@ghose.bsky.social
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Is one year of underperforming a blip. Likely. Is three years of underperforming a blip. Perhaps. Is five years of underperforming a blip. No. š§µ
3 days ago
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Fed Chair interviewsā¦
3 days ago
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Itās January 11th and the confirmation bias of people on X on events in the world is at record levels. Tribal Just vitriol No nuance No research Pure Dunning Kruger It shouldnāt be like supporting a football team At least in sports there are clear results to keep you grounded
3 days ago
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The Interest rate on student loans in the UK is crazy. The Plan 2 level is RPI +3% and kicks in from point loans starts! It is grossly unfair. Too high.
3 days ago
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How do pieces like this get approved by editors? Lady moaning about buying 7 bedroom house for Ā£425k and canāt sell for Ā£2.5m. Rode asset inflation up for decades and she says they have done crucial upgrades like a sauna!
10 days ago
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Did Farage say more about international law than the EU?
12 days ago
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For all the complaining I see about Continental Europe from right wing X influencers in U.K. I thought this chart was interesting illustrating higher real PPP GDP per capita in many Northern European cities than London. Also fascinating how other UK cities lag a lotā¦
12 days ago
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America is rich and the UK is poor⦠True but this statistic shocked me⦠The average wealth per American adult is $620k but the median is only $124k! The average wealth per UK adult is $339k and the median is $176k. š§µ
12 days ago
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Make London great again this year UK fintechs.
www.thetimes.com/business/com...
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Why itās time for the UKās fintech stars to list in London
Bank stocks are loved in this country and with government backing and talented management teams, the homegrown grass is looking greener
https://www.thetimes.com/business/companies-markets/article/time-uks-fintech-stars-list-london-3xx6rgtbl
12 days ago
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Gold finger remake? Need to rename Pussy Galore I guess for the 21st century?!
open.substack.com/pub/rupakgho...
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Gold Rush and Goldfinger
Booming Gold trading, Central Banks, Bullion banks, Hedge funds, Retail, India loves gold, China trades gold
https://open.substack.com/pub/rupakghose/p/gold-rush-and-goldfinger?r=1qelrn&utm_medium=ios
about 1 month ago
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X says it makes $454m of EBITDA which is a 60%+ margin but it also made net los of $577m! Which one would Buffett and Munger look at?
about 1 month ago
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What investment are they talking aboutā¦I thought it was peppercorn on all new developments anyway? And govt changes laws all the timeā¦why should they protect unproductive rent seeking by Cayman Islands based shell companies!
about 1 month ago
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Amazing pieceā¦so funnyā¦.āwhen we told the Poles to go home we didnāt mean it literallyā
add a skeleton here at some point
about 1 month ago
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Trying out a sponsor approach vs subscription with todayās pieceā¦
open.substack.com/pub/rupakgho...
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Renaissance Technologies under pressure
Will the quant king close its client funds?
https://open.substack.com/pub/rupakghose/p/renaissance-technologies-under-pressure?utm_source=app-post-stats-page&r=1qelrn&utm_medium=ios
about 2 months ago
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2 months ago
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Good piece by
@dsquareddigest.bsky.social
using the examples of SVB and CS Vibes matter when your deposit base can walk in 48hrs
www.ft.com/content/b12c...
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Numbers vs more judgment: the US-Europe regulatory divide widens
Cuts to the Fedās supervisory staff reflect a particularly American approach to financial oversight
https://www.ft.com/content/b12c18b1-b94d-4ba0-8c18-e0e8030389f6
2 months ago
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Wrote up my notes on interview HRT head of AI did. Their mid frequency trading is big but order book/flow data. Itās intraday/ not multi day - different to models at DE Shaw, Two Sigma where mid frequency is longer term factors/fundamentals signalsā¦
rupakghose.substack.com/p/the-new-hu...
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The new Hudson River Trading (HRT)
Medium frequency trading and AI
https://rupakghose.substack.com/p/the-new-hudson-river-trading-hrt
2 months ago
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JPMs new tower reminded me of the long history of bankers building towers and fancy trading floor at the wrong time.. Remember the legendary UBS trading floor of Stamford. Citadel is building even bigger towers than JPM soonā¦
open.substack.com/pub/rupakgho...
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The trading floor - Cathedrals of Capitalism
Exchanges, brokers, investment banks and hedge funds
https://open.substack.com/pub/rupakghose/p/the-trading-floor-cathedrals-of-capitalism?r=1qelrn&utm_medium=ios
3 months ago
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Research analysts have "great quarter guys". CEOs have "let me unpack that question." Silicon Valley has "each person will be more load-bearing"...or is that a construction site for the Qatar World Cupā¦.
3 months ago
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reposted by
BrokenBanker
3 months ago
it's been very effective with people not in the industry; when I've pointed out to those saying how great he is that from my point of view as a City person for decades, he's committed a cardinal sin by massively over-inflating his credentials, they simply don't care. so yes, it's worked:
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Worth a read - how one of the hottest YouTube channels and book deals in the UK in recent years was based on the credibility of a fake story. So obviously not the best trader in the world at Citi and his colleagues seem to think his stories are also made up š
www.linkedin.com/pulse/gary-s...
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Gary Stevenson's Trading Game - Fact or Fiction?
I finally got around to reading Gary Stevensonās book Trading Game - it was on offer in Waterstone's. I had held off for so long, because I suspected that it would be, on the basis of what Iād read in...
https://www.linkedin.com/pulse/gary-stevensons-trading-game-fact-fiction-lee-oliver-oslbe/?trackingId=TyZD1AzOSr2%2BRAKVnfCfXw%3D%3D
3 months ago
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Happy Diwali!šŖ Sell your Gold and Silver?!
3 months ago
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rupakghose.substack.com/p/have-we-re...
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Have we reached peak pod shop fees?
Lower returns, higher pass-throughs and high leverage
https://rupakghose.substack.com/p/have-we-reached-peak-pod-shop-fees?utm_source=activity_item
3 months ago
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Why is it always Deutsche Bank, Soc Gen and Barclays. I miss the days when Credit Suisse would lead the risk off share price declines. Waiting for the US open
3 months ago
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Are we yet at the point that Jason Calacanis starts writing in large caps āYOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOWāā¦Silicon Valley needs a tariff exemption
3 months ago
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Over on X, Silicon Valley Ai types are discovering that British private citizens spend a lot on railroads in 1840s āwhy has no one talked about this beforeā š I mean sureā¦itās called books
3 months ago
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3 months ago
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Hedge funds and their allocators are looking at commodities so I dug into the history of the spaceā¦
open.substack.com/pub/rupakgho...
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Are commodities a hedge fundās best friend
Industry origins, the quant revolution, physical trading and 2025
https://open.substack.com/pub/rupakghose/p/are-commodities-a-hedge-funds-best?utm_source=app-post-stats-page&r=1qelrn&utm_medium=ios
3 months ago
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reposted by
Dan Davies
4 months ago
Rupak's guide to hedge funds continues with one of the more interesting and secretive ones...
open.substack.com/pub/rupakgho...
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D.E. Shaw ā the quant king
More than just a systematic fund
https://open.substack.com/pub/rupakghose/p/de-shaw-the-quant-king?utm_source=share&utm_medium=android&r=kt8l
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Big tech and AI startups all funding each otherā¦Buy my product and I will invest in youā¦makes the shadow banking sector look simple
4 months ago
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If the US gets rid of quarterly earnings...what will the pod shop hedge funds and sell-side equity research analysts do all day?
4 months ago
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Hudson River Trading now has one of the highest revenue per employee ratios in financeš§µ
4 months ago
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4 months ago
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Poetry on Jane Street by
@dsquareddigest.bsky.social
Nothing succeeds like success. Or, as the parable has it, āto the one who has, more will be given, but from the one who has not, even that little that they have will be taken awayā.
4 months ago
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Why does everyone focus on nominal inflation over decades and not the annual returns? Is a 1% inflation-adjusted annual return a gift to property owners by the UK government?
4 months ago
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ā I am just a f*cking YouTuber, itās up to the experts to work out how to implement the wealth taxāā¦āI donāt do implementationā āmaybe we should seize assets like the Chineseā Interesting latest YouTube video from Gary āthe best trader in the world at Citiā Stevenson.
youtu.be/gHrxoKEnvEs?...
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Is a wealth tax actually possible?
YouTube video by Garys Economics
https://youtu.be/gHrxoKEnvEs?si=yA7_KEHRrs1SiF8W
5 months ago
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New piece out - When electronic trading platforms get disrupted. MarketAxess won the battle. Tradeweb won the war š§µ
5 months ago
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5 months ago
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reposted by
Dan Davies
5 months ago
This is the sort of research people pay serious money for
add a skeleton here at some point
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Almost 4,000 words on electronic trading platforms⦠āMonopolists lie to protect themselves ⦠usually by exaggerating the power of their (non-existent) competition,ā and ānon-monopolists tell the opposite lie: āweāre in a league of our own.āĀ Peter Thiel
open.substack.com/pub/rupakgho...
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When electronic trading platforms get disrupted
MarketAxess won the battle. Tradeweb won the war
https://open.substack.com/pub/rupakghose/p/when-electronic-trading-platforms?utm_source=app-post-stats-page&r=1qelrn&utm_medium=ios
5 months ago
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reposted by
Craig Coben
5 months ago
Fantastic essay. Really learned a lot - thank you
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open.substack.com/pub/rupakgho...
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The cautionary tale of fintech N26
N26 vs Revolut and Monzo
https://open.substack.com/pub/rupakghose/p/the-cautionary-tale-of-fintech-n26?utm_source=app-post-stats-page&r=1qelrn&utm_medium=ios
5 months ago
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I wrote about how traders at banks and hedge funds are running the show in London not IPO and M&A bankersā¦
www.thetimes.co.uk/article/trad...
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Traders, not bankers, are the masters of Londonās finance universe
The alpha trader who relied on gut instinct, market chatter and the huge firepower and risk appetite of their banks disappeared after the financial crisis
https://www.thetimes.co.uk/article/traders-not-bankers-are-the-masters-of-londons-finance-universe-b06lbhwd3
5 months ago
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Seeing a lot of pieces on Substack that are going viral on narrative basis but with factually inaccurate financial analysis. Substack is amazing and I have been calling the death of sell side research for ages but I wonder if that is its downside vs sell side research.
5 months ago
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If another person on LinkedIn using the words āso much to unpack hereā I am going to respond with āgreat quarter guysā
6 months ago
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6 months ago
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6 months ago
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Itās all just locker room talk! A directional trade based on market impact. Do the arbitrage riskless and in small size and it isnāt profitable.
open.substack.com/pub/rupakgho...
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Jane Street on Fire
A primitive trading scandal, implications for Jane Street and the NSE
https://open.substack.com/pub/rupakghose/p/jane-street-on-fire?r=1qelrn&utm_medium=ios
6 months ago
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Jane Street to re-brand as "Jain Street" and sponsor the Indian cricket team....
6 months ago
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Boris Johnson to join the America Party? Can run for President unlike the rocket man!
6 months ago
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