Andy Redleaf shared a three-person Gruntal prop desk with Steve Cohen
Andy Redleaf · Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46) · Apr 2, 2018 · at 10:24
Andy Redleaf, founder of Whitebox Advisors, reflects on his start in finance in the late 1970s working on Gruntal & Co.'s proprietary options desk alongside future Point72/SAC Capital founder Steve Cohen.
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“The prop desk at Gruntel was three people. My boss, Ron Acer, a kid six months older than I am, who you may have heard of, Steve Cohen, and me. Gruntel, at the time, had capital of eight million dollars. We used a little more than two, and really the rest of the capital was marginally, you know, they didn't really use. No, but nobody else traded for the firm, and we were probably a little more than half their profits.”
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