Citadel vs. Two Sigma: The Race to Get the Best Quants
Citadel is snatching up the best talent, organizing and hosting datathons with opportunities to interview with the hedge fund with winners. Meanwhile, Two Sigma is teaming up with Cornell to have its students and professors work on advancements in machine learning and data science. A very strategic move to poach some of the most brilliant minds, but at the same time it seems like it gives a chance for the students to see new career paths. What do you think about it monkeys? I see a lot of parallels to IB recruiting but with a completely different purpose and methodology.
I've attended those types of events on campus.
The real problem for quant funds is that Math and CS majors have are inherently distrustful and resentful of the financial industry. Those of us in the know realize that putting Two Sigma and Goldman in the same bucket is like putting Beef in the Cereal aisle. Yet to most people in Math/CS those two firms are both 'finance' firms, and thus 'evil'. The recruiting efforts are just a means of improving the image of these types of firms around campus. If they work, they will convince even more to apply and thus let the firms have access to talent that may not have applied due to the perception of finance as 'evil'.
There was an arms race for Physics/CS/Math PhDs in 2005/2006. Then the Quant Summer 2007 blow up happened, and then 2008 happened.
Seth Klarman said something to the effect of "Our definition of a risk committee is the investment team sitting in the room talking about trying to intelligently think about how to not make mistakes"
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