Hearing some equities and quant PMs got blown out this week at ExodusPoint. Biz dev art my shop reached out and asked if I knew anyone that might be a good fit
Anyone else hearing anything at other shops? This volatility must be smoking some books. On the bright side, looks like they'll get scooped up quick, at least for now.
Which shop are you at
Not Exodus
Good answer.
Any new news on Holocene,woodline or CGE ? sonibubu
I know a person at one of those three that left recently, but on their own volition for a better seat at another shop. Haven't heard anything else recently.
Holocene tends to have a relatively longer term view and a different structure vs most shops so doubt they're blowing people out.
Appreciate the response. so Holocene doesn’t trade quarters like other shops? Or is it the same style they did in CGE? Very talented group judging by LinkedIn. Also, how should someone approach getting hired at a firm like a woodline/Holocene?
If a pod gets blown out at one platform and quickly picked up by another, doesn't that mean either:
1) everyone knows they got blown out due to bad luck and this whipsaw market; nothing they could've done to avoid it
OR
2) they have a talented team but the PM could have managed the book better in such situations; it's fine because he'll learn and do better next time
If the former is true, why doesn't Exodus just keep them, since there's really nothing the pod could've done differently? And if the latter is true, what do you think such a pod could change or improve on so they don't get blown out next time?
Yes, they get blown out due to volatility, but the whole point of pods is to weather volatility. So if volatility blows you out, either you didn't do your job right (and you shouldn't get picked up quickly by another pod shop), or you did your job perfectly and there's no avoiding these situations (and you shouldn't be let go by Exodus to begin with).
Sorry if this is a stupid question
Your question and observation is good. The issue is that exodus, and other pods have very tight risk and drawdown parameters to smooth vol… and they need to enforce those parameters seriously to keep everyone on their toes at all times. The model only works if their employees deliver alpha and minimize draw; so if they start letting pods underperform and blow through limits then other groups won't take limits as seriously and it could then destroy the model. So it's kind of a necessary evil to churn underperformers (potentially due to a mis maneuver in an insane vol environment) even if they are considered skillful LT.
This makes a lot of sense, thank you. I suppose if every single PM at the firm can see the results of every other PM, the enforcement argument works. But I'm guessing that's not the case? What prevents say exodus from giving more rope to a PM who blows through his stop but whom they really like; it's not like all the other PMs will find out about it, right?
Worked with an C-suite guy at Exodus. Very impressive track record, cool head, and hyper intelligent. Can't speak to any other staff, but leadership is the real stuff.
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