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I was a Drexel intern on the index arb and convert arb desks in Bala from 1997-2000. Despite backing from my traders and other desk as well as solid play in the poker games I did not get accepted into the trading class. I still had one more year to go and everyone implored me to stay but I wanted to get on the floor so bad I did my last co-op with a local firm on the PHLX floor.

I ended up running a 7B portfolio for a life co, designing the hedging program for VA’s (I was buying long dated OTC puts from Berkshire pre-GFC), trading distressed RE credit on the street after GFC and most recently building a 20B MFO so I ended up okay but I always felt spurned by SIG even though I kept up with everyone from there over the years and have zero bad things to say about them.

I initially thought I didn’t have what it took to be a trader and I didn’t like that and it drove me throughout my career to prove them wrong. But it wasn’t until recently that I realized that what they probably saw in me back then was someone who was looking for the answer. I thought it was binary: I was a trader or not good enough. But this interview shows how that’s just not the case and how pernicious mental inflexibility is in all of us and how unique and amazing SIG’s culture is that they foster such mental flexibility in so many ways. I remember bombing one interview question with Roger Smith (the race track one) and he just looks at me and says sometimes the numbers don’t have the answer. I still find wisdom in that lesson today.

I’ve heard comparisons made to the culture at Bridgewater, and while I never worked there and can’t speak to it I think the two are very different. Somehow SIG has managed to get all the little things right over the years and still to this day was the best culture I ever worked in.

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I haven't been there is 15 years but I didn't appreciate how good the culture was when I was there (just because I wasn't being meta about it. I just thought it was normal)

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Thanks Kris always like the content you produce

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