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An ex-Tudor quant PM just sat down for 76 minutes and explained what's happened to the industry over the last 15 years. His main claim: there hasn't been a single new idea in trading in 15 years. Every algorithm and strategy moving billions through Wall Street today is a...

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zostaff

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13,637 views • 1 month ago •via X (Twitter)

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shawols pls listen to the king taeyeon. she doesn't go to music shows anymore. their system is just bad and tiring. they have been in the industry for over +15 years, they've already proven everything there is to prove. let's just enjoy the music
0:41

shawols pls listen to the king taeyeon. she doesn't go to music shows anymore. their system is just bad and tiring. they have been in the industry for over +15 years, they've already proven everything there is to prove. let's just enjoy the music

Paula

152,915 views • 1 month ago

It's wild that in the past 15 years there hasn't been a better Ruby/Rails talk than this:
44:18

It's wild that in the past 15 years there hasn't been a better Ruby/Rails talk than this:

matt swanson 😈

29,195 views • 2 years ago

Half of the Baltic sea has frozen over, something that hasn't happened in at least 15 years, allowing people to ice skate from one island to the next. ⛸️
0:25

Half of the Baltic sea has frozen over, something that hasn't happened in at least 15 years, allowing people to ice skate from one island to the next. ⛸️

AccuWeather

57,456 views • 4 months ago

"I haven't seen a real new idea in trading in at least 15 years." Tom Costello (Tom Coste) ran money at Tudor, Moore Capital, and Caxton. Built one of the first NLP-driven equity systems in 2003. 20 years managing capital, never had a down year. "Comparing what a retail trader does to what a quantitative hedge fund does is like comparing driving a bus on the New Jersey Turnpike to winning a Formula One race." We cover: - His hot take: no genuinely new trading idea in 15 years — only better people doing the same things faster - Why everyone in quant finance is a genius — and why that makes you ordinary, not special - Crypto is "super smart guys cosplaying at finance" — built for retail, which is exactly why it's the easiest money in finance right now - Why AGI won't beat the hedge fund industry — all the readily-capturable alpha is already captured - The status trap: why the path that made Paul Tudor Jones a billionaire won't work for the kid trying to copy it in 2026 - His friend the investment banker who'd quit it all to run a 10-employee ambulance supply company worth $150M - Why excitement is "wildly overbid" in finance — and why wanting an exciting trading job is itself a disqualifier - The most honest end of the financial industry — and why the media has it exactly backwards Thanks so much to Tom for coming on Odds on Open! Highlights: 00:00 Intro 01:18 Building institutional credibility for early-stage managers 03:01 The Pareto distribution of hedge fund returns 04:25 Applying the Unified Field Theory of Finance to fair value 08:14 Trading against human incentives in a deterministic market 13:54 Why allocators don’t steal alpha from prospective PMs 25:16 Evaluating career edge in quantitative finance for 2026 30:48 Paul Tudor Jones and the art of game selection 33:42 Analyzing the economic viability of starting a new fund 35:16 Identifying common retail pitfalls: Mean reversion and arbitrage 38:55 Why there hasn't been a new trading idea in 15 years 50:33 Managing tail risk: Physics vs. deterministic financial distributions 59:10 Career pathing for PMs after a fund blow-up 1:07:53 SBF and FTX: Credibility vs. the "Founder-Genius" archetype 1:13:44 Establishing proof-of-concept through audited multi-year returns
1:15:58

"I haven't seen a real new idea in trading in at least 15 years." Tom Costello (Tom Coste) ran money at Tudor, Moore Capital, and Caxton. Built one of the first NLP-driven equity systems in 2003. 20 years managing capital, never had a down year. "Comparing what a retail trader does to what a quantitative hedge fund does is like comparing driving a bus on the New Jersey Turnpike to winning a Formula One race." We cover: - His hot take: no genuinely new trading idea in 15 years — only better people doing the same things faster - Why everyone in quant finance is a genius — and why that makes you ordinary, not special - Crypto is "super smart guys cosplaying at finance" — built for retail, which is exactly why it's the easiest money in finance right now - Why AGI won't beat the hedge fund industry — all the readily-capturable alpha is already captured - The status trap: why the path that made Paul Tudor Jones a billionaire won't work for the kid trying to copy it in 2026 - His friend the investment banker who'd quit it all to run a 10-employee ambulance supply company worth $150M - Why excitement is "wildly overbid" in finance — and why wanting an exciting trading job is itself a disqualifier - The most honest end of the financial industry — and why the media has it exactly backwards Thanks so much to Tom for coming on Odds on Open! Highlights: 00:00 Intro 01:18 Building institutional credibility for early-stage managers 03:01 The Pareto distribution of hedge fund returns 04:25 Applying the Unified Field Theory of Finance to fair value 08:14 Trading against human incentives in a deterministic market 13:54 Why allocators don’t steal alpha from prospective PMs 25:16 Evaluating career edge in quantitative finance for 2026 30:48 Paul Tudor Jones and the art of game selection 33:42 Analyzing the economic viability of starting a new fund 35:16 Identifying common retail pitfalls: Mean reversion and arbitrage 38:55 Why there hasn't been a new trading idea in 15 years 50:33 Managing tail risk: Physics vs. deterministic financial distributions 59:10 Career pathing for PMs after a fund blow-up 1:07:53 SBF and FTX: Credibility vs. the "Founder-Genius" archetype 1:13:44 Establishing proof-of-concept through audited multi-year returns

Ethan Kho

1,185,257 views • 2 months ago

Ex-Jane Street trader Agustin Lebron explained how the firms paying juniors $750k/year took over every major market - in 10 years, discretionary traders won't exist 9-min and you'll understand why quant shops now run the global markets bookmark - the most honest breakdown of where Wall Street is heading
9:03

Ex-Jane Street trader Agustin Lebron explained how the firms paying juniors $750k/year took over every major market - in 10 years, discretionary traders won't exist 9-min and you'll understand why quant shops now run the global markets bookmark - the most honest breakdown of where Wall Street is heading

st1ne

88,802 views • 1 month ago

"Einstein of Wall Street" survived all 5 global market crashes - and for 40 years has traded $1 billion every day he said: "Invest in stocks, not stuff " and yet - he never bought a single stock in his life - only made money on commissions for 2 years he dressed up every morning and went to Wall Street completely broke - now he is considered the most experienced and smartest man in the market bookmark & watch - trading advice from the most experienced man on Wall Street
35:50

"Einstein of Wall Street" survived all 5 global market crashes - and for 40 years has traded $1 billion every day he said: "Invest in stocks, not stuff " and yet - he never bought a single stock in his life - only made money on commissions for 2 years he dressed up every morning and went to Wall Street completely broke - now he is considered the most experienced and smartest man in the market bookmark & watch - trading advice from the most experienced man on Wall Street

bodila

1,677,946 views • 24 days ago

This street in the Bronx is located near Yankee Stadium and hasn't been repaired in over 15 years; this is a disgrace to the city NYC DOT Governor Kathy Hochul NYC Mayor's Office Mayor Zohran Kwame Mamdani Secretary Sean Duffy
0:20

This street in the Bronx is located near Yankee Stadium and hasn't been repaired in over 15 years; this is a disgrace to the city NYC DOT Governor Kathy Hochul NYC Mayor's Office Mayor Zohran Kwame Mamdani Secretary Sean Duffy

C.N.O TEAM

23,400 views • 3 months ago

Marshall: Since January, there have been five significant crashes. That hasn't been since 2009. So if everything happened in the last four years and nothing happened during the last four years, I’m not buying it
1:30

Marshall: Since January, there have been five significant crashes. That hasn't been since 2009. So if everything happened in the last four years and nothing happened during the last four years, I’m not buying it

Acyn

222,619 views • 1 year ago

For those ot us who were born and raised in New Orleans and now have grown children and in most cases grandchildren what happened today 15 years ago January 24th.2010…will always be the Greatest Sports Moment in our life. After 43 years the unimaginable really happened…
0:36

For those ot us who were born and raised in New Orleans and now have grown children and in most cases grandchildren what happened today 15 years ago January 24th.2010…will always be the Greatest Sports Moment in our life. After 43 years the unimaginable really happened…

richard condon

152,718 views • 1 year ago

33 years ago today, Michael Jackson sat down with Oprah for his first major television interview in 15 years
59:15

33 years ago today, Michael Jackson sat down with Oprah for his first major television interview in 15 years

RNB RADAR

465,027 views • 4 months ago

Ex-Wall Street Banker: "it's an industry that rewards psychopaths, and it's an industry that psychopaths thrive in." Every junior analyst dreams of the lifestyle: the six-figure bonuses, the glamour, and the prestige. But behind closed doors, the reality is far more grotesque. A former investment banker just exposed what really happens behind the scenes: from multi-million dollar insider trading rings disguised as "rumors" to absolute moral degradation, drug bings, and secret underground parties for elites. It is the real, unglamorous version of "The Big Short" and "Wolf of Wall Street", explained by someone who spent 12 years playing for the team that didn't give a shit about anything except quarterly earnings. watch the full version below 👇
5:48

Ex-Wall Street Banker: "it's an industry that rewards psychopaths, and it's an industry that psychopaths thrive in." Every junior analyst dreams of the lifestyle: the six-figure bonuses, the glamour, and the prestige. But behind closed doors, the reality is far more grotesque. A former investment banker just exposed what really happens behind the scenes: from multi-million dollar insider trading rings disguised as "rumors" to absolute moral degradation, drug bings, and secret underground parties for elites. It is the real, unglamorous version of "The Big Short" and "Wolf of Wall Street", explained by someone who spent 12 years playing for the team that didn't give a shit about anything except quarterly earnings. watch the full version below 👇

Spivach

87,391 views • 1 day ago

Bill Mann worked as a quant at AQR. Then at Two Sigma. In September 2024 his non-compete expired, and he started talking. He breaks down: > why everyone in the Two Sigma office sits in headphones and stays silent > how quants used to find edge before ChatGPT existed > why he now runs four different LLMs in parallel just to answer one question The generation now entering quant trading grew up with GPT-4. They never worked without it.
38:00

Bill Mann worked as a quant at AQR. Then at Two Sigma. In September 2024 his non-compete expired, and he started talking. He breaks down: > why everyone in the Two Sigma office sits in headphones and stays silent > how quants used to find edge before ChatGPT existed > why he now runs four different LLMs in parallel just to answer one question The generation now entering quant trading grew up with GPT-4. They never worked without it.

zostaff

91,496 views • 1 month ago

An Ex-Goldman MD who traded nat gas for 12 years thinks systematic trading models can have fatal flaws when applied to commodities. "If you had this strategy running in 2015, there would not be a possibility of the gold market trading 4,000." - let alone 5000 The model has no data for what's never happened. "What you've seen in the last eight weeks — prices going vertical — that is not found in the history of the gold market anywhere." So the algo fades it. In week two. In week three. "I think humans matter." Every quant who thinks they've solved regime detection needs to answer this.
3:45

An Ex-Goldman MD who traded nat gas for 12 years thinks systematic trading models can have fatal flaws when applied to commodities. "If you had this strategy running in 2015, there would not be a possibility of the gold market trading 4,000." - let alone 5000 The model has no data for what's never happened. "What you've seen in the last eight weeks — prices going vertical — that is not found in the history of the gold market anywhere." So the algo fades it. In week two. In week three. "I think humans matter." Every quant who thinks they've solved regime detection needs to answer this.

Ethan Kho

371,916 views • 3 months ago

.tobi lutke has been running a keylogger and auto-screenshotting his computer every 10 minutes for the last 15 years. That's a crazy person move, and a wild dataset to have on yourself.
2:03

.tobi lutke has been running a keylogger and auto-screenshotting his computer every 10 minutes for the last 15 years. That's a crazy person move, and a wild dataset to have on yourself.

Acquired Podcast

113,496 views • 9 months ago

15 years ago today, Fareed Zakaria GPS premiered on CNN. At the top of the 1st show, Fareed said "Let's get started on what's going to be a hell of a ride". It's surely been that and I am privileged to have been there for almost all of those 15 years. 1/2
1:00

15 years ago today, Fareed Zakaria GPS premiered on CNN. At the top of the 1st show, Fareed said "Let's get started on what's going to be a hell of a ride". It's surely been that and I am privileged to have been there for almost all of those 15 years. 1/2

TomGoldstone

52,814 views • 3 years ago

Today just turned May 15 in Palestine.. the “NAKBA DAY”…🇵🇸💔 📍76 years of occupation 📍76 years of apartheid 📍76 years of displacement and discrimination 📍76 years of oppression and violence 📍76 years of land theft and humiliation 📍 76 of Ethnic Cleansing & Genocide 📍76 years with NO HELP DO NOT STOP PROTESTING… RESIST🇵🇸
6:12

Today just turned May 15 in Palestine.. the “NAKBA DAY”…🇵🇸💔 📍76 years of occupation 📍76 years of apartheid 📍76 years of displacement and discrimination 📍76 years of oppression and violence 📍76 years of land theft and humiliation 📍 76 of Ethnic Cleansing & Genocide 📍76 years with NO HELP DO NOT STOP PROTESTING… RESIST🇵🇸

Pelham

278,060 views • 2 years ago

I sat through the full 8 minutes, waiting for any actual evidence, any proof for the claim of 30,000 killed in Iran in a few days and there was nothing, just bs.
8:31

I sat through the full 8 minutes, waiting for any actual evidence, any proof for the claim of 30,000 killed in Iran in a few days and there was nothing, just bs.

Abier

182,960 views • 3 months ago

1sr@el is a criminal, and it has to pay for its crimes. The vilest crimes that have been ongoing for over 76 years. Over 76 years of October 7th for the Palestinians!
5:08

1sr@el is a criminal, and it has to pay for its crimes. The vilest crimes that have been ongoing for over 76 years. Over 76 years of October 7th for the Palestinians!

Rania

16,968 views • 1 year ago

A serious question for people of KPK and people of Karachi is there a single infrastructure project of this scale and quality that has been built in either places by PTI or PPP in last 15 years!!! of their rule? This multi-tiered mega junction was built in 6 months in Punjab..
1:41

A serious question for people of KPK and people of Karachi is there a single infrastructure project of this scale and quality that has been built in either places by PTI or PPP in last 15 years!!! of their rule? This multi-tiered mega junction was built in 6 months in Punjab..

Junaid Sahi

29,492 views • 1 month ago