@AP: Those who deal with compulsive gamblers worry that the expected expansion of legalized sports betting will lead to significant increases in the number of Americans with gambling problems. https://t.co/RatOxTAVg2 @CraryAP @WayeParryAC
@AP: Those who deal with compulsive gamblers worry that the expected expansion of legalized sports betting will lead to significant increases in the number of Americans with gambling problems. https://t.co/wcm7oQOXZz @CraryAP @WayneParryAC
CMV: The recent increase in the popularity of sports betting is a problematic form of toxic masculinity
Hi CMV, This is a view I've been developing for a while as both a man and a lover of sports. Over the last few years, I've seen several of my close friends get sucked into this extremely addictive cycle of sports gambling. Some have gone as far as to open illegal books, participate in illicit gambling, owe people significant money, and wasting money they should have used for other purposes to gamble on games that, quite honestly, nobody who isn't a fan of specific teams would ever give a shit about. If they weren't betting $5-15 on sports a few times a week and instead going to the casino and playing blackjack weekly, it would obviously be seen as a real addiction. Personally, I do like betting on the occasional game. It's now legal where I live and I have the disposable income to do it every once in a while. I generally tend to bet on big games, like the NBA finals happening over the next few weeks. I also play fantasy football and basketball which I don't really think apply here because that's much more interactive and is a good way to stay in touch with friends. More to the point; I think toxic masculinity applies here for a number of specific reasons which I'll list below. As a general principle, I have a pretty lenient view on toxic masculinity in the sense that I think the term is widely overused, but I do strongly believe it's a real thing and have little interest debating that unless it's necessary for your arguments.
Historically, gambling has always caused problematic relationships between men and women, particularly those in relationships. There is a long, well documented history of gambling addictions that tear apart families and couples. Now, I'm no Quaker, but the degree to which sports betting is being promoted as a cool guy thing is very toxic and against solid morals.
Many sports gamblers are absolutely addicted and refuse to acknowledge it. Failing to accept flaws in personality and mental health are core tenets of toxic masculinity. The refusal to ask for and receive help also fits into this definition of toxic masculinity.
By definition, toxic masculinity pushes men to take risks that they should not take. Not much else to say on this.
Sports should be enjoyed for the sake of enjoying them. I find it toxic to feel the need to insert yourself into a game that has nothing to do with you. If you otherwise wouldn't be interested in a game, betting on it should not be how you gain interest. Again, it's one thing to think you'll make it big by betting on the Super Bowl or something, but if, for example, you're not normally a fan and betting weekly on parlays involving bad, unwatchable teams like the NY Jets, the Detroit Tigers, and Wolverhampton, that's toxic. You're just trying to force interest in boring games by putting your own money on the line in some toxic desire to win when you otherwise have nothing riding on these games.
The internal need to earn fast cash through frequent gambling applies the tenet of toxic masculinity involving the search for social status and money. Men commonly feel unfulfilled and inadequate if they're unable to earn "enough" money through normal means, and they will thus seek other, much riskier avenues for financial and social status.
I could go on and on but I feel like I'd get repetitive as the list got too long. What I'm arguing here in short is that there's suddenly this huge market for sports betting and it relies on and exacerbates toxic masculinity. Now that it's becoming legal in more places than just Vegas or other common gambling places, too many men have become borderline addicted to it. And it doesn't help that iconic cultural influences like Barstool and even fucking ESPN are glorifying and advertising it. I'm not here to call for regulations or new laws or anything like that. I just think sports betting exemplifies many of the core tenets of toxic masculinity and men need to be more careful and aware of how chronic gambling can affect their behavior, even when it seems as harmless as throwing $5 on a few basketball games. CMV
Survation: For the first time in our monthly tracking poll for CleanUpGambling , more people want online gambling banned than don’t. Online gambling should be banned entirely? Agree - 40% (+6), Disagree - 39% (-1) 1003 respondents, 3-6 July 2020. Changes w/ June.
Hi everyone I’ve come here for... probably non-conventional advice, regarding my spouse’s sudden increase in online betting with the likes of SportsBet and Neds. I didn’t grow up with gambling and I am not familiar with what is considered “a lot” to spend. Hence why I’ve come here. To see if I’m overreacting. We are a high income family, making $200K annually between us. We have a $400K mortgage with half owing but we are hoping to sell this year to upsize for our growing family. . I just worked out that my spouse spend $200 in the last month on online betting. I don’t know what’s come back in from that - do they usually pay any winnings back into their Sportsbet or Neds accounts? I only saw one deposit into our actual bank account of $35. And my spouse of course won’t tell me and is getting extremely defensive, telling me that they are spending “hardly anything”. Now I’m questioning myself. I am also interested to know how a bank will look at such transactions when we apply for a loan on another house. If these transactions jeopardise us upsizing our home.... I will be devastated. Thanks for reading this far. I hope someone can help me work through my feelings about this.
Offseason Blueprint: the Los Angeles Lakers may win the title tonight, but their ambition won't end there
The NBA season is nearly over: be it 1, 2, or 3 more games left. With the offseason looming around the corner, we've been looking ahead with our OFFSEASON BLUEPRINT series. In each entry, we preview some big decisions and make some recommendations for plans of attack along the way. Like the NBA, we've officially come to the end of the road and to our final team, the Los Angeles Lakers. step one: know it will never be All Quiet on the Western Front The Los Angeles Lakers have plenty of fans, but also plenty of people who enjoy watching them struggle (some even run their own sports websites.) It feels like they've been a punching bag for almost a decade now. Even when the team landed a coup and signed LeBron James, there were plenty of skeptics and haters picking at the roster and fanning the flames of front office tension. Even when the team followed that up with a trade for Anthony Davis, there were STILL doubters and haters camped at the gates. At the end of the day, LeBron James and company only had one way to shut them up: win. Now, no one can criticize them anymore. Whatever they did to get here -- it worked. LeBron James deserves a huge amount of credit for this presumptive title (no offense, Miami) but there's plenty to go around. Anthony Davis reminded the world that he's a friggin' beast. Frank Vogel did a great job getting the defense to play on a string, especially on the perimeter. The maligned bench with Rajon Rondo, Markieff Morris, and Kyle Kuzma even stepped up in a major way on the road to the Finals. While the team may be drenched with champagne by the time you read this, they still won't be satisfied. LeBron James went back to Cleveland to win a title. He didn't go to L.A. and recruit Anthony Davis to win a title. He wants to win multiple titles. He may get his 4th ring after this year, which means he'll only be 2 away from catching Michael Jordan. If he can do that, then there won't be any doubt about his GOAT status. And honestly, it's possible. James still looks like a top 5 player (if not 1 overall), and Anthony Davis is in the heart of his prime. With a decent supporting cast around them, they're going to be in title contention for the next two or three years. However, the Lakers can't get complacent. They deserved this title, but they didn't exactly beat Murderers' Row to get here. In fact, their playoff opponents had the weakest seed value and weakest W-L percentage of any title team since 2000. Next season may be tougher sledding. The L.A. Clippers could be a real threat with better coaching and better rotations. The Milwaukee Bucks could be a real threat with better health. Health permitting, the Brooklyn Nets have the star power and the depth to be a force themselves. It's going to be a dogfight next season. The Lakers still may be the top dogs in that fight, but they're going to have to scrape and claw to get that bone again. step two: convince your free agents that It's a Wonderful Life LeBron James is a champion for player empowerment, but that concept is going to put his L.A. Lakers in a precarious position this offseason. Some decisions with be out of their hands. The team has an inordinate amount of player options for next season, with 5 separate players having the right to opt "in" or "out" of their contracts. Let's take a look at each of those one individually. The most important, of course, will be Anthony Davis. He has the choice whether to opt in to his $28.7M salary. It's weird to say, but $28.7M is a bargain. Davis is a 27-year-old superstar. He deserves the new max and then some. From the Lakers' perspective, the only question will be timing the extension in the best interest of Davis and the team as a whole. If they wait until next offseason to give him a full max, they may have some more wiggle room in salary to bring in extra free agents (in Offseason 2021, not Offseason 2020.) Perhaps they can convince AD to wait until then to accrue more years. At the same time, uncertainty isn't their friend. If the Lakers disappoint next season and LeBron James hits a wall (unlikely, but theoretically possible) then perhaps Davis doesn't want to stay tethered to this older roster for the long haul. Perhaps his relationship with James -- great now -- bleeds into resentment over time. Who the heck knows. Superstar pairings don't always end with "happily ever after." Even that remote concern would make me push for a max extension for AD ASAP. The second most important player option will be Kentavious Caldwell-Pope. When the Lakers first signed them, it raised some eyebrows and potential tampering conspiracy theories. These days, his $8.5M player option looks like a good value. KCP shot well this year and played hard on defense. Effectively, he looked like the player that Danny Green was supposed to be. Your hope here is that the Lakers have built enough goodwill with KCP and his representatives to make this a friendly negotiation. Whether that means he opts in, or whether that means he signs a long-term deal, it's a relationship that needs to continue. step three: but convince others to ride off like Shane Conversely, there are a few player options that the team may try to talk players out of taking. Avery Bradley missed the bubble for personal reasons, but the Lakers' backcourt did just fine without him. At this stage in their careers, Alex Caruso is probably better at the 3+D guard role. Still, it's going to be up to Bradley whether to return or not. He can opt in to his $5.0M player option. The value is OK in the broadest sense, but perhaps the Lakers are rooting for him to test the market elsewhere. The Lakers should take a hard line here and not offer him extra years; if Bradley leaves to chase a long-term deal, so be it. If he opts in, he may be used as a potential trade chip. Meanwhile, JaVale McGee has a $4.2M player option himself. McGee started 68/68 games in the regular season, but he didn't always look like their best option in the playoffs. As he ages (now 32), he'll continue to struggle with certain matchups. I don't think McGee can match that $4M anywhere else, so trying to convince him to opt out may be a losing proposition. Again, if McGee opts in, then the Lakers need to consider utilizing his salary as a potential trade piece. Some of those decisions -- whether they want to keep Avery Bradley and JaVale McGee -- may hinge on some other free agents on the team. Backup PG Rajon Rondo has his own player option of $2.7M. All season long, I'd been talking about Rondo as a potential liability for the team. Instead, he justified some of that "Playoff Rondo" talk. Between Rondo and Caruso, you'd prefer Caruso getting extended minutes. Between Rondo and Bradley, it's more of a debate. Rondo deserves more than $2.7M, so I expect him to opt out. Presumably, he appreciates the role and limelight here in L.A. and wouldn't play hardball. If he's amenable to a short-term, reasonable deal, then you'd want to keep him in house. If his playoff hype spirals into outsized offers (anything over $6M or so) then you should thank him for his service and wish him well. The Lakers should treat backup C Dwight Howard (an unrestricted free agent) in a similar way. Now 34, he's become a role player. Moreover, his role -- as the more traditional center -- is no longer a valuable one either. Still, he's pretty good at that role -- arguably better than JaVale McGee. The team shouldn't over-invest in this one-two punch though. If Howard wants to re-sign for a bargain basement deal, great. If he expects a mid-sized contract or an extra year, then he may be on the move again. For both Rondo and Howard, I'd stand firm on 1 year deals. However, the team can potentially add in "team option" years on top of that. The purpose would be less to entice them into staying and more to make them potential trade chips (in terms of salary matching) later on down the road. The Lakers will have more free agents to discuss. Markieff Morris is an interesting one; he looked like a shell of himself after some injuries, but he showed signs of life in the postseason. If that's legit, then he could potentially be a good rotational player for the team (when they go "small" with AD at the 5.) The verdict from team doctors will be crucial to determining his value. Alternatively, vets like J.R. Smith and Dion Waiters don't appear to have any value at all. Fortunately, they don't have player options either. step four: solve the mystery of The Third Man All season long, we heard that the Lakers would need a third star to emerge if they were going to win the title. Kyle Kuzma never got there, but it didn't matter. Perhaps we've just defaulted into a more familiar era of the NBA. Shaq and Kobe won without another "star." Michael Jordan and Scottie Pippen won without another "star" (Dennis Rodman was more of an ultra role player.) With Kevin Durant removed from Golden State, perhaps the bar has been lowered back to reasonable heights for NBA title teams. Still, the Lakers need to figure out who Kyle Kuzma is, and what his role should be. He averaged 16-6 as a rookie, but showed some signs of a "good stats / bad team" kind of player. That fear hasn't gone away. Since then, Kuzma's shot 30% and 32% from three over the following two years, and played poor defense overall. ESPN real plus/minus metric graded him as a -0.4 and -0.7 defensive impact, while box plus/minus had him at -1.2 and -1.0. That same BPM metric graded him below replacement level overall (-0.2 VORP). Kuzma has played OK in these playoffs, but he hasn't had a major role. In fact, his minutes per game is down to 23.2 in the postseason so far, with 0 starts drawn. It's clear that Frank Vogel and the team don't believe he's the 3rd best player on the team. He may not even be the 4th or 5th best player. You may ask: who cares? Kuzma isn't a world beater, but the Lakers beat the world anyway. Still, it's an important question hanging over their heads. Kuzma is under contract for one more year, and then will enter restricted free agency (at a time when they will be a lot of cap space out there.) Based on name value, he's going to get a decent contract. If the Lakers don't believe he's worth decent money, it may be time to trade him now. (Realistically, the time to trade him was last offseason, but what can ya do.) Kuzma's $3.5M salary is easy to move, and the team can attach other contracts like McGee, Bradley, and Quinn Cook ($3M) to match a deal anywhere from the $3M-$15M range if need be. What can the Lakers get for Kuzma on the open market? It's hard to tell. He's a polarizing name, so it may depend on whether their trade partner reads reddit or not. I'd call up Detroit and ask about Luke Kennard. If Houston's blowing it up, I'd ask about Robert Covington. If Minnesota's locked into Anthony Edwards at # 1, maybe they'd be open to trading Malik Beasley in a sign and trade. If you want to play dirty, you can tell Portland that Gary Trent Jr. (newest client of Klutch) is going to sign with the Lakers next season no matter what, so they may as well recoup something for him now. Fair? Ethical? Ehh. But hey, it's proven to be effective before. step five: encourage others to hunt for the Treasure of the Sierra Madre The Lakers don't have much cap space this offseason, but that's not a major problem. They're not going to have to list job openings on monster.com -- available players are going to flock to them. The most obvious reason to join the Lakers would be to chase rings. However, it goes deeper than that. There's not a lot of teams with cap space this offseason, but there are plenty with space next season. If you're a free agent who's not getting a lot of attention, there's one great way to get attention: play with LeBron James and the Los Angeles Lakers. You can inflate your stock for next offseason, when hopefully you cash in. If I ran the Lakers, my first call would be to a veteran like Darren Collison. Collison took the season off to pursue his faith, but reportedly he may return next year. If so, he'd be a dream fit for this Lakers' rotation. Collison can run the point when LeBron James rests, but he can also serve as a complementary spacer. The former UCLA standout has become a very reliable shooter -- hitting over 40% from deep in his last four seasons. He's undersized and sometimes outmatched on D, but the team has Alex Caruso ready to match up with bigger guards. Collison's skill set would merit $10+ million in a good market, but perhaps NBA teams are going to want to see him "prove it" after his extended absence. If that's the case, the Lakers can thank their lucky stars and Jehovah for delivering him into their laps. Other veterans who may be drawn to the Lakers like a moth to the flame would include: the underrated E'Twaun Moore (NO) and likable vet Courtney Lee (DAL). Moe Harkless (NYK) could probably get more elsewhere, but he may decide to bet on himself and inflate his price for next season. Since Anthony Davis still prefers playing PF, depth at center will be more important for the Lakers than other teams. As mentioned, JaVale McGee will probably be back (barring a trade) and Dwight Howard may be as well. If not, the team could try to recruit a player who wants to boost their stock. Nerlens Noel (OKC) could benefit from the spotlight like that; better yet, his agent happens to be some dude named Rich Paul. Overall, the Lakers need to keep pushing and trying to improve, be it through free agency, through trades, or through the draft (where they have the # 28 pick.) This team may have been good enough to win the title, but as mentioned, one title isn't going to satisfy this star, this team, and this fan base. Hollywood's all about excess, and the goal will be to overindulge over the next few years. other offseason blueprints ATL, BKN, BOS, CHA, CHI, CLE, DAL, DEN, DET, HOU, IND, GS, LAC, MEM, MIA, MIL, MIN, NO, NYK, OKC, ORL, PHI, PHX, POR, SA, SAC, TOR, UTA, WAS
Hey everyone, I am a former Wall Street trader and quant researcher. When I was preparing for my own interviews, I have noticed the lack of accurate information and so I will be providing my own perspectives. One common pattern I see is people building their own algorithm by blindly fitting statistical methods such as moving averages onto data. I have published this elsewhere, but have copy pasted it entirely below for you to read to keep it in the spirit of the sub rules. Edit: Removed link.
What it was like trading on Wall Street
Right out of college, I began my trading career at an electronic hedge fund on Wall Street. Several friends pitched trading to me as being a more disciplined version of wallstreetbets that actually made money. After flopping several initial interviews, I was fortunate to land a job at a top-tier firm of the likes of Jane Street, SIG, Optiver and IMC. On my first day, I was instantly hooked. My primary role there was to be a market maker. To explain this, imagine that you are a merchant. Suppose you wanted to purchase a commodity such as an apple. You would need to locate an apple seller and agree on a fair price. Market makers are the middle-men that cuts out this interaction by being always willing to buy or sell at a given price. In finance lingo, this is called providing liquidity to financial exchanges. At any given moment, you should be confident to liquidate your position for cash. To give a sense of scale, tens of trillions in dollars are processed through these firms every year. My time trading has been one of the most transformative periods of my life. It not only taught me a lot of technical knowledge, but it also moulded me to be a self-starter, independent thinker, and hard worker. I strongly recommend anyone that loves problem solving to give trading a shot. You do not need a mathematics or finance background to get in. The trading culture is analogous to professional sports. It is a zero sum game where there is a clear defined winner and loser — you either make or lose money. This means that both your compensation and job security is highly dependent on your performance. For those that are curious, the rough distribution of a trader’s compensation based on performance is a tenth of the annual NBA salary. There is a mystique about trading in popular media due to the abstraction of complicated quantitative models. I will shed light on some of the fundamental principles rooted in all trading strategies, and how they might apply to you.
One way traders make money is through an arbitrage or a risk free trade. Suppose you could buy an apple from Sam for $1, and then sell an apple to Megan at $3. A rational person would orchestrate both legs of these trades to gain $2 risk free. Arbitrages are not only found in financial markets. The popular e-commerce strategy of drop-shipping is a form of arbitrage. Suppose you find a tripod selling on AliExpress at $10. You could list the same tripod on Amazon for $20. If someone buys from you, then you could simply purchase the tripod off AliExpress and take home a neat $10 profit. The same could be applied to garage sales. If you find a baseball card for $2 that has a last sold price on EBay for $100, you have the potential to make $98. Of course this is not a perfect arbitrage as you face the risk of finding a buyer, but the upside makes this worthwhile.
Positive expected value bets
Another way traders make money is similar to the way a casino stacks the odds in their favour. Imagine you flip a fair coin. If it lands on heads you win $3, and if it lands on tails you lose $1. If you flip the coin only once, you may be unlucky and lose the dollar. However in the long run, you are expected to make a positive profit of $1 per coin flip. This is referred to as a positive expected value bet. Over the span of millions of transactions, you are almost guaranteed to make a profit. This exact principle is why you should never gamble in casino games such as roulette. These games are all negative expected value bets, which guarantees you to lose money over the long run. Of course there are exceptions to this, such as poker or card counting in black jack. The next time you walk into a casino, make a mental note to observe the ways it is designed to keep you there for as long as possible. Note the lack of windows and the maze like configurations. Even the free drinks and the cheap accommodation are all a farce to keep you there.
Relative pricing is a great strategy to use when there are two products that have clear causal relationships. Let us consider an apple and a carton of apple juice. Suppose there have a causal relationship where the carton is always $9 more expensive than the apple. The apple and the carton is currently trading at $1 and $10 respectively. If the price of the apple goes up to $2, the price is not immediately reflected on the carton. There will always be a time lag. It is also important to note that there is no way we can determine if the apple is trading at fair value or if its overpriced. So how do we take advantage of this situation? If we buy the carton for $10 and sell the apple for $2, we have essentially bought the ‘spread’ for $8. The spread is fairly valued at $9 due to the causal relationship, meaning we have made $1. The reason high frequency trading firms focus so much on latency in the nanoseconds is to be the first to scoop up these relative mispricing. This is the backbone for delta one strategies. Common pairs that are traded against each other includes ETFs and their inverse counterpart, a particular stock against an ETF that contains the stock, or synthetic option structures.
Correlations are mutual connections between two things. When they trend in the same direction they are said to have a positive correlation, and the vice versa is true for negative correlations. A popular example of positive correlation is the number of shark attacks with the number of ice-cream sales. It is important to note that shark attacks do not cause ice-cream sales. Often times there are no intuitive reason for certain correlations, but they still work. The legendary Renaissance Technologies sifted through petabytes of historical data to find profitable signals. For instance, good morning weather in a city tended to predict an upward movement in its stock exchange. One could theoretically buy stock on the opening and sell at noon to make a profit. One important piece of advice is to disregard any retail trader selling a course to you, claiming that they have a system. These are all scams. At best, these are bottom of the mill signals that are hardly profitable after transaction costs. It is also unlikely that you have the system latency, trading experience or research capabilities to do this on your own. It is possible, but very difficult.
Another common strategy traders rely on is mean reversion trends. In the options world the primary focus is purchasing volatility when it is cheap compared to historical values, and vice versa. Buying options is essentially synonymous with buying volatility. Of course, it is not as simple as this so don’t go punting your savings on Robinhood using this strategy. For most people, the most applicable mean reversion trend is interest rates. These tend to fluctuate up and down depending on if the central banks want to stimulate saving or spending. As global interest rates are next to zero or negative, it may be a good idea to lock in this low rate for your mortgages. Again, consult with a financial advisor before you do anything.
Been gambling for about 13 years now. I’m 29 years so and this is by far the hardest thing to overcome and quit. 5-6 months was probably my longest time without gambling probably because I didn’t have month. I did it all but what’s killing me is sports gambling. Having these huge amount in these account without upfront money was a huge problem for me. I was betting with money I didn’t have. And now I’m in a lot of debt still trying to chase but just getting me in a deeper hole. It’s been 4 days since I placed my last sports bet. It’s time to change my life around. This is gonna be easy but I know if I keep with these GA meeting I will get Thru it.
Hi all, I've had a few people reach out to me about advice on recruiting for Quant so I thought I could share my experience to help others who are interested. Prep: Understand these positions are extremely competitive and mainly go to math/stats/cs students at top targets. That being said, it is possible to get a position if you don't go to a target but you need a really strong quantitative skillset either way. The structure of the interviews for most shops are: online math/logic test, 1-3x phone interviews, and final round in person. At each level, they try to reduce the applicant pool by >70%, with the initial math test weeding out the most. In my experience, the math tests are a mix of mental math, stats/probability, sequences, and sometimes trading/gambling simulators. It is extremely important that you practice even if you have taken advanced stats/math classes. For mental math, I used rank your brain on expert and didn't apply until I was scoring around ~30. There are a lot of resources to practice probability questions but I used Quant Job Interview by Mark Joshi and just did the probability, brain teaser, and option pricing questions. The key to studying these is to really understand the logic of solving any question. There's no point memorizing answers if you can't talk through the logic of it. There were a few instances where I'd actually get the wrong answer but moved forward because my logic was correct. If you don't have much stats experience, I'd recommend taking a bayesian statistics and game theory course. Bayesian concepts are especially applicable to trading. For option pricing, I never got many question on the greeks but there were a fair amount of calculating probabilities of outcomes given option prices. A simple example to think of is (if a painting could either be worth $100k if its real or $1k if its fake, and you receive an option to buy it for $30k, assuming the option is priced fairly, what are the probabilities of each outcome). Some firms have a coding part to the interviews but in most cases, you don't need much coding skill. If you are applying to a more algo-focused shop, you should be prepared to answer algorithm questions. For those, you just have to have a lot of CS knowledge. I wouldn't focus on these types of firms if you don't have a strong CS background. During phone interviews, I got a mix of behavioral ("Why trading?") and math/stats questions. The math questions range from combinatorics to matrix algebra but you don't really need to know a lot of theory. For stats, they are a bit harder than initial assessment but not too bad. For a phone interview, practice with a friend talking through your logic for a given question. Practice breaking up the problem into components that can ultimately drive the solution. Also have some relevant projects/ ideas that you can speak to in depth. For the final round, you just have to really feel comfortable that you know your shit. There will be more rigorous probability/math questions and some problems may not have a known solution. Just remember, the way you explain your logic is far more important than getting to the answer. Also a few places had some type of trading simulation game. That's harder to prep for but you may be able to find some online. Resume/ Application: I would recommend making a resume specific for trading where you highlight more quantitative skills/ experience. For example, I had an internship at a VC but focused more on how I modeled companies in different verticals and talked about a machine learning tool I made for the firm. Also it is fine to include school/ personal projects. For example, I made a sports betting algorithm that predicted game outcomes and sized positions using MPT. That led to a lot of interesting conversations with recruiters. Some firms do have referral programs so it would be worth reaching out to someone you know at a firm but it won't get you far. Usually, it'll just get you to the initial math test. If you manage your own portfolio, it could be worth mentioning. Be sure to word it in a way that shows it's something you're interested in and not that you're a trading god (you're not). A lot of firms require a high GPA (>3.6) but if you're not there just list your major gpa if applicable or don't include it. Networking/ cold emailing does very little to help you since relationships aren't as crucial in this business. If you're lacking relevant projects, I'd recommend learning python and playing around with some statistical modeling packages (sklearn, keras/tf, scipy). Most firms usually automatically send you a math test when you apply so be sure to practice a lot before applying. It might help to have a friend to help you if you feel unprepared but know they'll expect you to perform similar if you move forward. Firm Reputations/ Comp:
Market making: These firms are known to have extremely smart people but have better work life balance than others. Examples are Optiver, IMC, DRW, etc..
Prop Firms: Beware there are a ton of scummy places that claim to be prop but really it's just an arcade shop. If any firm claims you need to put in your own capital or they won't pay you a base salary is not worth the time. Prop kinda overlaps with market making but some examples are Jane Street capital, Akuna, Jump, etc ...
Hedge Funds: IMO, the most exciting but also worst work life balance. Examples are Citadel, Bridgewater, twosigma.
Comp across the board ranges from $150k-$500k all in. Normal breakdown is $100-$200k base, $30-100k signing bonus, then another $50k-150k performance bonus. Pretty sure citadel pays the most but it sucks to work there. As far as reputations go, during my interviews I always had a pleasant experience. Most people are nice and polite and are happy to help you understand the firm more. I found Bridgewater's culture to be pretty weird. For example, they have an automated system that tracks everything you do or say so you can get an email saying you said the word "um" 3.6 times in the past week and need to communicate more effectively. At Citadel, all traders looked like they wanted to die but they're all rich. Other than that, if you can get into a top shop, you'll learn a lot and most are a very collaborative working environment. Conclusion: Understand that making money in trading is extremely difficult and competitive. Dont think you can easily gain an edge or identify unique opportunities because there's usually someone more experienced and smarter on the other side. That being said, if you work hard and spend time to understand your focus/ niche, there may be opportunities. Yes, recruiting for this role is extremely competitive and stressful. More so than IB/PE imo. It can be disheartening at times, but stay motivated and try to improve. I got rejected by a ton of firms and it definitely can weigh in on you, but if you work hard and keep with it, something positive is bound to come. Hope that helps. Good luck!
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