Susquehanna International Group
also referred to as: susquehanna
24 statements across 3 episodes · 6 bullish · 1 bearish · 3 people on the record · first statement Mar 18, 2021 by Ari Paul · said 71 times in 6 episodes since 2018 · across every show →
Mentions by year
brought up most by Ted Seides (38), Todd Simkin (18), Ari Paul (8), Andrew Tsai (5), Tom Lydon (1), Bobby Jain (1)
tap a year for its mentions
2026 1 mention in 1 episode
2025 1 mention in 1 episode
2024 50 mentions in 1 episode
2021 13 mentions in 1 episode
2018 6 mentions in 2 episodes 3 per episode
Everything said about Susquehanna International Group, oldest first
Mar 18, 2021
Paul: Market Makers Must Yield to Massive Counterparty Bets
“Susquehanna, the whole thing as a market maker is there's always someone who knows more than you always. And your goal as a market maker is basically no one to get out of the way. If someone is willing to bet a billion dollars that you're wrong, it doesn't mat…”
Mar 18, 2021 neutral
Aug 5, 2024 positive
Simkin: Proprietary capital gives large-scale trading firms agility without LP constraints
“We get all of the benefits of having a large capital base with all of the benefits of having a small number of decision makers at the top who are weighing in. They're not putting artificial rules in place that we might have seen if we had ever taken outside mo…”
Aug 5, 2024
Simkin: Susquehanna employs more technologists than traders
“The greatest pool of employees that we have is not traders, it's technologists, because so much of what we do relies on good quality technology infrastructure and business infrastructure that our technologists are able to build out for us.”
Aug 5, 2024 positive
Simkin: Traders are made, not born, and can be taught
“That they had the firm belief that traders are Made, not born. So it's not the case that you have to find somebody who is inherently a trader, and then you just put them in the right spot, and they go. Instead, they said, if you bring us any smart person, if y…”
Aug 5, 2024 neutral
Aug 5, 2024
Simkin: Susquehanna trainees manage small books before trading class
“One is before ever going through our trading class, our quantitative traders are working directly on trading desks, talking to the traders who are making decisions about the decisions that they're making, and they gain responsibility over time. So they will be…”
Aug 5, 2024 positive
Simkin: Susquehanna refuses to lock in profits while expected value is positive
“At Susquehanna, we'd say, no, if anything, if we're able to buy more at 19, and we still think it's worth 20, then we would. The fact that we got to buy it for 10 is great, sort of confirmed now by the fact that someone's willing to pay 19, but that doesn't me…”
Aug 5, 2024 neutral
Simkin: Trading decisions function like intuitive grammar, not a mechanical checklist
“If I had a script for it, it'd be easy, because then I would just give people a script to use as a checklist like a pilot does when they're starting up their plane, or like a surgeon does when they're starting a surgery. I don't have a script, and I wish I did…”
Aug 5, 2024 neutral
Simkin: Early-stage venture checks function as real options to hold and learn
“Sometimes what we are doing is R&D type investing. We are putting money in so that we have an embedded option to keep our money in. That what we are buying is, in the parlance of economics professors, a real option, and the real option is that we don't have to…”
Aug 5, 2024 positive
Simkin: A five-year fund structure would have forced SIG out of ByteDance
“If we had entered our ByteDance position, and it was in a fund where the investors needed to get paid back in five years, we would have closed out of that position and made a little bit. It would have been happy day in the office, and we would have been out of…”
Aug 5, 2024 negative
Simkin: Black-Scholes wrongly assumes stock distributions are right-skewed, not left-skewed
“The Black-Scholes model, which is literally Nobel Prize winning math, this is amazing stuff, has assumptions built into it that we know are just wrong. Among the assumptions that are built in is a normal distribution of stock returns, which would lead to a log…”
Aug 5, 2024
Simkin: SIG backed ByteDance for diversification, not foreseeing TikTok's global dominance
“I alluded to being fortunate enough to invest in ByteDance when it was a several million dollar company before it became a several billion dollar company. It'd be great in hindsight to say we are so good at figuring out what social media platform is going to b…”
Aug 5, 2024
Simkin: Sports odds pricing requires combining inside handicapping and outside statistics
“This is again that marriage of art and science. So some of it is being a good handicapper, being able to look at Jared Goff and decide how strong is he as a quarterback with this certain receiver core. That's part of it. And that is what we would refer to as t…”
Aug 5, 2024
Simkin: Counterparty willingness to trade illiquid assets signals severe adverse selection
“There were very esoteric products that traded in Europe that did not have a lot of liquidity, which meant that if I was trading, I was probably trading against other professionals who were doing a good job of figuring out the appropriate fair value and the exp…”
Aug 5, 2024
Simkin: Traders must articulate underlying conditions driving their decisions
“You've incorporated that into your decision process, but if you don't say it out loud, your decision process sounds odd to me. But then you say, here's the pattern that I've noticed, and here's what I'm pricing in, and you say, okay, well then that makes sense…”
Aug 5, 2024 neutral
Aug 5, 2024 positive
Simkin: Insured contingent promotions embed customer call options, outperforming standard discounts
“From your perspective, it costs you the exact same amount of money, except that now you're not hoping to go from a 100,000 to a 120,000 dollars a month. You're hoping to go from a 100,000 to 500,000 dollars a month because anybody, whoever was in the market fo…”
Aug 5, 2024 positive
Simkin: Susquehanna expands into insurance and partners with Kalshi prediction markets
“Most recently, in the last few years, we've moved into insurance, which is where I spend all of my time now, is thinking about insurance products. And similarly, we've also recently did a partnership with Kalshi, where we are providing liquidity in event marke…”
Aug 5, 2024
Simkin: Quants must update assumptions based on pricing sensitivity when trading
“And the other thing is, in a Bayesian way, to update my assumptions when somebody is willing to trade against me by looking at those points that are most sensitive. So understanding not only the outputs of the model, Here's the price at which we think you shou…”
Aug 5, 2024
Aug 5, 2024 neutral
Simkin: Jeff Yass merged trading firms to form Susquehanna in 1987
“Jeff Yaz started his own options trading company on the Florida Philadelphia Stock Exchange in 1981. Some of the other partners of Susquehanna in the early days had their own companies that they merged together to come together as Susquehanna in 1987.”
Aug 5, 2024