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Takeaways from the Jane Street bond prospectus

ft.com

51–60 of 343 posts

Re: Takeaways from the Jane Street bond prospectus

#51

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

Billion has wildly different meanings. https://en.m.wikipedia.org/wiki/Billion

Who knew? But that article indicates America has used the short scale (base ten) forever and the UK has used it since 1974, so let's just assume that FT (an English language paper) is not worried about confusion regarding the meaning of 'billion' and there's a different norm at work here.

Re: Takeaways from the Jane Street bond prospectus

#52

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

SWE will probably make between 250-500k. Quants who can come up with profitable trading strategies can make a lot more. Managers of trading teams can make over 1MM and sometime a lot over 1MM depending on how profitable their teams perform.

SWE who have deep subject matter experience are super valuable to these firms. Folks who understand how to write low latency code, FPGA work and other stuff like that. But the real money is in figuring how "how and what" to trade. Once that's done, the SWEs can bang out the code.

Re: Takeaways from the Jane Street bond prospectus

#53

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

I come from a very small provincial university, but they still reached out to me 2018, so I don't think so. (I bombed their interview and didn't get an offer, though).

Re: Takeaways from the Jane Street bond prospectus

#54
post #37
post #25

Earlier quoted context omitted.

Why do we say 17,000 kilometers instead of 17 megameters?

I want us to start using megameters. And gigameters. And instead of (metric) tons, I want megagrams. No kilotons; gigagrams.

I’m personally partial to attolightyears (about 1cm).

Re: Takeaways from the Jane Street bond prospectus

#55

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

Until a few decades ago, the term 'billion' actually meant one million million (1e12) in the UK, rather than the now commonly-accepted meaning of one thousand million (1e9). As a British paper, the FT may simply be trying to avoid the ambiguity.

Re: Takeaways from the Jane Street bond prospectus

#56

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

They might as well say "middle class and above applicants only".

You can't claim to have diversity if everyone did the same courses in the same schools.

Re: Takeaways from the Jane Street bond prospectus

#58
post #12

I love them because they keep the OCaml dream alive, but any company shouldn't have this kind of reach, especially in the realm of automation. This probably won't end well... Meanwhile I'd love to know what their edge is... It's probably more than OCaml, although... ;)

I think OCaml is more of symptom of the people who they hire. Most companies don't want to hire OCaml and Haskellers. They fear they would be too expensive, and requires clear thinking so you can't hire bottom of the bucket devs.

If you want to hire the best and willing to pay that is no longer a concern

Re: Takeaways from the Jane Street bond prospectus

#59
post #5

If I remember correctly they are also by far the biggest poster child for OCaml, right? Blub Paradox at play here?

Back in the 90s/00s the CSFB quant team went with F#. Immutable and functional is reasonable choice. Just not popular.

These days, starting or running a financial business with less popular languages is, well, less popular.

Re: Takeaways from the Jane Street bond prospectus

#60
post #19

Earlier quoted context omitted.

> 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. It wasn't a "logical way", it was an "easy way". That's classist at the very least.

To a certain extent, you are correct. However, companies like Jane Street need to filter and doing so based on colleges is the most efficient when other factors are all equal. Top tier colleges strive to base their admittance on performance and strive to be racially and culturally diverse. This gives Jane Street the ability to say they filter on the same criteria. I'm all ears if you have a better system that is more…

>>and strive to be racially and culturally diverse

But not socio-economically.

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