Earlier quoted context omitted.
This assertion is about funds that are open to the general public. No one doubts e.g. Renaissance’s Medallion fund.
OK but it's still just false. Go read this obituary of Richard Gilder who recently passed away. He founded a firm that gave ordinary retail investors consistently high returns for decades. https://www.gilderlehrman.org/about/richard-gilder
What the interns have wrought, 2020 edition
141–150 of 219 posts
Re: What the interns have wrought, 2020 edition
#142Off a tangent but whenever I hear OCaml I can’t stop thinking about F#. I started dabbling in F# in my spare time but time didn’t allow a deepdive. From a few months of playing with it it seems like a solid alternative to other languages and codebases appears to be easier to follow though I never used it in the real world. Does anyone with real world experience have the patience to write about it? Does using F# make…
I've been working with F# for about 5 years now, love it. The .net ecosystem has a huge amount of libraries available, performance is excellent, and F# is a joy to develop it.
Re: What the interns have wrought, 2020 edition
#143Earlier quoted context omitted.
> I always advise people to never assume an offer is a done deal until you've received the official offer letter with compensation details and a start date They can still rescind at that stage as well though can't they - it's no more concrete, legally, is it?
If it’s in a (United) State with “employment at will” then they can rescind any time, or fire you in the first nanosecond of employment for that matter. Unless you have a signed contract that says otherwise, of course.
Disclaimer: Not a lawyer, and haven't experienced this scenario myself.
Re: What the interns have wrought, 2020 edition
#144Wow. These interns at that comapany are working of stuff that's way more interesting and complex than the crap I deal with at my financial company. From what others are saying, it looks like they pay way better too.
Re: What the interns have wrought, 2020 edition
#145For those who don't know, Jane Street is one of the best performing algorithmic trading firms on Wall Street. Probably the largest Ocaml shop on earth. It's a lucrative job for strong programming talent. Engineers there routinely make well over $1mm/year (edit: after a few years). They are similar to Two Sigma in tech focus and talent, which is a more well-known firm.
I don't know about anyone else but I have a negative perception of tech companies in the financial sector. Perhaps my perception is wrong, so I'm curious, how does the culture compare to one at Google or Facebook?
* JS is technically isolated. They're not really part of the same conversation as the web-focused and much more public tech giants are. Lots of NIH, custom hand-rolled solutions. Maybe part of that is a consequence of going all-in on an ecosystem (Ocaml) that basically only you use and run, maybe part of that is that really smart people love to invent their own better solutions to problems, maybe part of that is that most of what JS does is either, like, command-line/TUI apps for traders to interact with or trading systems where a proprietary technical advantage is where you get your edge.
* There's a particular Jane Street "way of thinking". Another comment on this thread exemplifies it pretty well [1] - technocratic and rationalist. If you don't fit into that mould you'll feel out of place, if you can even get hired at all.
* More of a 9-6, butt-in-chair mentality than at other tech jobs I've worked. There's some flexibility about the 9-6 thing (and 9-6 can be pretty optimistic at times), but they're limited by the nature of the markets. At the time and for me, anyway, there was zero possibility of ever doing any work at home. COVID may have changed this.
* There's still things clubs, office events, and perks, but to a lesser degree and more informally than at larger companies. It feels more like working a regular job at a real business. JS is also a lot smaller and more homogenous (see above), so less of that is needed to create social cohesion.
If you have specific questions, or can elaborate on what your "negative perception" entails, I can probably comment further.
Re: What the interns have wrought, 2020 edition
#146I know a guy who works at Jane Street; he was formerly one of the brightest undergrads at Caltech. He turned down an offer to do a PhD at Berkeley to take the Jane Street offer, IIRC. He is pretty idealistic and has an interesting philosophy about working in finance: he thinks moving money around isn't that societally valuable, but he donates 10-15% of his income to charity each year (I think he picks charities using…
I would say hedge funds have massive negative social value (especially quant/HFT ones), and actively contribute to wealth inequity. Robert Mercer is a prime example of this. Not saying I think your friend is a bad person or should quit, but it's kind of a naive justification.
Re: What the interns have wrought, 2020 edition
#147Earlier quoted context omitted.
> Engineers there routinely make well over $1mm/year. Do you have a source for such claim ? data from h1b salary [1] tells that senior software make 200k base, and here [2] they explain that the average salary is 440k [1] https://h1bdata.info/index.php?em=JANE%20STREET&job= [2] https://news.efinancialcareers.com/fr-en/307393/jane-street-...
Anecdata, but I totally believe this. FWIW, I get inbound recruiting from FAANG as well as some prestige finance companies. I'm a generalist with no degree but ~8 years of experience. I make ~$300k/year in NY. Given grapevine comp chatter, I'm sure that pre-Covid I was leaving money on the table versus what I'd earn if I prepped and left for FB or Google. I'm super happy with my employment situation though, so I've j…
My contact details are in my profile.
Cheers!
Re: What the interns have wrought, 2020 edition
#148For those who don't know, Jane Street is one of the best performing algorithmic trading firms on Wall Street. Probably the largest Ocaml shop on earth. It's a lucrative job for strong programming talent. Engineers there routinely make well over $1mm/year (edit: after a few years). They are similar to Two Sigma in tech focus and talent, which is a more well-known firm.
Re: What the interns have wrought, 2020 edition
#149I know a guy who works at Jane Street; he was formerly one of the brightest undergrads at Caltech. He turned down an offer to do a PhD at Berkeley to take the Jane Street offer, IIRC. He is pretty idealistic and has an interesting philosophy about working in finance: he thinks moving money around isn't that societally valuable, but he donates 10-15% of his income to charity each year (I think he picks charities using…
> moving money around isn't that societally valuable I would say hedge funds have massive negative social value (especially quant/HFT ones), and actively contribute to wealth inequity. Robert Mercer is a prime example of this. Not saying I think your friend is a bad person or should quit, but it's kind of a naive justification.
Re: What the interns have wrought, 2020 edition
#150I know a guy who works at Jane Street; he was formerly one of the brightest undergrads at Caltech. He turned down an offer to do a PhD at Berkeley to take the Jane Street offer, IIRC. He is pretty idealistic and has an interesting philosophy about working in finance: he thinks moving money around isn't that societally valuable, but he donates 10-15% of his income to charity each year (I think he picks charities using…
> moving money around isn't that societally valuable I would say hedge funds have massive negative social value (especially quant/HFT ones), and actively contribute to wealth inequity. Robert Mercer is a prime example of this. Not saying I think your friend is a bad person or should quit, but it's kind of a naive justification.
> TABB Group estimates that US equity HFT revenues have declined from approximately $7.2 billion in 2009 to about $1.3 billion in 2014.
https://web.archive.org/web/20140404072855/http://tabbforum....
I mostly agree that Robert Mercer has been a force for evil in the world, but subjectively my impression is that finance billionaires are more likely than people from other industries to spend their money on relatively uncontroversial philanthropy.