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Rupak's Substack

Hedge funds, trading firms, financial market structure and fintech

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Is Jane Street a hedge fund or a PTF?

A PTF with “hedge fund like” characters

Jane Street is a hedge fund, stop calling it a market maker

$15bn trading losses in July but up $40bn this year

Comeback of the Wizard of Oz

Kirkoswald up 17% in 2026, hits $20bn AUM

Traders of Amsterdam Part II

Should Flow Traders be sold to Optiver or IMC Trading?

Citadel pounces

Citadel buys most of the Situational Awareness public stock portfolio

The SWF and Hedge Fund Platform Bromance

GIC plans to allocate $30bn to hedge funds in next 3 years

Are equities a hedge funds best friend?

The search for uncorrelated returns

Citadel is from Mars and Millennium is from Venus - Part II

Will the AUM gap widen further?

Fundsmith: The “Do nothing” mantra that made billions in fees

Is it better to be a Fundsmith shareholder than a fund investor?

The Hedge Funds of Asia

Can local players compete and are they building durable franchises?