Odds on Open
by Ethan Kho
Latest episode
Ex-Goldman Oil Derivatives Trader: Every Trading Strategy Is…
Ex-Goldman Oil Derivatives Trader: Every Trading Strategy Is…
About this podcast
Conversations with leading thinkers on trading and investing.
Hosted by Ethan Kho.
Produced by Patrick Kho.
Episodes
The newest 50 of 77 episodes
- Ex-Goldman Oil Derivatives Trader: Every Trading Strategy Is Momentum or Mean Reversion · 1 h 3 minFormer Goldman Sachs oil derivatives trader and GSR Head of DeFi Simranjeet Singh breaks down market microstructure, liquidity provision, and risk management across traditional…
- Hedge Fund Manager David Orr: Investing is 99% Talent · 1 h 9 minDavid Orr returns to Odds on Open to unpack how he sustains a 50% annualized return and a 2.1 Sharpe ratio by stripping the multi-manager model down to raw alpha generation. We…
- Hedge Fund Manager Joseph Walsh: Always Play Weaker Players · 1 h 28 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html On this episode of Odds on Open, hedge fund manager Joe Walsh joins Ethan Kho to break down how probabilistic…
- Ex-Goldman MD: "Credit Markets Move in Step Functions" · 1 h 22 minGeoffrey Williams spent more than a decade at Goldman Sachs, where he traded structured products through the 2008 financial crisis and later co-ran the CMBS trading business. In…
- Ex-Lehman Trader: AI Won't Give You Edge · 56 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html In this episode of Odds on Open, Alpaca Co-Founder and CEO Yoshi Yokokawa breaks down the changing microstructure…
- Retail Trader vs. Hedge Fund Manager: Where Is the Real Alpha? · 1 h 28 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html Chris Camillo and Tom Costello go head-to-head on Odds on Open's first every debate episode. They answer a question…
- Ex-IMC Semiconductors Quant: AI Is Good Enough to Beat the S&P 500 · 1 h 14 minLihong Wang spent his career as a discretionary options trader at IMC, one of the world's largest market makers, trading semiconductor volatility on names like Nvidia, AMD, and…
- Hedge Fund Manager Alix Pasquet: How Small Funds Can Outsmart Multi-Managers · 1 h 32 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html Alix Pasquet, hedge fund manager and Managing Partner at Prime Macaya Capital, breaks down how fundamental…
- Greed Makes Markets: Market Making From First Principles With an HFT Quant · 45 minHow does market making actually work? In this lecture, former high-frequency trader Annanay Kapila (Flow Traders, Tower Research Capital; founder & CEO of QFEX) breaks down the…
- 22-Year-Old Hedge Fund Manager: “Hedge funds are the least sexy business in the world” · 1 h 5 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html Noah Kann is 22, running his third firm, and managing capital raised from some of the wealthiest families in…
- He Started a Quant Fund in His Dorm. Now He's Building the Brokerage for Everything. · 1 h 13 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.html Lucas Schuermann started a market-neutral quant fund in his Columbia dorm room, trading stat arb across FX and…
- Inside the Billionaire-Backed Prediction Markets Hedge Fund · 1 h 16 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.htmlCamilo Saravia is the founder of BlueWalker Capital, a systematic hedge fund trading prediction markets — and…
- World's #1 Oil Hedge Fund Manager: How I Made 200% While Everyone Lost 60% · 1 h 14 minCheckout Flux 4.0 here: https://www.flux.live/flux4/index.htmlJosh Young (Bison Capital) on Energy Alpha, Deep Value, and Activism in Small-Cap Oil & Gas: Josh Young runs a…
- The Strategy Behind Asia’s $6 Billion Quant Fund: Quantedge · 1 h 22 minCheckout Flux 4.0 here: https://www.flux.live/Suhaimi Zainul-Abidi is the CEO of Quantedge, the Singapore-based systematic hedge fund that has compounded at roughly 20% net…
- Ex-Balyasny PM: “Automation will increase demand for hedge fund talent.” · 1 h 11 minIn this episode of Odds on Open, former Balyasny Asset Management (BAM) quantamental portfolio manager and Imply founder Ying Hua breaks down how top multi-manager hedge funds…
- ~100% Returns in 2025, No Losing Year Since 2008: Erik Smolinski on Edge for Retail Trader Edge · 1 h 6 minIn this episode of *Odds on Open*, hedge fund risk manager and derivatives trader Erik Smolinski deconstructs the structural mechanics of alpha generation, portfolio…
- Ex-Citadel PM: All Hedge Fund Failures Are Because of One Reason - Rich Falk Wallace · 1 h 27 minIn this episode of Odds on Open, we dissect the mechanics of institutional alpha generation with Rich Falk-Wallace, founder of Arcana and former portfolio manager at Citadel…
- Ex-Two Sigma Quant: You Should Bet Against Bullish Analysts · 1 h 7 minApply to Onyx’s trading event here: https://www.onyxcapitalgroup.com/uni-studentsIn this episode of Odds on Open, former Two Sigma quant Omer Cedar joins host Ethan to…
- Ex-Citadel Quant on Trading the Most Asymmetric Market - Neel Somani · 1 h 0 minApply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cIn this episode of Odds on Open, former Citadel quant researcher…
- LTCM Co-founder Victor Hagani: “Taking Risk Is Always a Negative.” · 1 h 11 minApply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cIn this episode of Odds on Open, we sit down with Victor Haghani…
- Quant Hedge Fund Partner: Raising Capital Is Harder Than Generating Returns · 1 h 15 minApply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cDeWayne Louis (Versor Investments) returns to break down the part…
- Ex-WorldQuant Head of Data Strategy: Quants “Don’t Care About the Stock Market” · 1 h 4 minIn this episode of Odds on Open, we deconstruct the evolution of alternative data and alpha generation with Matt Ober, former Head of Data Strategy at WorldQuant and Chief Data…
- The Secret to Uncorrelated Alpha in Crypto - Leigh Drogen on Starkiller Capital’s Sharpe Ratio of 4 · 1 h 9 minApply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cLeigh Drogen, CIO of Starkiller Capital, joins the podcast to…
- “Market Crashes Are Good for My Strategy” - One-Man Hedge Fund PM George Livadas · 1 h 7 minApply here: https://onyxcapitalgroup.com/uni-studentsGeorge Livadas, Portfolio Manager and founder of Peregrine Capital, joins the show to break down the mechanics of running a…
- “If it is easy and obvious, there is no edge in it” - TD Quant Matt Schrager · 1 h 15 minIn this episode of Odds on Open, TD Quant Matt Schrager discusses the microstructure of municipal bond market making and the technical challenges of extracting alpha from…
- Ex-Tudor Quant PM: “There Hasn't Been a New Idea in Trading for 15 Years” · 1 h 15 minIn this episode of Odds on Open, we go deep into the mechanics of edge, credibility, and the structural evolution of the hedge fund industry. Host Ethan sits down with Tom, a…
- “Concentrated Strategies Will Do Extremely Well” - Sean Emory on Outperforming the Index · 1 h 9 minSean Emory of Avery discusses the evolution of edge in liquid markets, specifically how to leverage alternative data—from App Store analytics to digital exhaust—to identify…
- “It’s the Dumbest Market in the World” - Quant Trader Scott Phillips on Edge in Crypto · 1 h 35 minIn this episode of Odds on Open, quant trader Scott Phillips joins the pod to break down why crypto remains "the dumbest market in the world" and a goldmine for systematic edge…
- Now Is the Best Time to Become a Junior Analyst - Ex-Citadel and D. E. Shaw PM Brett Caughran · 1 h 1 minGet 10% off on Fundamental Edge: https://www.fundamentedge.com/odds-on-open-podcastIn this episode of Odds on Open, Ethan Kho sits down with Brett Caughran, founder of…
- "Positions Can Be LESS Risky at Higher Prices" - Derek Pilecki on Finding Edge in Financials · 56 minIn this episode of Odds on Open, Ethan Kho sits down with Derek Pilecki, founder of Gator Capital Management, to deconstruct his 20%+ annualized track record in the financial…
- How Billionaire Hedge Fund Managers Are Using Generative AI to Invest · 1 h 15 minIn this episode of Odds on Open, we analyze the technical architecture of the data science layer within fundamental hedge funds. Guest Matei Zatreanu, founder of System2…
- How the World’s Largest Oil Derivatives Trading Firm Is Navigating the Iran War · 1 h 9 minThis episode was filmed on Thursday, March 12, 2026. Greg Newman, founder and CEO of Onyx Capital Group and the largest liquidity provider in oil derivatives markets, on what it…
- Annie Duke on Thinking in Bets - And Why Winners Can Be Wrong · 1 h 7 minLegendary poker champion, decision scientist, and author of "Thinking in Bets," Annie Duke deconstructs the mechanics of decision-making under uncertainty, shifting the focus…
- Meet the 25-Year-Old Running a Multi-Manager Hedge Fund · 1 h 11 minZachary A. Levitt joins the pod to break down the architecture of a capacity-constrained multi-manager platform designed to harvest high alpha loads in niche, idiosyncratic…
- Alpha Comes From a Differentiated View - Ex-Point72 Prop Research Head Kirk McKeown on Edge in 2026 · 1 h 27 minCheck out Carbon Arc here: https://www.carbonarc.co/ Kirk McKeown, founder and CEO of Carbon Arc and former senior investor-facing operator across Glenview and Point72, on how…
- What Druckenmiller Style Investing Gets Wrong - Alfonso Pecatiello on Edge in Macro Trading · 1 h 6 minMy Substack: https://ethankho.substack.com/ Alfonso Pecatiello — known as "Alf" and founder of The Macro Compass and founder of Palinuro Capital, a macro hedge fund— joins Ethan…
- “I think of everything as a bet” - Ex-SIG Quant Trader Andrew Courtney · 57 minFormer Susquehanna International Group (SIG) Head Trader Andrew Courtney breaks down the reality of being a quant trader and market maker at one of the world's elite proprietary…
- “Conviction is dangerous” - Emerging Markets Hedge Fund Manager Sinan Xin · 60 minSinan Xin manages an emerging markets tech hedge fund from New York, investing across China, Latin America, Southeast Asia, and beyond. In this conversation, he shares how he…
- “AI Makes Analysts Lazy” - Hedge Fund Manager Alix Pasquet on the Importance of Analog Training · 1 h 23 minIn this episode, hedge fund manager Alix returns to Odds on Open to tackle what he calls the most important problem facing young investors today: the complete loss of analog…
- Why 20% of Hedge Funds Fail After One Year - Claudia Quintela on Why Managers Need Business Sense · 1 h 6 minDisclaimer: This is not a financial promotion and must not be seen as advice, but only as an educational piece Cláudia Quintela has spent 25 years connecting early-stage hedge…
- How I Built a 1.4-Billion-Dollar Quant Fund - Deepak Gurnani on Founding Versor Investments · 47 minIn November 2025, I hosted a fireside chat at Columbia University with Deepak Gurnani, founder of Versor Investments, a $1.4 billion [1] quantitative hedge fund based in New York…
- This Ex-Poker Pro Built a Hedge Fund by Betting Against Beta – David Orr on Asymmetric Bets · 1 h 3 minEthan Kho interviews David Orr, a former professional poker player turned hedge fund manager. They discuss David's journey from poker to founding Militia Capital, his investment…
- How Leading Multi Strat Funds Hire - Recruiting Director Jesse Skaff on the Hedge Fund Talent War · 49 minDiscover how top multi-manager hedge funds like Citadel and Millennium attract the brightest minds, the evolving talent strategies in the industry, and the unique traits that set…
- How the World’s #1 Prediction Markets Trader Finds Edge! - Domer on Trading Global Political Events · 1 h 3 minWhat’s the difference between prediction markets trading and equities trading? On Odds on Open, the world’s #1 prediction markets trader Domer explains how prediction markets…
- Why SIG Tells Traders Not to Hedge! - Ex-SIG Trader and Moontower Founder, Kris Abdelmessih · 1 h 9 min❗ACCESS OPPORTUNITIES EXCLUSIVE TO OOO VIEWERS: https://app.youform.com/forms/e2jpsj4z ❗ How do top hedge funds actually hedge trades? At SIG, traders were often told not to…
- How High Frequency Trading Became “The Most Cutthroat Business!” - Ex-HFT Trader, Annanay Kapila · 1 h 12 minIn this episode, former Tower Research and Flow Traders quant Annanay Kapila breaks down the reality of high frequency trading, HFT strategies, and top automated trading systems…
- Youngest-Ever Citadel MD: What It’s Like to Work Side-by-Side with Ken Griffin · 50 minFormer Citadel MD Michael Watson gives a direct look inside a multi-strategy hedge fund and what it was like working under Ken Griffin. He breaks down Citadel’s pod-shop model…
- SIG Director: How Susquehanna Trains Top Traders with Poker · 55 minWhat’s it like being a trader at SIG? At Susquehanna International Group, Todd Simkin has trained some of the world’s best traders using poker strategy, probabilistic games, and…
- Ex–Goldman and DRW Trader on Trading Before Algorithms Took Over · 1 h 11 minJohn Knorring spent over a decade on the Goldman Sachs trading floor, leading natural gas trading through the 2000s—a period defined by trading in a financial crisis…
- Ex-AIA Quant Director: Every Hedge Fund That Fails Makes THIS Mistake · 44 minHow do you start a hedge fund—and where should you launch it? Daniel Xystus has done both. From Los Angeles quant to Chicago portfolio manager to CIO in Hong Kong and the Middle…
