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Goldman Sachs will open-source some of its trading software

wsj.com

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Re: Goldman Sachs will open-source some of its trading software

#71

Post by JackFr »

chadash wrote: post #20
gfiorav wrote: post #4

Earlier quoted context omitted.

Oh, you mean like them offering a VP position (without telling you maybe half of the people there are VPs)?

this is just how titles in finance work: analyst The lowest level managing directors typically have several additional managing directors between them and the C level executives. In other words, you can be in charge of a 15 person unit and be called a managing director or you can be in charge of an entire division of 500 people and make as much as some fortune 500 CEOs and be called a managing director. Generally, yo…

> The lowest level managing directors typically have several additional managing directors between them and the C level executives.

Often called SMD (Senior) or EMD (Executive)

Re: Goldman Sachs will open-source some of its trading software

#72

Post by infinite8s »

mortdeus wrote: post #70

What about that dude who they put in jail for open sourcing software he developed in a personal side project while under contract with them? Didn't they like completely throw the book at him by charging him under that completely insane law the Computer Fraud Act?

You have a citation? The only case I know about is a programmer who ftp'd a whole bunch of internal code to a site in Germany before his last day of work.

Re: Goldman Sachs will open-source some of its trading software

#73

Post by beloch »

Goldman Sachs does nothing that fails to profit Goldman Sachs.

This might be just PR, in which case the code could be useful for some. However, they may be doing this is because they found something that they can exploit if other people are using this code. It might be nothing particularly bad for a given user, but if a big block of investors begin using code Goldman Sachs knows intimately, the market may suddenly start doing stuff that just happens to fall to Goldman Sach's advantage.

Re: Goldman Sachs will open-source some of its trading software

#74

Post by mhh__ »

losvedir wrote: post #25
NowThenGoodBad wrote: post #21

Earlier quoted context omitted.

Hey, serious question but off topic from the thread: You used the word "what" where we would normally use the word "that". I've heard this done during speech numerous times from everyone ranging from fluent native speakers to learning nonnative speakers. Was there a specific reason you did it here?

It's a British dialect thing, but not sure if that's the case with the poster here. See: https://english.stackexchange.com/questions/162619/usage-of-...

Emphasis on a British dialect. There are many and most (by geographically area) don't use what in that context. Except for emphasis e.g. The way Jeremy Clarkson says "an ..." where he shouldn't.

Re: Goldman Sachs will open-source some of its trading software

#75

Post by qpotlpus »

beloch wrote: post #73

Goldman Sachs does nothing that fails to profit Goldman Sachs. This might be just PR, in which case the code could be useful for some. However, they may be doing this is because they found something that they can exploit if other people are using this code. It might be nothing particularly bad for a given user, but if a big block of investors begin using code Goldman Sachs knows intimately, the market may suddenly st…

No company does anything which doesn’t benefit them whether via tech development, attracting programming talent, reputation etc... That is why they are companies not humans. Don’t confuse the two or pile on GS just cause they are GS.

Re: Goldman Sachs will open-source some of its trading software

#76

Post by strgcmc »

infinite8s wrote: post #72
mortdeus wrote: post #70

What about that dude who they put in jail for open sourcing software he developed in a personal side project while under contract with them? Didn't they like completely throw the book at him by charging him under that completely insane law the Computer Fraud Act?

You have a citation? The only case I know about is a programmer who ftp'd a whole bunch of internal code to a site in Germany before his last day of work.

Sergey Aleynikov: https://en.wikipedia.org/wiki/Sergey_Aleynikov

Re: Goldman Sachs will open-source some of its trading software

#77

Post by Havoc »

infinite8s wrote: post #72
mortdeus wrote: post #70

What about that dude who they put in jail for open sourcing software he developed in a personal side project while under contract with them? Didn't they like completely throw the book at him by charging him under that completely insane law the Computer Fraud Act?

You have a citation? The only case I know about is a programmer who ftp'd a whole bunch of internal code to a site in Germany before his last day of work.

Yeah that one. Was internal code (well derived from code off stackflow) but completely harmless. The response - GS getting the FBI to go after him was wildly disproportionate.

Re: Goldman Sachs will open-source some of its trading software

#78

Post by yyyyip »

lordnacho wrote: post #60
ionwake wrote: post #53

Earlier quoted context omitted.

Hope you dont mind me asking a slightly unrelated and possibly dumb question. Im a programmer, but on the side have made on average 150% profit in share dealing over the passed 5 years, but more importantly, a much higher return in other assets to 2 orders of magnitude higher. My question is - would experience / gains like this - if i had proof etc - get me an interview in a fund as some type of well paid (6 figure a…

Yes, go on LinkedIn, there's a bunch of recruiters hawking jobs at funds. Generally they want a Sharpe ratio above 2.5, $10M profits a year. And you need to know what machinery you'll need too. Capital requirements, counterparty agreements, access to stock lending, cost requirements, IT requirements, everything. Some of the newer shops say you can keep your own IP. Haven't checked whether it's true, but most people I…

ok while we're playing "ask a hedge fund guy"

Say I set up a fund holding a low cost s&p500 index ETF, but at the end of each year sold naked puts with a ~1/25 risk of ruin to earn ~4% return. Therefore my fund consistently makes 4% over the market index, except for 1/25 years when it explodes and loses everything. Because the volatility is low, my sharpe ratio is good (until it explodes), correct?

Assuming it can stay in business >10-15 years won't I be a billionaire hedge fund manager by then and then change to a low risk strategy that only makes 1-2% more than market index with very low risk of ruin and just let my investors lose interest and quit the fund over the next decade while I continue to earn fees from them?

Re: Goldman Sachs will open-source some of its trading software

#79

Post by radiusvector »

yyyyip wrote: post #78
lordnacho wrote: post #60

Earlier quoted context omitted.

Yes, go on LinkedIn, there's a bunch of recruiters hawking jobs at funds. Generally they want a Sharpe ratio above 2.5, $10M profits a year. And you need to know what machinery you'll need too. Capital requirements, counterparty agreements, access to stock lending, cost requirements, IT requirements, everything. Some of the newer shops say you can keep your own IP. Haven't checked whether it's true, but most people I…

ok while we're playing "ask a hedge fund guy" Say I set up a fund holding a low cost s&p500 index ETF, but at the end of each year sold naked puts with a ~1/25 risk of ruin to earn ~4% return. Therefore my fund consistently makes 4% over the market index, except for 1/25 years when it explodes and loses everything. Because the volatility is low, my sharpe ratio is good (until it explodes), correct? Assuming it can st…

Strategy discussion aside, a 4% risk of ruin is not “low” by any means. A sophisticated investor would never accept.

Re: Goldman Sachs will open-source some of its trading software

#80

Post by amyjess »

gfiorav wrote: post #4
ForHackernews wrote: post #2

How much do we wanna bet this is just a recruiting gimmick?

Oh, you mean like them offering a VP position (without telling you maybe half of the people there are VPs)?

A friend of mine interviewed for Goldman last year. All the senior software engineering positions were Vice Presidents.

He told me that according to his friend who works there and got him the interview, none of them are comfortable advertising that. They all choose to put "Sr. Software Engineer" on LinkedIn instead of their actual titles because nobody outside finance would understand why they're a VP.

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