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We need to talk about what’s happening to an entire generation…. I’m worried for my kids (this novel below can be for entrepreneurs / investors / or young women) That girl crying because she “felt nothing” on a perfectly good date? She’s not broken. She’s been rewired. We live in an instant gratification society that’s completely divorced from how life actually works: Want food? Uber it. 30 minutes. Want entertainment? Netflix it. Instant. Want a date? Swipe it. Endless options. Want dopamine? Scroll it. Non-stop hits. Even want a dog playdate? There’s an app for that. Everything worth having can be summoned with a tap…EXCEPT THINGS THAT ACTUALLY MATTER You can’t app your way into a meaningful relationship. You can’t one click a sense of belonging. You can’t Amazon Prime a purpose. But your brain doesn’t know that anymore. Social media has hijacked your reward system. Every scroll gives you a tiny dopamine hit…new face, new drama, new possibility. Your brain now expects relationships to feel like infinite scroll: effortless stimulation, zero investment, next option one swipe away. Real human connection doesn’t work like that. It’s slow. It’s awkward at first. It requires investment before you see returns. Real connection is built through: Shared struggle + Shared purpose (serving at church, volunteering, building something) + Shared presence (showing up when it’s boring, when it’s hard, when there’s no audience) The “spark” you’re waiting for? It’s not supposed to strike like lightning. It’s supposed to be built…through consistency, vulnerability, and time. But you’ll never feel it if your brain is constantly comparing real life to the highlight reel, the algorithm, the fantasy. Build slow, build real. Friendships that last decades start boring. Relationships that endure start imperfect. Community requires showing up on Tuesday nights when you’d rather be home. Real life wants you present, connected, and building. Choose accordingly.

The Standard for anyone learning about the quant world. This is my 3rd time through it and learn something unique each time. Good luck out there.

Most people don’t realize you can JUST DO THINGS. This is always my message to college / young professionals. How I learn everything is by building it. When I got into HBS they made me take a “pre” class on finance. I was an entrepreneur… I didn’t understand excel or what a DCF was (glad that was the only place to use it). I was literally doing math on graph paper and in an IDE window for more complex stuff. I took my whole first year to teach myself banking and PE 101. Literally learned how to build models from K’s / Q’s. Fast? No. Efficient like a class? Def not. But gave me a deep mastery of financials. Building blocks for later in life. The point is … don’t underestimate what you can DO. You want to learn something? Build it. Now with LLMs there is no reason you don’t build first. Master later.

5 hrs on a peloton

I did 3 rounds of interviews with BW. It was … an “experience” 1. Dinner -> seemed normal enough… I had no idea what to expect. Was at the top restaurant in Cambridge… anything we wanted. As a starving MBA, was a highlight. Invited to a debate after. 2. 8 person debate. Objective was bring a “controversial” topic to debate. 3 I remember - “is the illusion of choice limiting for humans” - “kill 1 person to save 1m people” - mine… “should the government regulate the internet” I love debate and don’t take much personal … was intense and fun. 3. I was then passed on to a psychologist in Canada? Asked me a serious of questions for 2 hours ok the phone. I’m trying to remember … said the goal was to measure my brain and Frontal Cortex? This was close to 15 yrs ago. I found the questions kinda silly. How could some PHD understand me from a 2 hr call? Anyway they dinged me after round three. I guess my Frontal Cortex wasn’t developed or big enough. Lots of BW lurkers on here … and some public alum. They are likely under 1,000 page NDA. They could prob talk about the hiring process in more detail, the goals of it. Def a unique place from All the inside stories I’ve heard.

Prob some HBS grad came up with the idea … let’s make people redeem… instead of just issuing the credit… that way we will save $47m according to my excel sheet when 35% of people don’t

Platt’s run could be one of the best ever for a true L/S hedge fund. Remarkable

Just keeping a running list for myself to repost in future: 1. MSTR now represents a mid single digit of all converts in US 2. Meme coin bro buys 6.2m banana to eat 3. 10 year old rug pulls greedy meme coin people for $30k -> someone kidnaps his dog and asks for money back 4. Some of the best L/S guys I know giving up shorting stocks 5. 2/3 my feed is not ICBM rockets but “retardio” and “fartcoin” 🚀🚀 6. DJT rumor to be buying BAKKT (FT) 7. James Howell is paying 10s of millions to search landfill for lost bitcoin 8. SBF would be richest man in world right now 9. Scottie Pippen knows Satoshi and talks to him in dreams 10. TikTok “ChillGuy” meme coin is now $400m mkt cap and up 400,000% Feel free to add so we can catalogue this time in history

Never leaving FINTWIT

When I’m 80… this is where I will go in my dreams….Friday night pizza and Despicable Me 2 (we are still working on the presentation)

ALL asset managers / hedge funds should only make performance fees with returns (-) expenses over the S&P500

Whenever there is an outlier like $PLTR .... if you owned it as they accelerated, you crushed it, if you haven't owned it "because it's expensive" you need to ask yourself WHY? Waiting for a model to train...my old fundamental analyst in me got curious....I dusted off one of my old methods to look at these high flyers... it's essentially a hybrid view of "what is the market discounting" here. Forget absolute or relative comp tables. This was inspired by Gabe Plotkin from a LONG time ago. *For illustrative purposes only -> these metrics are best guesses I took remembering what some of these metrics were for peers -> if you cover this name actively and have these metrics send them along and I will plug in* 1. Calculate the CLTV (what's the avg sub increase and churn? increase seems low?) 2. Take their CLTV * current # Customers 3. Divide EV / (CLTV * Customers) 4. Take that multiple and (*) by their current customer count... that is what the market is DISCOUTNING they can get to from a customer count stand point So the TWO big questions are: 1. Can they hold their customer economics where they are? Let alone increase them.... 2. Can they get to that customer count? This analysis helped me for years try to dimensionalize names that did not make sense with traditional metrics. Sometimes it would be eye opening... wow market is getting this right OR... wow no way these guys can do that customer number or these CLTV numbers are not sustainable bc 1x increases etc. That's where the deep fundamental work comes in! *illustrative graphic to the method

RENTECH Saturday Morning project: October lessons? RIEF *ALLEGEDLY* just posted a -15% drawdown in two weeks (Oct 2025). For context, this is the firm that’s basically *the* gold standard in quant investing. My thought project this early morning is to piece together what happened…because if RenTech’s models break, that tells us something IMPORTANT about markets right now. *I found these attachments on the internet someone loaded up… could be made up or wrong. Let’s assume they are right… RIEF runs ~$20B, supposedly factor neutral, market neutral-ish, with 2.5x leverage. The strategy is automated statistical arbitrage across thousands of long/short positions. Beta target of 0.4 or lower. These guys don’t blow up. So what changed? Here’s where it gets interesting. In Feb 2023, they modified their strategy. Old target: net $100 long per $100 equity. New target: “NOT be greater than $100 net long… but with NO OBJECTIVE that it not be less.” Wait….they removed the floor? That’s a massive shift. It allows them to go net short or significantly reduce market exposure. Looking at their factor exposure analysis (stress testing docs), something jumps out: they’re NOT actually factor neutral. The “Manager Style Drift” chart shows S&P 500 exposure went from ~0 to 3+ sigma starting around 2020. That’s… not neutral. During COVID-19 (Mar 2020), they had: - +2.21 S&P 500 exposure - -1.78 MSCI North America - Negative VIX exposure - Small cap and value growth tilts These exposures are contradictory and suggest hidden factor bets that maybe even *they* didn’t fully recognize in their risk model. OR…. Models now take them on in short term alpha trades. The correlation stress testing chart (bottom right in the docs) is particularly revealing. It shows correlations increase dramatically during stress periods meaning their hedges fail precisely when needed most. Classic quant nightmare. OR they are specifically taking on tilts. So here’s my working theory on October 2025: After Feb 2023, they likely used their new flexibility to reduce net long exposure (or even go short). If you follow LIQUIDATION NATION it has been a factor bloodbath and historical moves… they could be: 1. Underexposed to upside on longs 1. Getting squeezed on shorts 1. Watching “neutral” factors suddenly correlate With 2.5x leverage, even a -6% strategy loss becomes -15%. Alt #2: This was a crowded trade unwind. If other quant funds were positioned similarly, forced liquidations could cascade. Market microstructure breaks down, liquidity evaporates, execution slippage compounds losses. Alt #3: They are running lower leverage and taking on FACTOR TIMING (how I think about the world.. maybe I am cope lol). Alt #4: Some option trade went haywire What’s fascinating… is their models apparently didn’t see this coming. These are arguably the most sophisticated predictive models in finance, built by some of the smartest people in the world, with 30+ years of data and refinement. Yet something in October 2025’s market structure was fundamentally different from their training data. Questions I’m still thinking about: - Was this a regime change moment where historical factor relationships broke? - Did their factor definitions drift from market reality? - Was the Feb 2023 strategy change a mistake in hindsight? - Or was this just an unlucky tail event that any model would miss? The humbling thing: if RenTech’s models battle tested through multiple crashes, with the deepest talent pool in quant….can get caught like this, what does that say about model risk more broadly? I’m not trying to criticize…genuinely trying to learn. When the best models fail, there’s usually a deep lesson about markets, risk, or regime change embedded in there. Would love to hear thoughts from other quant folks. What am I missing?

I don’t have the answers just my experience. At HBS there was a saying… you can be a Baker Scholar, network for a job, or spend 2 years doing all the social treks with your section. You could only pick 1.5 of them. I feel work is much like this. Early on you need to just grind. It’s about learning, being a sponge and giving yourself optionality for later in life. I didn’t even know what a hedge fund was. As you settle into your career you will need to make trade offs. How successful you want to be. How far out on risk curve you can go. What your social life is like. How much time you see close friends. When you get married. How many kids you have. If you want to continue your education. Hobbies that take up time. For me… I always prioritized 2 things (after my faith). My family and my work. Everything else really doesn’t have room right now. My friendships have suffered. My wife tells me I have no social life. I don’t do guys weekends. I don’t play golf. It’s all a choice of tradeoffs. The cost of success is HIGH. It’s big toll to pay. It’s 4-430 am wakeups everyday. It’s not cocktailing with friends. It’s working at home after kids go to bed instead of Netflix. It’s trading in the hospital room after your wife gives birth. I sacrifice a lot just so I can have breakfast and dinner with my kids. My best advice would be… have some non-negotiables and hold onto them. Find a team that has similar values. NO AMOUNT of money is worth missing your children grow up. What is success to me? Two part. The people that know me best, love me the most. And I can set my own schedule. Good luck.

We need to talk about what’s happening to an entire generation…. I’m worried for my kids (this novel below can be for entrepreneurs / investors / or young women) That girl crying because she “felt nothing” on a perfectly good date? She’s not broken. She’s been rewired. We live in an instant gratification society that’s completely divorced from how life actually works: Want food? Uber it. 30 minutes. Want entertainment? Netflix it. Instant. Want a date? Swipe it. Endless options. Want dopamine? Scroll it. Non-stop hits. Even want a dog playdate? There’s an app for that. Everything worth having can be summoned with a tap…EXCEPT THINGS THAT ACTUALLY MATTER You can’t app your way into a meaningful relationship. You can’t one click a sense of belonging. You can’t Amazon Prime a purpose. But your brain doesn’t know that anymore. Social media has hijacked your reward system. Every scroll gives you a tiny dopamine hit…new face, new drama, new possibility. Your brain now expects relationships to feel like infinite scroll: effortless stimulation, zero investment, next option one swipe away. Real human connection doesn’t work like that. It’s slow. It’s awkward at first. It requires investment before you see returns. Real connection is built through: Shared struggle + Shared purpose (serving at church, volunteering, building something) + Shared presence (showing up when it’s boring, when it’s hard, when there’s no audience) The “spark” you’re waiting for? It’s not supposed to strike like lightning. It’s supposed to be built…through consistency, vulnerability, and time. But you’ll never feel it if your brain is constantly comparing real life to the highlight reel, the algorithm, the fantasy. Build slow, build real. Friendships that last decades start boring. Relationships that endure start imperfect. Community requires showing up on Tuesday nights when you’d rather be home. Real life wants you present, connected, and building. Choose accordingly.

ALL asset managers / hedge funds should only make performance fees with returns (-) expenses over the S&P500

Prob some HBS grad came up with the idea … let’s make people redeem… instead of just issuing the credit… that way we will save $47m according to my excel sheet when 35% of people don’t

Just keeping a running list for myself to repost in future: 1. MSTR now represents a mid single digit of all converts in US 2. Meme coin bro buys 6.2m banana to eat 3. 10 year old rug pulls greedy meme coin people for $30k -> someone kidnaps his dog and asks for money back 4. Some of the best L/S guys I know giving up shorting stocks 5. 2/3 my feed is not ICBM rockets but “retardio” and “fartcoin” 🚀🚀 6. DJT rumor to be buying BAKKT (FT) 7. James Howell is paying 10s of millions to search landfill for lost bitcoin 8. SBF would be richest man in world right now 9. Scottie Pippen knows Satoshi and talks to him in dreams 10. TikTok “ChillGuy” meme coin is now $400m mkt cap and up 400,000% Feel free to add so we can catalogue this time in history

The Standard for anyone learning about the quant world. This is my 3rd time through it and learn something unique each time. Good luck out there.

I did 3 rounds of interviews with BW. It was … an “experience” 1. Dinner -> seemed normal enough… I had no idea what to expect. Was at the top restaurant in Cambridge… anything we wanted. As a starving MBA, was a highlight. Invited to a debate after. 2. 8 person debate. Objective was bring a “controversial” topic to debate. 3 I remember - “is the illusion of choice limiting for humans” - “kill 1 person to save 1m people” - mine… “should the government regulate the internet” I love debate and don’t take much personal … was intense and fun. 3. I was then passed on to a psychologist in Canada? Asked me a serious of questions for 2 hours ok the phone. I’m trying to remember … said the goal was to measure my brain and Frontal Cortex? This was close to 15 yrs ago. I found the questions kinda silly. How could some PHD understand me from a 2 hr call? Anyway they dinged me after round three. I guess my Frontal Cortex wasn’t developed or big enough. Lots of BW lurkers on here … and some public alum. They are likely under 1,000 page NDA. They could prob talk about the hiring process in more detail, the goals of it. Def a unique place from All the inside stories I’ve heard.

RENTECH Saturday Morning project: October lessons? RIEF *ALLEGEDLY* just posted a -15% drawdown in two weeks (Oct 2025). For context, this is the firm that’s basically *the* gold standard in quant investing. My thought project this early morning is to piece together what happened…because if RenTech’s models break, that tells us something IMPORTANT about markets right now. *I found these attachments on the internet someone loaded up… could be made up or wrong. Let’s assume they are right… RIEF runs ~$20B, supposedly factor neutral, market neutral-ish, with 2.5x leverage. The strategy is automated statistical arbitrage across thousands of long/short positions. Beta target of 0.4 or lower. These guys don’t blow up. So what changed? Here’s where it gets interesting. In Feb 2023, they modified their strategy. Old target: net $100 long per $100 equity. New target: “NOT be greater than $100 net long… but with NO OBJECTIVE that it not be less.” Wait….they removed the floor? That’s a massive shift. It allows them to go net short or significantly reduce market exposure. Looking at their factor exposure analysis (stress testing docs), something jumps out: they’re NOT actually factor neutral. The “Manager Style Drift” chart shows S&P 500 exposure went from ~0 to 3+ sigma starting around 2020. That’s… not neutral. During COVID-19 (Mar 2020), they had: - +2.21 S&P 500 exposure - -1.78 MSCI North America - Negative VIX exposure - Small cap and value growth tilts These exposures are contradictory and suggest hidden factor bets that maybe even *they* didn’t fully recognize in their risk model. OR…. Models now take them on in short term alpha trades. The correlation stress testing chart (bottom right in the docs) is particularly revealing. It shows correlations increase dramatically during stress periods meaning their hedges fail precisely when needed most. Classic quant nightmare. OR they are specifically taking on tilts. So here’s my working theory on October 2025: After Feb 2023, they likely used their new flexibility to reduce net long exposure (or even go short). If you follow LIQUIDATION NATION it has been a factor bloodbath and historical moves… they could be: 1. Underexposed to upside on longs 1. Getting squeezed on shorts 1. Watching “neutral” factors suddenly correlate With 2.5x leverage, even a -6% strategy loss becomes -15%. Alt #2: This was a crowded trade unwind. If other quant funds were positioned similarly, forced liquidations could cascade. Market microstructure breaks down, liquidity evaporates, execution slippage compounds losses. Alt #3: They are running lower leverage and taking on FACTOR TIMING (how I think about the world.. maybe I am cope lol). Alt #4: Some option trade went haywire What’s fascinating… is their models apparently didn’t see this coming. These are arguably the most sophisticated predictive models in finance, built by some of the smartest people in the world, with 30+ years of data and refinement. Yet something in October 2025’s market structure was fundamentally different from their training data. Questions I’m still thinking about: - Was this a regime change moment where historical factor relationships broke? - Did their factor definitions drift from market reality? - Was the Feb 2023 strategy change a mistake in hindsight? - Or was this just an unlucky tail event that any model would miss? The humbling thing: if RenTech’s models battle tested through multiple crashes, with the deepest talent pool in quant….can get caught like this, what does that say about model risk more broadly? I’m not trying to criticize…genuinely trying to learn. When the best models fail, there’s usually a deep lesson about markets, risk, or regime change embedded in there. Would love to hear thoughts from other quant folks. What am I missing?

When I’m 80… this is where I will go in my dreams….Friday night pizza and Despicable Me 2 (we are still working on the presentation)

Platt’s run could be one of the best ever for a true L/S hedge fund. Remarkable

Most people don’t realize you can JUST DO THINGS. This is always my message to college / young professionals. How I learn everything is by building it. When I got into HBS they made me take a “pre” class on finance. I was an entrepreneur… I didn’t understand excel or what a DCF was (glad that was the only place to use it). I was literally doing math on graph paper and in an IDE window for more complex stuff. I took my whole first year to teach myself banking and PE 101. Literally learned how to build models from K’s / Q’s. Fast? No. Efficient like a class? Def not. But gave me a deep mastery of financials. Building blocks for later in life. The point is … don’t underestimate what you can DO. You want to learn something? Build it. Now with LLMs there is no reason you don’t build first. Master later.

5 hrs on a peloton

1. More etfs than stocks 2. Levered ETFs going parabolic (BoA) No words….

A big fund manager was telling me QUALITY is the most dominant factor and it is their main edge because it is the "biggest outperformer"... I tried to tell him sure, 2010-2020... the last 5 years LOW QUALITY has dominated. He did not believe me. 2010-2020: long High vs short LOW +200% 2020-current: long High vs short LOW -80% The regime change has been stark and persistent the last 5 years. The only question is from HERE... does it continue?

I could teach this class… for free: 1. Get up every morning early. Read your Bible and pray with INTENSE gratitude 2. Lift heavy weights everyday - no days off 3. Eat super clean - get jacked 4. Focus on the most important relationships in your life and give 100% expecting 0% back - read that twice 5. And lastly for work… pursue the hardest most insane ambitious job you can. NEVER. GIVE. UP. THANK YOU FOR YOUR ATTENTION TO THIS MATTER