Millennium Management

“Interestingly, we heard that three firms were bidding on the assets. So Jane Street, Millennium and Citadel were sort of brought in in a closed Close circle sort of late Friday to bid on the remains of the firm.”

“So I, we heard Millennium did put in a bid. Citadel's bid was better.”

“The multi-managed industry was the prop desks. It's not that different. The culture shock of moving from CS to Millennium was not that high at all. It was the same thing. A lot of it was the same people, as there was a transfer of people from the prop desks to…”

“One of the things that you also learn in the banking sector is we're heavily marked to market. Millennium was one notch further, marked a minute. Why did we lose money last minute? Let's see if we could do something better about that.”

“There was a big talent war in 2017 to 2022. Interest rates were zero. The whole multi-manager industry was tiny in 2016, 17, when Millennium and Citadel were really the two big ones that were managing third party capital.”

“I'd be very surprised if you don't see one of the larger private equity players try to grow through acquiring teams. They are long capital and short origination or dealmaking capability relative to the capital they could command. So it does make sense that if …”

“Millennium cannot take any more capital.”

“The quant businesses there, for example, are very developed, whereas we're in the process of building out a quant business. So they have the advantage of having that P&L stream where we don't yet, and they have the infrastructure for it where we're building.”

“The EROC is terrible. And another way to think about it is, of the total gross alpha, how much do they keep? It's about 80%. We get 20% of the alpha. The alpha's huge. Absolutely huge. But we could never get comfortable with only getting 20%.”

“Because I can imagine if someone took what we were doing way back when and put it in a Millennium slash Citadel native IDEO model, we'd probably be fired on the spot.”

“So I really, truly believe that they are the new shadow banking system, that whenever something goes awry, there's a reason why Millennium hired who they hired, why Citadel hired who they hired, to make sure that when the calamity occurs, they call the Fed for…”

“Ted, I doubt it, because I don't think what we're doing here is infinitely scalable. Whereas I look at what a Millennium and Citadel have done, and I get the scale that they run at, and I think it's amazing. But the way we like to run money, we can't be big, b…”

“I talk about Numerize being a kind of AI version of Millennium. Millennium, they do not have all the same people they had 20 years ago working at Millennium. They have a totally dynamic system of PMs coming in and out, and that's how year over year they've pro…”

“One of the reasons Millennium works is because they can get strategies that are uncorrelated, and that's what boosts the sharp. They have so many different strategies that are all uncorrelated, it's starts to become very hard to have a down year.”

“It's in decades, not in single digit years with hundreds of different groups on board. And it would be impossible statistically to think that that's random at this point. Let's put it that way. They continue to do well.”

“I think that means as of now, kind of the big market leader is in the big brands like the millenniums of the world have a pretty big edge because the person who wants to raise a hundred million dollar fund has a very difficult time doing that themselves, but M…”

“The actual largest investor at this point is Santana Growth Partners, who are a private equity firm based in New York and Menlo Park, and then Millennium came in after that.”