Glen scheinberg
Anyone have any info on his team at MLP. Have heard his name floated around before but didn’t realize how absolutely monstrous his Pnl generation was.
According to BI best performing pod at MLP minting billions per year. If so he’s gotta be one of the best under the radar guys on the street
interested
interested as well. I have a friend at MLP right now but he has no clue about Glen.
izzy when he sees glen's pnl every year:
With such track record, why doesn't he just setup his own fund and keep 100% of the pnl?
No LP is going to allow that kind of risk in a single vehicle.
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Anything in particular you want to know? Best performing pod in MLP for 2 years in a row with a team size of under 40 (has outperformed WorldQuant in terms of pnl which is 800+ now)
- from the article, it seems like others have been unable to replicate their success in the strategy. what's srbl's secret sauce? - how do they form enough conviction to be placing multi-b wagers on a single name? - how much rough aum does srbl manage? article said it fluctuates, so trying to get a rough sense of the high/low end
I don't trade equities but I find it fascinating that a single team is generating such huge dollar PnL when most large/successful index arb desks I've heard of at platforms are generating max 100-200mm
Do you have any sense of how the team's progression was at MLP. Looking at Sheinberg's linked in he was just a VP at GS so I'm guessing he didn't come in guns swinging at MLP with a huge book. Did they have early blowout years and MLP just poured capital into the team? Also would be interesting to know if they're fully systematic or hybrid discretionary/systematic
Rumor has it the index rebalance guys got crushed this year (as in gave it all back crushed)
confirmed - not just Scheinberg, across the board.Btw as always, MLP doing just fine
Damn he is living the MM PM dream life: prestigious MM, working on interesting and profitable strat, living in Puerto Rico.
Let's revisit our opinion in a couple of days lol
Hahahaha, this guy knows what's up.
Strange no one said anything here. but he's index rebal
The moves 2 weeks ago were appropriately epic.
he’s been mvp for a week+ now
Lol what happened to him?
What were the moves exactly? How can someone lose that much money?
Would a multi billion loss trigger millennium drawdown limits or could Glen just tough it out for the rest of the year?
I don't think there are drawdown limits when you're that big. MLP is kinda trapped because that strategy is the vast majority of their PNL in equities hence the sizing of it.
I don't really get it though because investors are on the hook for the loss - the netting is just a disaster.
Any more details on size of the Pnl drawdown/ impact on MLP overall fund? Very curious how MLP would handle the loss
Too big to fail - they have no choice but to ride it out. The market wouldn't take his risk and he is too big.
In general MLP is so big and diversified, one pm / team can’t move the needle positively or negatively (by design).
I mean that’s true for most teams but if he’s down billions that would move the needle on a 50bn fund
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edit
How is he doing now?
Is this why all the despacs were down 25 pts on Russel 3000 inclusion day or something
following
Huge pnl due to suicide sizing and record equity inflows sustaining this past few years.
What happens when the music turns ?
He is too big to get out of positions and will take down the other funds as well because there is not that much skill in knowing the names, all about who can go biggest.
how's he doing right now?
Lol heard he lost a yard yesterday (a billion)
Just yesterday or overall? I heard it was a couple yards.
Meant just Friday lol
business insider cursed him lol
What positions did people lose money on specifically ? What happened here?
Is he going to get cut or will MLP make an exemption since he generated so much pnl in previous years?
If you give a mouse a cookie.
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Do we think his net dollar gains since inception are close to flat / negative?
I strongly suspect LTD is up. MLP doesn't structure in such a way that he could have lost more than he made, given his prior returns.
The firm may have lost more unwinding his book, but his lifetime PNL at MLP was likely positive.
Note - not true for many. Plenty of people can lose more than they made at MLP but I doubt it for him.
Is any of this actually true? MLP returns seem fine ytd based on what I gather.
what are their ytd #s?
flawed logic: chatter is that returns are fine, so this may be untrue. options:
1) return number you heard is wrong (unlikely but possible given that it sounds like you yourself are not certain of the number)
2) this whole thing is made up despite that everyone is focused on it and hearing things and was watching trades blow out massively (almost certainly untrue)
3) your heuristic for linking his PNL to MLP returns is specious (much more likely than other options)
Depends on what you mean by "this".
- trade going wrong way badly, but not big enough to move the needle for MLP? 100% possiblity
- guy losing enough money to get himself fired, despite making B's in past years, yet not moving MLP performance. I'd say unlikely
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interested
There was a hedge fund trade letter talking about how similar teams at other shops were fired last month. It seems unlikely that the largest player is fine YTD.
But MLP could be OK still as long as they are well diversified, and maybe fundamental equities / rates did well?
Officially calling BS on this speculation
So you have it confirmed he’s still there?
So what happened to this guy !?
Does anyone know which specific trade(s?) caused the loss?
If it’s true, and I’m not saying it is, look at index arb behavior 3-4 weeks ago. Everything correlated and went against funds. Wasn’t one specific name.
Hey, I’m a student. Can you explain a bit more what happened, I know that index arb is when you buy/sell stocks before they are added/dropped from major indices such as the SPY, but dont know how correlation plays into the mix.
Millennium is 6% as of June as per Bloomberg. https://www.bloomberg.com/news/articles/2022-07-13/millennium-trading-t…
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Any updates on his situation?
Scheinberg's team did lose money amid the Russell turbulence. But its book was well hedged and the losses through mid-June were not substantial, especially compared with the capital it puts to work, people close to the firm told Insider. - https://www.businessinsider.com/whats-going-on-with-millenniums-index-r…
This makes me more skeptical. How do you hedge idiosyncratic names in a strategy like this when positioning delevers? Another rumor is that he is leaving.
The team members were prob the anonymous sources lmfao
I would look at Deeps' performance in APAC as a good indicator for how they are performing (sharpe-wise and strats used). Same lineage
any update on how SRBL is doing this year?
Curious as well
millenium had pushed a note on nov 11 that funds were experiencing long and short liquidations. being they are largest/among largest within, wonder their degree of responsibility.
Anyone know how they performing this year?
lost money per this article, although exactly how much is unknown:
https://www.businessinsider.com/index-rebalance-strategy-hedge-fund-pms…
Yes, multiple big name PMs were fired, the trade is basically dead
bump
How did srbl do last year?
How much GMV does SRBL manage?
The level of detail in that article on his bird watching results is fucking hilarious 😂
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