What Leverage Actually Is in a Hedge Fund: Gross, Net, and Why 6x Is Normal
A fund at 4x was liquidated in July. Platforms at 11x lost around 2%. The arithmetic behind that gap.
Quant Enthusiasts
Daily news and analysis from the quantitative finance industry.
Live Last read · last published · next check
Latest posts
The Difference Between a Hedge Fund, a Prop Shop, and a Market Maker, Explained in Full
One firm booked $39.6bn with 3,500 people. Another runs $87bn of someone else's money. The difference decides your compensation.
The Full Taxonomy of Quant Strategies: Stat Arb, Trend, Market Making, Vol, and Everything Between
Four payments, five strategy families, and the reason they all drew down together in March
The Whole Buy-Side vs Sell-Side Map: Who Sits Where and What Each Side Actually Does
Non-bank liquidity providers held 1.6% of global trading revenue in 2010. They now hold 20%, and the old map no longer describes the industry.
The Full Map of Hedge Fund Types: Multi-Manager, Single-Manager, Macro, Quant, Activist, and Credit Explained
Citadel's funds produced $56.8bn in gross gains and investors kept $30bn. The gap explains the entire platform model.
Researcher vs PM vs Trader: The Three Pay Curves and the Point You Have to Choose One
Payout percentages, drawdown limits and turnover rates at Citadel, Millennium and Jane Street, and the year the choice closes
The Real Cost of Switching Firms: What Your Comp Does When You Move, and When It Backfires
Millennium replaces 15% to 20% of its portfolio managers every year. The offer letter is the least informative number in the package.
What a Flat Year In Quant Does to Your Bonus, Your Standing, and Your Next Move
A $300,000 outcome in a seat that clears $1.5m when the strategy works.
The Internal Politics of Top Hedge Funds
What Actually Happens Behind the Glass Doors at Citadel, Millennium, Balyasny, and Point72
What Your Quant Comp Does Across a Full Career: The Pay Curve From 22 to 45
Jane Street's $400k to $700k first year, Millennium's 2.3-year median tenure, and the present value of everything between them
Where the $50M PMs Came From: The Career Paths That Actually Reach the Top of a Multi-Manager
A $50M payout requires a $2.3bn book. The average Millennium pod runs $250M. Here is what closes the gap.