more constrained in his decisions, by things like mandate, liquidity etc. Even if unconstrained, it's much easier to make good returns on small amounts of capital. The experience shows that most pros that have switched to retail-style investing/trading (for example when they...

In fairness, sticking to facts is just a different kind of insanity :D It literally triggers me whenever someone pushes bullshit, regardless of the political lean. This said, I have been hearing lately that math/data has a liberal bias (to the point that someone told me that Bertrands ballot...

The math tells an opposite story. Let's say that a "pro" is an employee of a financial firm whose compensation is directly tied to the PnL. Given todays levels of compensation (starting salary of 150 for a college grad, 250 for a graduate degree), she'd probably be worth 7 figures after 6-10...

I think the concept of education will stick around for a while. Unfortunately, it does seem like it is going to be mostly applicable to the top schools, while everything else will become de facto vocational schools. The key differences between education and job training are the ability to...

I hate to interrupt your circle jerk, but several reputable publications have done the same excess mortality analysis. They all confirm that COVID-19 contributes a fair bit to excess mortality, e.g. in the US excess deaths are up to the tune of 7-10%. Since you are all so data-driven and...