Brett Harrison: belief

Transcript context

…Speaking of by the way, these firms, you don't have to tell me specifics, but how similar are the strategies for market making or trading that Jean Street versus Citadelo and these firms, is it the same sorts of strategies or are they pretty different? I think a lot more differences than people appreciate from the outside. Different companies have established different niches and areas like Jane Street established its early niche and ETF at kind of like a mid frequency level. So not like ultra fast but not like long term year long discretionary macro. Whereas maybe your Citadel securities kind of firm built their niche more on lower latency options, market making so it could be all over the place. There are some where they are trying to optimize for really short term like microstructure. Alpha is trying to predict where the order book is going to move over the course of anywhere from milliseconds to seconds. There are firms that care more about the relative convergence of instruments over the course of hours to days. There's sophisticated quantity of trading firms that are doing longer term days to weeks to months long trades too. A lot of the infrastructure can be similar. Like either way you need to be able to connect to exchanges, download market data, establish simulation platforms, build tools for traders to be able to grasp what's going on in the market and especially be able to visualize their own proprietary models and Alphas. But beyond that, the actual strategies and the ways they make money can be very different. Famously, in other kinds of development, there's these like, very famous hacks and algorithms, right? So in gaming and graphics, John Carmack has the famous fastener square root for doing graphics calculations, normalizing vectors faster. You were not only a developer in finance. I know what the exact term is for that. But you led teams of hundreds of people who are doing that kind of development. Are there famous examples like this in finance, the equivalent of fastener square root, but for the kinds of calculations you guys do?…

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