Odds on Open

The Secret to Uncorrelated Alpha in Crypto - Leigh Drogen on Starkiller Capital’s Sharpe Ratio of 4

The Secret to Uncorrelated Alpha in Crypto - Leigh Drogen on Starkiller Capital’s Sharpe Ratio of 4

“Market Crashes Are Good for My Strategy” - One-Man Hedge Fund PM George Livadas

“If it is easy and obvious, there is no edge in it” - TD Quant Matt Schrager

Inefficiency serves as the primary driver of alpha in financial markets, particularly within "ugly" or overlooked sectors like municipal bonds, commodities, and private credit. Unlike highly liquid equity markets, these areas lack transparency and frequent trading, requiring sophisticated, data-driven approaches to pro...

Ex-Tudor Quant PM: “There Hasn't Been a New Idea in Trading for 15 Years”

“Concentrated Strategies Will Do Extremely Well” - Sean Emory on Outperforming the Index

“It’s the Dumbest Market in the World” - Quant Trader Scott Phillips on Edge in Crypto

Now Is the Best Time to Become a Junior Analyst - Ex-Citadel and D. E. Shaw PM Brett Caughran

An effective investment process hinges on differentiating key drivers to identify mispriced stocks, particularly in the market's "tails," where significant alpha resides. Brett Caughran emphasizes that understanding a business comprehensively and identifying the two or three critical variables that determine investment...

"Positions Can Be LESS Risky at Higher Prices" - Derek Pilecki on Finding Edge in Financials

The conversation explores Derek Pilecki's approach to managing a financials-focused fund, highlighting his consistent returns and investment philosophy. Pilecki emphasizes the importance of repetition in developing an edge, particularly within the often-overlooked financial sector. He discusses his investment in Robinh...

How Billionaire Hedge Fund Managers Are Using Generative AI to Invest

The discussion centers on how billion-dollar fundamental hedge funds utilize Large Language Models (LLMs) to enhance investment strategies. Matei Zatreanu from System2, details how AI can synthesize qualitative information, conduct expert interviews at scale, and scrape diverse sources like discussion boards and podcas...

How the World’s Largest Oil Derivatives Trading Firm Is Navigating the Iran War

Annie Duke on Thinking in Bets - And Why Winners Can Be Wrong

The discussion centers on defining a "good bet" as a decision made under uncertainty with positive expectancy, irrespective of the outcome. Annie Duke argues every decision involves forecasting and investing limited resources into a range of possibilities. Duke emphasizes that great risk-takers embrace uncertainty and ...

Meet the 25-Year-Old Running a Multi-Manager Hedge Fund

Alpha Comes From a Differentiated View - Ex-Point72 Prop Research Head Kirk McKeown on Edge in 2026

The conversation explores competitive advantages in the financial industry, particularly within hedge funds, and how those principles translate to broader business contexts. Kirk McKeown, who has worked at Tudor Investments, Glenview Capital, and Point72, shares insights on alpha generation, emphasizing the importance ...

What Druckenmiller Style Investing Gets Wrong - Alfonso Pecatiello on Edge in Macro Trading

“I think of everything as a bet” - Ex-SIG Quant Trader Andrew Courtney

“Conviction is dangerous” - Emerging Markets Hedge Fund Manager Sinan Xin

“AI Makes Analysts Lazy” - Hedge Fund Manager Alix Pasquet on the Importance of Analog Training

Why 20% of Hedge Funds Fail After One Year - Claudia Quintela on Why Managers Need Business Sense

How I Built a 1.4-Billion-Dollar Quant Fund - Deepak Gurnani on Founding Versor Investments