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In 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/wallstreetskinny

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Our 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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Season 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/wallstreetskinny

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 HERE

Our 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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In 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/wallstreetskinny

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 HERE

Our 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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In 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/wallstreetskinny

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 HERE

Our 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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In 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/wallstreetskinny

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 HERE

Our 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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In this episode, we dive deep into HBO Max's hit show Industry Season 2, Episode 3, titled "The Fool." We unpack the intricate financial concepts and ethical dilemmas that drive the plot, exploring topics like block trades, private placements, proxy votes, insider trading, and more.

We break down the logistics of block trades—massive transactions conducted outside public markets to minimize disruption—and how they differ from private placements, where securities are sold directly to strategic investors. With a focus on Jesse Bloom's 42% stake in RYKAN, we analyze the risks and implications of these financial moves.

The episode also highlights the power of proxy votes, which enable shareholders to influence major corporate decisions without being directly present. We explore how ceding or maintaining voting rights can become a critical factor in corporate governance, mergers, and acquisitions—especially when conflicts of interest arise, such as suppressed information about RYKAN’s missing analysis.

Finally, we delve into the ethical strategies behind long-term versus short-term financial decision-making. Harper's bold move to encourage Jesse to increase his stake in RYKAN at the cost of immediate dividends challenges the traditional focus on quick profits, emphasizing the potential for future market leadership.

Join us as we dissect the financial intricacies and strategic maneuvers of Industry's gripping storyline, offering a nuanced look into the high-stakes world of hedge funds, corporate governance, and ethical finance.

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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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As a follow-up to our prior conversations about finance and love, we sat down with celebrity divorce attorney Kristina Royce to delve further into the intersection of finances and relationships. 

We address questions that even some of the best minds in high finance may not know the answer to, like:

- is common law marriage real?

- what are the advantages and disadvantages to getting married and divorced in specific states?

- how are alimony and child support determined?

 - when do I need a prenup or postnuptial agreement?

- how should I be smart about shared and separate bank accounts?  

- what about real estate? inheritances? businesses in my name?

- how do separations, mediations, and no fault divorces work?

- what risks am I exposed to if I quit my job while I'm married?

We cover the importance of financial intimacy, the role of attorneys throughout the process, the variations in divorce laws across states, and practical advice for couples considering separation or divorce. Kristina also highlights key considerations around financial independence, especially for women. Above all, we emphasize the importance of being educated about your legal rights and obligations in the context of marriage and finances.

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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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In this episode of the unofficial companion podcast to HBO Max's hit show 'Industry,' Jen and Kristen delve deep into the financial intricacies presented in Season 2, Episode 2, titled 'Giant Squid.' 

They start by dissecting the concept of block trades, highlighting how institutions handle large stock transactions and the associated financial risk. The discussion ties this to a real-world example of a recent $2 billion block trade by Citi and the potential losses from such high-stake financial maneuvers when investor demand is miscalculated.

Jen and Kristen also provide insights into Equity Capital Markets (ECM) and Initial Public Offerings (IPOs). They explain the role of underwriters in building the order book and pricing the shares to ensure a successful IPO, emphasizing the importance of the roadshow in generating investor interest. They break down the differences between primary and secondary offerings, and discuss "rescue financing" in the context of private equity involvement.

The hosts take a critical look at the private wealth management (PWM) sector as portrayed in the show. They discuss the stereotypes and realities of PWM roles, contrasting them with the fast-paced environment of institutional sales and trading. They underscore the impact of interpersonal relationships on financial success, using Celeste's mentorship of Yasmin as a case study. 

Through these discussions, Jen and Kristen not only enhance viewers' understanding of the dramatic plot but also provide a robust financial education.

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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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In this episode of "The Skinny On...", hosts Kristen and Jen discuss several hot topics including a sneaky potential catalyst for disappointing Apple earnings going forward. They explain --- through personal experience --- how the TikTok ban-or-sale ruling may have farther-reaching consequences than were initially perceived, and how lack of access to the app for new and upgrading iPhone users may negatively impact sales.  

They also delve into the controversial $Trump coin and Trumponomics, examining the ethical and regulatory concerns surrounding cryptocurrencies and investments tied to political figures. 

Additionally, for newbies entering the industry trying to decide which desk is right for them, we talk about recent shifts in Credit Sales & Trading with respect to the rise in portfolio trades specifically.  What does it mean for your career when a product becomes more commoditized and more electronic?  It's not always cut and dry, so tune in to learn more!

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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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In this episode of the unofficial companion podcast to HBO Max's hit show "Industry", Jen and Kristen dive into the premiere of Season 2, titled "Daddy." They provide a deep analysis of critical finance concepts such as block trades, sales credits, credit default swaps (CDS), and the impact of market volatility on trading desks. The duo examines how the show accurately portrays the challenges of navigating market disruptions, client relationships, and the competitive dynamics between sales and trading teams.

A significant portion of the discussion revolves around the show's depiction of the COVID-19 pandemic's impact on financial markets. Jen and Kristen offer expert commentary on the logistical challenges faced by trading desks during the market turmoil of 2020, including disaster recovery setups, the rapid adaptation to remote trading, and the implications for risk management and profitability. They also discuss how cultural shifts have altered workplace dynamics and the pressure to produce results in an evolving industry.

Throughout the episode, Jen and Kristen analyze key plotlines, such as Harper's strategic positioning to land major clients, Robert's journey to assert his role in sales, and Yasmin's navigation of internal politics and client management. They provide sharp insights into the nuanced world of high finance, offering listeners an in-depth look at the industry's complexities and what it takes to succeed. 

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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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In this episode of The Wall Street Skinny, hosts Jen and Kristen sit down with the extraordinary Avery Sheffield, co-founder, Chief Investment Officer, and Senior Portfolio Manager at VantageRock, the long-short equity strategy within Rockefeller Asset Management. In this conversation, Avery distills complex financial strategies and concepts, such as information asymmetry, formulating investment theses, and balancing long and short positions in equity markets. She shares invaluable insights into the intersection of macroeconomic trends and equity valuation.

Avery’s discussion dives deep into the core mechanics of managing an equity portfolio, including the pivotal role of catalysts in shifting market sentiment and valuation. Her expertise in identifying opportunities amid information overload—what she describes as “seeking asymmetry”—provides a fascinating look into how successful investment strategies are built. Avery also explains how behavioral psychology concepts, like anchoring and herding, influence market dynamics, and how she integrates them into her decision-making process. Her illustrative examples of recent market movements, such as the structural changes in the airline industry, offer listeners actionable takeaways and a clearer understanding of practical investment strategies.

What sets Avery apart is not just her professional prowess but her ability to manage a high-pressure career alongside raising four young children. As a mother and a leader, she shares her approach to work-life balance, highlighting the power of careful planning, teamwork, and leveraging support systems. 

Check out Public.com at the link http://public.com/wallstreetskinny

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 HERE

Our 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...