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Show Notes

(00:01:41) - (First question) - His fascination with Robber Barons

(00:03:08) - He explains the style of investing he has built at Walleye Capital

(00:07:10) - The importance of scale and what it means for firms like this

(00:11:20) - A breakdown of the component parts of a 15% return structure

(00:15:15) - His advice to new portfolio managers trying to succeed with long/short investments

(00:19:42) - His reaction to an efficient market hypothesis

(00:25:52) - He tells us what happens above the individual manager level

(00:28:01) - The universe of talented people behind the business

(00:33:45) - The backstory of Walleye Capital and why he chose Minnesota

(00:40:56) - He discusses the felt experience of being at Walleye versus other firms

(00:45:44 - Whether he identifies more as an entrepreneur systems builder or as an investor

(00:48:23) - What he says about the half-life of successful quantitative strategies

(00:52:22) - A breakdown of style allocations and the percentage of managers within each

(00:54:49) - How he determines how much leverage to use and how to be great at applying it

(00:58:18) - How the firm handles tough investment periods

(01:00:53) - How he knew Citadel wasn’t taking down gross during the GameStop short

(01:02:10) - What he looks for when hiring a portfolio manager

(01:04:56) - His philosophy on performance and how he blends that into his firms' culture

(01:07:40) - Inspiration he’s taken from the All Blacks team

(01:09:44) - Addition aspects of the firm he believes are important

(01:12:05 - Historical finance pioneers that inspired him

(01:14:26) - The kindest thing anyone has ever done for him