The Wall Street Skinny

• 144. Pete Muller on Building One of the Top Performing Quantitative Hedge Funds and Making Music

  Send us a textIn this episode of The Wall Street Skinny, we sit down with one of the most legendary quant investors of all time—Pete Muller. As the founder of PDT Partners,  one of the top performing quantitative hedge funds that spun out of Morgan Stanley, Pete shares his fascinating journey. He offers a behind-the-scenes look at how statistical arbitrage strategies drive market success, the importance of building a strong research-driven team, and why trust and collaboration are essential in quantitative finance.Beyond the trading floor, Pete’s story takes unexpected turns. From high-stakes poker games that sharpened his risk management skills to a deep passion for music, he discusses how these seemingly unrelated pursuits have shaped his approach to investing. He also delves into the emotional side of finance—how quants, despite relying on models, still experience the highs and lows of market movements, and why understanding human psychology is just as critical as analyzing data.Whether you’re an aspiring quant, a seasoned investor, or just someone intrigued by the intersection of finance, strategy, and creativity, this episode is packed with insights. Plus, as a special treat, we close the episode with a song from Pete Muller and the Kindred Souls—his band that embodies his lifelong love for music. Tune in for an engaging discussion on markets, models, and the unexpected ways in which finance and the arts collide.Check out Public.com at the link http://public.com/wallstreetskinnyOur Investment Banking and Private Equity Foundations course is LIVE: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk...

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• 143. Industry S2E5 | "Kitchen Season" MD Promotion Process, On Campus Recruiting, M&A & More!

  Send us a textSeason 2, Episode 5 titled Kitchen Season, kicks off with a discussion on the intricacies of investment banking promotions, specifically focusing on the elusive Managing Director (MD) title. Kristen and Jen explore how promotions in finance are not linear and often depend on numerous factors including firm politics, desk performance, and the candidate's rockstar qualities. They dissect Rishi’s predicament, comparing the rapid ascent of star traders versus those who languish in executive director roles for years.The conversation then shifts to the critical implications of mergers and acquisitions, highlighting a potential Amazon and FastAid deal that could spell disaster for smaller competitors like Rican. As Gus finds himself privy to insider information in his political role, the stakes rise significantly for Jesse and Harper’s financial strategies. Kristen and Jen break down the potential fallout from these corporate maneuvers and what it means for the characters involved.Listeners are then treated to an analysis of the recruitment strategies employed by investment banks, illustrated through Robert's experience at Oxford. They discuss how top-tier firms entice the brightest minds with promises of prestige and financial rewards, revealing the high-pressure tactics used to lure in future bankers. This episode is a must-listen for finance enthusiasts as it intricately ties personal struggles with professional growth in the high-stakes world of investment banking.Check out Public.com at the link http://public.com/wallstreetskinnyOur Investment Banking and Private Equity Foundations course is LIVE: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk...

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• 142. A Conversation with the Co-CIO of Bridgewater | Karen Karniol-Tambour

  Send us a textIn this episode, we sit down with Karen Karniol-Tambour, Co-Chief Investment Officer at Bridgewater Associates, one of the world’s most influential hedge funds. Karen shares her insights on macro investing, market cycles, and how investors can navigate an increasingly complex global economy. From the impact of central bank policies to shifting geopolitical landscapes, she breaks down the forces shaping today’s financial markets and what they mean for Wall Street professionals.We also dive into her investment philosophy, how Bridgewater approaches systematic decision-making, and why understanding economic principles is crucial for building a resilient portfolio. Karen offers a rare behind-the-scenes look at how one of the largest hedge funds in the world thinks about risk, returns, and the future of investing—plus, the key lessons she’s learned throughout her career.Whether you’re an aspiring investor, a seasoned finance pro, or just someone looking to better understand global markets, this episode is packed with valuable takeaways. Tune in to hear how one of the most respected minds in finance sees the road ahead and what it takes to succeed in today’s market environment.Check out Public.com at the link http://public.com/wallstreetskinnyOur Investment Banking and Private Equity Foundations course is LIVE: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk...

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• 141. Industry S2E4 | “There Are Some Women”: Forming an Investment Thesis, Comp, Power Plays & More

  Send us a textIn this jam-packed episode of the Unofficial Companion Podcast to HBO Max's Industry, we dive into Season 2, Episode 4, There Are Some Women. This week, we delve into the nuanced depiction of compensation negotiations, or "comp season," exploring the implications of Harper's bonus reveal and the significance of her $25 million contribution to PeerPoint. What does it mean to be "paid at the upper end of the band"? And why do analysts and associates have their bonuses capped, even when they deliver exceptional results? We also touch on the regulatory requirement of "mandatory two-week vacations" in the trading world, designed to uncover potential fraud—a detail that adds authenticity to the storyline as Eric grapples with his sidelined status.We also dissect the fictional telemedicine company FastAid, a thinly veiled reference to the shifting healthcare market dynamics. From the challenges of last-mile care to the implications of Big Tech’s consolidation in the healthcare space, we discuss the real-world parallels of Amazon's acquisition of One Medical and how it reflects larger trends in private equity and telemedicine. The episode further explores the financial strategies of Yasmin's family office, raising questions about liquidity management, diversification, and the role of private equity in reshaping legacy businesses.Finally, we examine how power dynamics permeate every facet of the characters' lives—whether it's Eric's struggle for control, DVD’s attempts to outshine Harper, or Gus’s foray into politics. Mentor-mentee relationships become a recurring theme, blurring the lines between personal and professional. We’ll also analyze how these dynamics are often underpinned by issues of wealth, privilege, and ambition. Don’t miss this deep dive into the finance-heavy themes and human drama that make Industry such a compelling watch!Check out Public.com at the link http://public.com/wallstreetskinnyPublic.comPublic.comDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Our Investment Banking and Private Equity Foundations course is LIVE: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk...

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• 140. Sports Investing 101 with Eli Manning and David Adelman

  Send us a textIn this episode of The Wall Street Skinny, Jen and Kristen dive deep into sports investing. They discuss the structural shifts driving new opportunities, including changes in private equity rules that now allow institutional players to invest in NFL teams. They also break down the cash flow mechanics behind major leagues like the NFL, NBA, and MLB—revealing why some leagues are financial juggernauts while others face stark disparities between high and low earners.The discussion continues with key insights on revenue-sharing models, salary caps, and the differences in local vs. national-level cash flows across the major sports leagues. The NFL stands out for its near-guaranteed profitability through lucrative national TV contracts and rigid salary caps, while the NBA and MLB face more complex financial landscapes. They explore how ownership stakes, infrastructure investments, and strategic planning play critical roles in maximizing profits for investors. With special attention on high-profile sports franchise investors, they illustrate how both billionaires and smaller investors are making plays in this competitive market.The episode features exclusive interviews with NFL legend Eli Manning and sports investor David Adelman, who share their experiences navigating this space. Eli Manning discusses his transition from athlete to investor, explaining how he’s strategically leveraging sports-related business adjacencies such as media, youth sports, and equipment. Meanwhile, David Adelman delves into his investments in the Philadelphia 76ers and an upcoming state-of-the-art sports arena, demonstrating how commercial real estate and sports ownership can create powerful synergies. Whether you’re a casual sports fan or a seasoned investor, this episode offers a comprehensive breakdown of how the business of sports is evolving.Check out Public.com at the link http://public.com/wallstreetskinnyOur Investment Banking and Private Equity Foundations course is LIVE: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk...

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