A trading edge becomes a business only when someone supplies capital, someone carries the risk, and someone can be paid without the edge being given away. The paths differ in who owns each of those, and in which of the book's four factors (edge, survival, execution, discipline) the business model rewards or hides. In brief:
What the study covers
- 1Overview: who supplies the capital, who bears the risk
- 2Career paths
- 3Track records and how allocators judge them
- 4Starting a US fund: structure and registration
- 5The economics of fees
- 6Seeding, platforms and spin-outs
- 7Prop firms, old and new
- 8Trading education, signals and newsletters
- 9What kills trading businesses
- 10How to read claims about trading businesses and careers
- 11Key numbers
- 12Landmark firms and cases
- 13Pitfalls
- 14How an expert thinks about it
- 15Glossary
Companies in this study
- Jane Street
- Citadel Securities
- Susquehanna International Group
- Hudson River Trading
- Jump Trading
- DRW
- PEAK6
- Optiver
- IMC Trading
- Millennium Management
- Citadel LLC
- Point72 / SAC
- Renaissance Technologies
- Two Sigma
- Squarepoint Capital
- XTX Markets
- Turtle Traders
- Chesapeake Capital
- tastytrade
- William O'Neil and IBD
- Larry Williams
- Mark Minervini
- Salomon Brothers Arbitrage Group
- Long-Term Capital Management
- eToro