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Jane Street suffers $15B hit after meltdown at Situational Awareness
41–50 of 134 posts
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#42Earlier quoted context omitted.
Always been a bit wary of Patrick. He reminds me of those people who in the 1990s/2000s would have become professional talking head guests on CNN. The older ex-academic/ex-industry guys who knew how to spin popular news stories into sound bites for the general public, while offering a veneer of authority. I'd rather get analysis from people who don't chase pop news stories for a living.
He's offering entertainment not investing advice. But he is very entertaining and has more than a veneer of authority. His early educational YouTube videos covering topics like derivatives pricing are genuinely very good.
> His early educational YouTube videos covering topics like derivatives pricing are genuinely very good.
Which is a common story these days. Nothing wrong with that, there are worse people who become the Youtube-content guy. I've just gone down that road enough times to know to eject early.
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#43It's all so sketchy. Jane Street were investors in SA but presumably were much more sophisticated and savvy than Leopold. When SA got in trouble, 3 firms got into a bid war for the assets at fire sale prices: Citadel, Jane Street and a third I forgot. Citadel outbid the other 2, but it's all weird, like Jane Street wanted in on the popular boy's book that they knew was going to tank and just were waiting around in th…
> like Jane Street wanted in on the popular boy's book that they knew was going to tank This is completely illogical. If they knew it was going to tank, they wouldn’t invest. As conspiracy theories go, this one doesn’t even have a leg to stand on.
One theory (I don’t necessarily believe it): Jane Street was after the private part of SA’s portfolio (Anthropic), which is difficult to come by. Losing a few million dollars investing and getting in that network was worth it for them to try to groom Leopold to eventually sell them the private stake
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#44What is Jane Street doing these days? Still HFT MM?
A little bit of everything
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#45It's all so sketchy. Jane Street were investors in SA but presumably were much more sophisticated and savvy than Leopold. When SA got in trouble, 3 firms got into a bid war for the assets at fire sale prices: Citadel, Jane Street and a third I forgot. Citadel outbid the other 2, but it's all weird, like Jane Street wanted in on the popular boy's book that they knew was going to tank and just were waiting around in th…
Nothing about any of that is sketchy. It’s in their mutual interest to avoid a fire sale.
It’s sketchy to invest in a fund they probably knew full well had terrible risk practices and was likely going under on the first drawdown.
When Leopold went to pitch NY investors they all passed and thought he was full of it. He could only convince California tech guys. Savvy finance guys saw SA for what it was (leveraged beta trade). Jane street are finance guys, not California tech bros.
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#46Earlier quoted context omitted.
Always been a bit wary of Patrick. He reminds me of those people who in the 1990s/2000s would have become professional talking head guests on CNN. The older ex-academic/ex-industry guys who knew how to spin popular news stories into sound bites for the general public, while offering a veneer of authority. I'd rather get analysis from people who don't chase pop news stories for a living.
That leaves basically nobody.
This isn't the TV news era. If you're into learning science you're not limited to choosing between the Michio Kaku or Neil deGrasse Tyson types. Same with finance and economics or any other topic.
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#47Earlier quoted context omitted.
https://youtu.be/rE75WvOtcu8 This video from Patrick boyle has a lot of detail.
Always been a bit wary of Patrick. He reminds me of those people who in the 1990s/2000s would have become professional talking head guests on CNN. The older ex-academic/ex-industry guys who knew how to spin popular news stories into sound bites for the general public, while offering a veneer of authority. I'd rather get analysis from people who don't chase pop news stories for a living.
Is there anything he's said in particular that, given the benefit of hindsight, you feel has turned out to be misleading in retrospect?
Speaking for myself only, but if I were going to post a comment like yours on a public forum insinuating doubts about a specific person and vaguely implying their analysis is not trustworthy, I'd come armed with at least once example.
Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#48They're still up $25B for the year, so it's hard to feel bad for them :-) On a more serious note, Jane Street has hired some very impressive technical talent. I'd work for them, myself, if I didn't have to relocate to Chicago.
I don't think they even have a Chicago office, so it's good you didn't relocate there. They're based in New York. https://www.janestreet.com/culture/our-offices/
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Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#49Re: Jane Street suffers $15B hit after meltdown at Situational Awareness
#50[flagged]
What's the grumpy version of xkcd 1053? Anyway, Jane Street does high frequency trading on Wall Street, and they're kind of a big deal in that sector. They date back to 1999, with some IBM people. Other than the money, the reason they're interesting for HN is they're an OCaml shop and do a lot for that ecosystem. So if you're a computer language nerd and want to work in a functional programming language, but one that has real world applications, and make a lot of money doing it, Jane Street is the place to be!