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Takeaways from the Jane Street bond prospectus

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Re: Takeaways from the Jane Street bond prospectus

#21

Post by vintermann »

SkipperCat wrote: post #11
peterhadlaw wrote: post #2

They discriminate employment based on what school you go to, or at least they did circa 2013

Its mostly done as a way to filter job applications into a smaller set. When Google was the 'hottest' job prospect (many years ago) they needed a way to reduce the set of applicants down to a number where hiring managers could handle the load. Setting criteria such as having an Ivy League degree or a CS degrees with GPA over 3.8 was a logical way to achieve this goal. That being said, if you went to a community colle…

> they needed a way to reduce the set of applicants down to a number where hiring managers could handle the load

The question is what other attributes you "accidentally" filter by if you filter by school prestige. Even if you do bias your pool to individually better candidates on average, you may bias it in a lot of other ways.

If the purpose of the filtering is to reduce the pool to a size where humans with common sense can make sensible calls, then that CC graduate with 10+ years of competitor experience would likely be filtered out before common sense could suggest he might be good anyway.

Re: Takeaways from the Jane Street bond prospectus

#22

Post by yodsanklai »

chronic830021 wrote: post #17

> Double the profit per employee than Google > Average TC of 900K > Several unranked billionaires it makes even OpenAI / Meta ML SWEs look underpaid

This is the average, it'd be interesting to know what's the median for a SWE is. Also, some high-level SWE do make 900K at Google and others. Maybe for a similar set of skills, JS doesn't pay (much) more than Meta or Google?

Re: Takeaways from the Jane Street bond prospectus

#23

Post by llm_trw »

Smaug123 wrote: post #13

> 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

That works out to 8 million per person on average.

I'd be interested to see if the Pareto distribution holds here as well, namely that 1% of employees (26) hold half the wealth ($10b).

Re: Takeaways from the Jane Street bond prospectus

#24

Post by infecto »

belinder wrote: post #20

Why do they say 179,000 million instead of 179 billion? Is that common in their industry?

Pretty common in finance across the board to use consistent units and to not use decimals. So in this case the following sentences mention $10 million, you would not want to say $0.10 billion. It depends on whats being presented of course but in large numbers like these, decimals make it harder to read.

Re: Takeaways from the Jane Street bond prospectus

#27

Post by vintermann »

Ekaros wrote: post #18
actionfromafar wrote: post #16

Earlier quoted context omitted.

There's a non-zero chance one of the companies is mostly legal.

I would put that to 100%... You don't make that much money without breaking at least some laws from time to time.

Well, sometimes they only do stuff that should be illegal.

Superfast arbitrage, which is Jane Street's main thing as far as I understand, doesn't really produce anything of value to humanity. Yeah, I guess the contributions to OCaml are worth something, but maybe not 10 billion?

Re: Takeaways from the Jane Street bond prospectus

#29

Post by baq »

llm_trw wrote: post #23
Smaug123 wrote: post #13

> 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

That works out to 8 million per person on average. I'd be interested to see if the Pareto distribution holds here as well, namely that 1% of employees (26) hold half the wealth ($10b).

(PSA: 50/1 is approximately the same distribution as 80/20)
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