If you know anyone who’s interested. Continue reading »
Quants
Or at least one of the things on a wish list that includes a revealing 12-month wall calendar, Zamboni rides, a full deck of cards, karaoke night, an invite to the manse for spaghetti with anchovies, the opportunity to submit designs for the tattoo he’ll be getting on his lower lumbar region, a remastered DVD of home video footage that features his conception, birth, and 3rd place finish in the 8 and under 25m butterfly, a lock of chest hair, one year as his foster child, and higher fees: a new fund. Continue reading »
A Double Down challenge occurred last Friday at 1PM. Man on man (in this case, employee v intern), thirty minutes, as fast as they could get ‘em in there. Luckily I was long gone by then but I’ve been asked to post the results, for those of you considering going up against your younger, hungrier slaves. Continue reading »
Last week we mentioned that Goldman Sachs, in spite of the assumption it was immune from taking part in peasant-like drinking games, had played host to at least one confirmed icing on its premises at 200 West Street. For the uninformed, “Icing” is the new game the kids are playing these days, wherein you surprise a “bro” with a bottle of Smirnoff Ice, any time, any place and he has to get down on one knee and chug it, unless he happens to whip out his own bottle, in which case, you got owned and have to drink both. Naturally we assumed that such events were taking place on Wall Street, but at places where it wouldn’t be such a huge deal if you got caught by someone much more senior than yourself, such as Citi, where they’re practically daring their employees to pull this kind of shit. It wasn’t that we imagined Goldman Sachs had more important things to do– front-running clients is really not as difficult as people would you have you think, seriously, try it some time– but that they’d have more sophisticated drinking games to play. The same thinking went into our answer to the question, “Do you think there’ve been any icings at DE Shaw,” which meant that for only the second time ever, we were proved wrong.
Fortune has learned of icings at Florida-based investment bank Raymond James (RJF) and New York City hedge fund D.E. Shaw.
Quantitative hedge funds, which really stunk up the joint two years ago, are getting some tough love from a guy who knows just how bad it can get.
Robert Litterman is head of quantitative resources at Goldman Sachs Asset Management, which in 2007 watched its Cadillac of hedge funds, Global Alpha, turn into a Yugo. And as he sees it, from his alternately lofty and lousy perch, and with his many years of experience in the field, quantitative hedge funds have to do a better job of making money for their clients. And in Litterman’s considered opinion, they need to find new ways of making money. New and non-quantitative, apparently.
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