They discriminate employment based on what school you go to, or at least they did circa 2013
Not true anymore. I went to a shitty state school with no FAANg on my resume, and had a Jane Street recruiter slide into my DMs last year.
Takeaways from the Jane Street bond prospectus
191–200 of 343 posts
Re: Takeaways from the Jane Street bond prospectus
#192Earlier quoted context omitted.
Some high level SWEs at Google are billionaires.
> Some high level SWEs at Google are billionaires. The entire tech industry has fewer billionaires than quant finance. If you are ambitious, tech SWE is a bad deal.
The tech billionaires are far richer than quant finance billionaires.
And I would bet that tech SWE has a far higher probability of launching you into $10M+ range than quant finance.
I don’t know that a few more single digit billionaires (if that is even true) puts quant finance ahead of tech SWE in terms of potential rewards for the “ambitious”.
Also, quality of life is far better for tech SWE.
Re: Takeaways from the Jane Street bond prospectus
#193Whatever Jane Street is, it’s not big enough to justify that abomination of a popover-riddled mobile site.
Re: Takeaways from the Jane Street bond prospectus
#194Earlier quoted context omitted.
I work at a competing firm and our SWE new grads make $420-470k (including signing bonus). JS pays their new grads similarly, just a tiny bit lower.
I guess, I live in the wrong country and wrong profession if I want to make that much of money. This is an stupidly gigantic amount of money. I know that I will not make this much gross any year of my life, actually this is around 7-8 years of my gross annual salary.. I know US vs UE etc. Still this is crazy. Not sure how UE salary in the same field/category compares.
This isn't much US vs Europe, as industry sector. You can probably make comparable amounts of money in the same sectors in London, Amsterdam or Paris.
Re: Takeaways from the Jane Street bond prospectus
#195Interesting, yesterday there was a thread on reddit in /r/ExperiencedDevs asking "What place is known as the ones with the best engineers now? One where if you saw that place on their resume you'd automatically assume they were good?"
And one of the answers was Jane St. Apparently they produce great engineers.
Re: Takeaways from the Jane Street bond prospectus
#196Earlier quoted context omitted.
Talented people are valuable in general which gives them bargaining power so they can demand to use their preferred tech regardless of whether that tech is niche or not . I generally agree with the notion that talented folks are more likely to explore niche tech. Just be careful making the leap from "they prefer niche X" to "therefore they are talented". Two anecdotes: 1. I'm an average programmer who likes niche tec…
> Just be careful making the leap from "they prefer niche X" to "therefore they are talented". Not my approach, to be sure :) I think I have a pretty good heuristic for finding curious and inquisitive people that doesn't rely on esoteric tech stacks. My sense is that a lot of engineering teams have lost their way so the only mechanism they can use now are convoluted leetcode style interviews instead to filter out Sen…
In my experience the most used mechanism is "I worked with this person before, they're pretty good, give them a call"
Re: Takeaways from the Jane Street bond prospectus
#197Some idle trivia, in the London office the d in the illuminated "Food Bar" sign above the cafeteria has been switched off.
the higher the stock, the downer the foo
the bigger the vol, the more imma do
Re: Takeaways from the Jane Street bond prospectus
#198> At the end of 2023, Jane Street employed 2631 people > About 80 per cent of the company's capital comes from employee equity, which has swelled to $21.3bn at the end of 2023 o.O
Are you telling me that one of American capitalism's peaks is basically a worker collective?
it's not a collective per se but employees are certainly well paid. because they are highly skilled, are not easily replaced, and could take secrets elsewhere.
commodities trading houses tend to follow this model too though that is changing a bit.
i remember having this discussion with a friend after he sent me a richard wolff video. nothing about our system stops coops from flourishing. one of my favorite retailers, REI, is a member-owned co-op. publix, the beloved florida grocer, is employee-owned.
Re: Takeaways from the Jane Street bond prospectus
#199Earlier quoted context omitted.
There is a CEO on top who has the power to fire anyone. There are department heads and middle managers. There is an org hierarchy. There are performance targets and reviews. Nothing about it is "voluntary cooperation". This is how every large company runs.
I hate, so much, when people refer to jobs as voluntary cooperation. Maybe at the very top when you have more money than you’ll ever need, but for the vast majority of people jobs aren’t truly voluntary.
You won't enjoy my comment then :)
Yes, jobs are voluntary. The vast majority of people could choose not to have a job and not to entertain certain luxuries in life like having a roof over one's head or food on the table. Some even (voluntarily!) choose not to have a roof over their head because they don't like the idea of having a job.
Re: Takeaways from the Jane Street bond prospectus
#200> Jane Street is stupidly profitable — net trading revenues of $4.4bn in the first quarter, after a $10.5bn haul in 2023, and a profit margin north of 70 per cent — but it bears repeating. That is the fourth straight year of net trading revenues exceeding $10bn. Gross revenues came at a record $21.9bn in 2023, up 34 per cent from 2022.
Yes, I suppose this is all something to get all starry-eyed over, Jane Street encroaching on Citadel Securities, the two of whom control 30% of the US equity market volume.
I see it another way. I see people's hard earned money being siphoned by enormous financially-engineered vacuums, never to be seen again. And not just in the US, globally. This won't stop at 30% of the US equity market. It won't stop until the music stops and the last chair breaks. Which may or may not be soon. It will certainly be coming at some point.
Five times the London Stock Exchange’s entire trading volumes in 2023 in just your ETF arm? Sure ... this sounds like reasonable growth ...
> This is why some people argue that APs like Jane Street have become systemically important.
Oh, you don't say!
> About 80 per cent of the company’s capital comes from employee equity
That's adorable. They're like a little mom-and-pop shop ... except not anything like that.