Ben Gilbert: prediction

Transcript context

…I think the people specifically you would put into cornered resource, but I’m not actually sure that fully captures it here. I was thinking more process power, because I think it is the combination of the people and the model and the incentive structures. I think that’s right. I also had my biggest one being process power. You actually can develop intricate knowledge of how a system works, and then build processes around that that are hard to replicate elsewhere. I think these systems have been layered over time also, where anyone who’s come into the firm in the last five years doesn’t know how it works start to finish. I didn’t ask anyone to verify that, but it’s over 10 million lines of code and the level of complexity of the system of when it’s putting on trades, what trades it’s putting on, why, the speed at which they need to happen, I actually don’t think anyone holds the whole model in their head. I think there’s process power just because it’s 30+ years of complexity that’s been built up. I totally agree with that, particularly in the model itself. Maybe you could argue the model is a cornered resource.…

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