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ghose.bsky.social
@ghose.bsky.social
550 followers 310 following 490 posts
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 3h
Over on X, Silicon Valley Ai types are discovering that British private citizens spend a lot on railroads in 1840s

“why has no one talked about this before” 🙈

I mean sure…it’s called books
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 1d
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 2d
lol
Better stick to Analysts in India (AI)

www.theguardian.com/australia-ne...
Deloitte to pay money back to Albanese government after using AI in $440,000 report
Partial refund to be issued after several errors were found in a report into a department’s compliance framework
www.theguardian.com
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 4d
Hedge funds and their allocators are looking at commodities so I dug into the history of the space…

open.substack.com/pub/rupakgho...
Are commodities a hedge fund’s best friend
Industry origins, the quant revolution, physical trading and 2025
open.substack.com
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 15d
Yeah i wonder about wood from the trees…US ADV is so big…cultural (retail and 401k) which can be fixed partly with tax (govt wants opposite) and then US companies and innovation is just better…politicians cant do everything but they control tax/spend policies…sorry I digressed 😜
ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 15d
@williamw1.bsky.social @tonytassell.bsky.social

some off exchange ADV is non price forming so look forward to the paper. I remember looking at BIS swaps volumes that included things like compression runs that we did at ICAP. In equities slightly different but still quite a lot
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Reposted
dsquareddigest.bsky.social
Dan Davies @dsquareddigest.bsky.social · 15d
Rupak's guide to hedge funds continues with one of the more interesting and secretive ones... open.substack.com/pub/rupakgho...
D.E. Shaw – the quant king
More than just a systematic fund
open.substack.com
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 15d
open.substack.com/pub/rupakgho...
D.E. Shaw – the quant king
More than just a systematic fund
open.substack.com
ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 16d
Big tech and AI startups all funding each other…Buy my product and I will invest in you…makes the shadow banking sector look simple
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 21d
Indeed. It was good book though. I thought much better than the recent ones like “The Fund” about Bridgewater IMHO
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 21d
Yeah was a good read…enjoyed it…albeit like all these books narrative driven rather than analysis of what made Stevie Cohen so good beyond the insider trading stuff
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 21d
If the US gets rid of quarterly earnings...what will the pod shop hedge funds and sell-side equity research analysts do all day?
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
Today, HRT is a giant with a headcount of more than 1,100. HRT’s first half revenues of $5.3 billion, even adjusting for some seasonality in the second half, would imply an eye-popping revenue per employee of $8-10 million.
ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
HRT’s efforts in OTC and macro trading are largely mid-frequency, and it has also expanded significantly in systematic credit as that market is looking more and more like equities with the growth of ETFs and portfolio trading.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
The move to longer time horizons -  HRT generated a record of almost $8 billion in revenues in 2024, with an increasing portion coming from hedge fund-style trading involving taking greater risk and longer holding periods.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
The following year, HRT expanded into US retail equity wholesaling, a market dominated by Citadel Securities and Virtu at the time. HRT is the only new successful entrant in this market in recent years. In June 2025, HRT had around a 10% market share of this segment.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
As volatility returned in 2020, HRT revenues rose to the $1-1.5 billion range with circa 50% margins and more than $3 billion of trading capital. But it was still less than half the size of Citadel Securities and also much smaller than Virtu.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
In 2018, HRT acquired Sun Trading. Jason Carroll said in a statement at the time: "This acquisition combines HRT's expertise in on-exchange trading with Sun's expertise in off-exchange trading creating a stronger, more diverse firm."
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
There was massive pressure on the profitability of the traditional HFT business model of trading on anonymous CLOBs in the 2009-2019 decade.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
In its first decade or so, HRT was largely a player on anonymous CLOBs both on exchanges and in OTC (Over-the-counter) markets. The core of the business was US equities, where it traded 5% of market volumes by 2014 with a group headcount of only 100.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
Computer scientist Jason Carroll, the only remaining co-founder, is probably the most under-the-radar Wall Street titan out there - try Googling him!
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
Two major exceptions were Citadel Sec started in Chicago in 2002, but originally an offshoot from the hedge fund, and Hudson River Trading (HRT). HRT’s founding partners graduated from Harvard/MIT with degrees in computer science/maths. It is still today "led by coders."
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
"Founded by coders, led by coders," the company's website says. Most of the high-frequency trading firms - an industry popularized by Michael Lewis' Flash Boys have their roots in the Chicago exchange floor trading and options community. Think DRW, or Jump Trading.
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
I recently looked into one of the most secretive trading firms on Wall Street. (Subscribe to my Substack for more updates)...
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ghose.bsky.social
ghose.bsky.social @ghose.bsky.social · 22d
Hudson River Trading now has one of the highest revenue per employee ratios in finance🧵
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