The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Bobby Jain: Multi-manager hedge funds are effectively bank prop desks
“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…”
Jain: Liquid uncorrelated hedge funds total only $1.5T amid massive institutional demand
“If you think of the investment universe as a giant, 150 trillion dollars, 35, 40% of that's 50, 60 trillion dollars you need of diversifying assets. The multi-strategy industry is one of those, there are other ones. You could do infrastructure, real estate, bu…”
Bobby Jain: Jain Global Needed Fewer Programmers to Launch Because of AI
“We got the launch in about a year, which was a reasonable time to build something from scratch, especially with the advent of AI. You didn't have to hire as many programmers.”
Jain: CSFP Traded Off Natural Language Processing In Late 1990s
“We were doing natural language processing back in the late nineties. We were taking in the news feeds and trading things off of it.”
Jain: Pre-2008 Bank Prop Desks Were Bigger Than Hedge Funds
“Those prop desks, especially at Credit Suisse, that's where things were happening back then. It was much bigger than the hedge fund business, especially on the arbitrage and the harvesting side until the financial crisis.”
Jain: Multi-manager hedge fund sector was tiny in 2016-2017 led only by Millennium and Citadel
“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.”
Bobby Jain: The hedge fund sector will become a talent development industry
“It's going to become A talent development industry. Whether it's talent development, talent acceleration, the people are going to start molding people into the way that they think of the world, and those worlds will be different.”
Bobby Jain: Private Credit Boom Leaves Opportunities in Liquid Credit Markets
“The private credit business has been the biggest growing business in the world in the last few years. That leaves some opportunities in the credit markets.”
Jain: CSFP Index Arb Desk Made $50M In First Year
“The guy before me made ten million dollars in P&L, making 40, 50 grand a day. My first year, we made fifty million dollars in P&L.”
Jain: Arbitrage Trading Desks First Encountered Significant Crowding in 2004–2005
“What was happening in oh four, oh five is the first time you had to start dealing with crowdedness. Some of these banks were risk arb desks, we were stat arb desks, Citadel was convert arb desks, some guys were fixed income arb desks, and suddenly the arb star…”
Jain: Millennium evaluated portfolio risk minute by minute
“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.”
Jain: 10-day volatility spiked from 7 to 118 during February 2020
“10 day vol in February of 2020 was seven. 10 day vol two weeks later was 118.”
Bobby Jain never borrowed money until age 50
“I didn't borrow a penny in my life till I was 50 years old, and interest rates got to two and a quarter, and I said I have to.”