Odds on Open

Checkout 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 of systematic trading, the democratization of quantitative R&D, and why AI agents alone will never grant you a defensible market edge. As LLMs compress strategy iteration and backtesting feedback loops, the traditional...

Checkout 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 every trader eventually confronts: who is actually better positioned to take risk — a concentrated retail investor with no LPs, mandates, or career risk, or an institutional hedge fund manager with a two-and-twenty pr...

Lihong 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 Broadcom. In this episode, he breaks down how a prop trading desk actually makes money: reading order flow to identify counterparties, trading against structured product hedging flows from Asian banks, warehousing benig...

Checkout 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 investors build durable edge in modern markets. In this episode, Alix explains the three sources of competitive advantage in the investment business — analytical, informational, and behavioral — and why exploiting group behavior b...

How 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 mechanics of market making from first principles. He maps the systematic trading landscape—prop trading vs hedge funds, HFT vs mid-frequency—and explains why market making sits in the high-Sharpe, proprietary quadrant....

Checkout 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 America. On this episode of Odds on Open, Ethan Kho sits down with the co-CEO of Venari Asset Management to unpack what a 22-year-old hedge fund manager knows that 20-year Wall Street veterans miss: why running a hedge fund is t...

Checkout 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 early crypto markets, before dropping out to scale it into Q Capital. In this episode of Odds on Open, he breaks down how he electronified Genesis Trading's OTC desk as VP of Engineering — taking a phone-and-Telegram tradi...

Checkout 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 possibly the only fund dedicated exclusively to the asset class. Backed by Daniel Howard, son of Brevan Howard co-founder Alan Howard, Camilo breaks down how the fund prints alpha across taker and maker strategies, reflexive vs....

Checkout 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 concentrated, long-only public equities energy fund that's up 200% since inception while the energy sector is down 60% — a spread he calls a statistical impossibility. In this episode, Josh breaks down the process behin...

Checkout 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 annualized returns for 20 years — growing from $3 million raised from friends and family to over $6 billion in AUM, with close to $5 billion of that from investment gains rather than fundraising. In this episode of Odds on Open...

In 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 synthesize quantitative discipline with discretionary analysis to extract repeatable market alpha. Ying details the mechanics of constructing a systematic quantamental framework—ranging from automating volatility-adjusted po...

In this episode of *Odds on Open*, hedge fund risk manager and derivatives trader Erik Smolinski deconstructs the structural mechanics of alpha generation, portfolio construction, and risk mitigation in liquid markets. Boasting a near-100% return last year and a flawless annual track record since 2008, Erik details how he transitions from profiling persistent market effects to engineering scalable...

In 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. Rich explains why the vast majority of hedge fund failures stem from flawed portfolio construction and mismanaged risk leakage rather than a lack of fundamental insights. We dive deep into how elite multi-strat platforms math...

Apply to Onyx’s trading event here: https://www.onyxcapitalgroup.com/uni-studentsIn this episode of Odds on Open, former Two Sigma quant Omer Seider joins host Ethan to deconstruct how top-tier quantitative hedge funds systematically aggregate discretionary signals to isolate pure alpha. Seider reveals the inner workings of institutional alpha capture programs, detailing how premier multi-manager...

Apply 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 Neel Somani breaks down the opaque market structure and alpha generation mechanisms driving institutional power and natural gas trading. Neel explores the foundations of competitive edge within power markets, detailing how...

Apply 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, co-founder of Long-Term Capital Management (LTCM) and founder of Elm Wealth, to dissect why institutional alpha frequently breaks down during the position sizing phase. While standard market commentary focuses heavily on...

Apply 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 of the business almost no one explains: not generating returns, but raising the capital to scale them. After Versor pulled in half a billion dollars for an event-driven strategy with just two and a half years of track rec...

In 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 Scientist at Third Point. We dive deep into the institutional framework required to scale systematic trading strategies, the cultural friction of implementing quantamental processes within long-short equity pods, and the sp...

Apply 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 dissect the mechanics of a market neutral DeFi strategy currently operating at a 4 Sharpe ratio. We move past surface-level crypto narratives to analyze the quantitative scoring of protocol risk, code provenance, and the iden...

Apply 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 concentrated, defensive long/short strategy as a solo PM. We explore how George generates alpha by systematically avoiding "hedge fund hotel" crowding, focusing instead on microstructure edges within niche sectors...

In 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 illiquid fixed income instruments. We analyze the shift from low-latency HFT frameworks to the probabilistic modeling and statistical pricing required for securities with fragmented liquidity. Matt details the mechanics of system...

In 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 veteran Quant PM formerly of Tudor Investment Corp and Moore Capital, to deconstruct what separates the top-tier "pod shops" from the bottom 40% of funds that fail to preserve capital. Tom challenges the common perc...

Sean 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 fundamental inflection points before they are reflected in the price. We dive deep into Sean’s underwriting process, exploring how institutional investors can use granular data sets to track thesis confirmation and identify a m...

In 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. We dive deep into table selection and why the lack of institutional competition allows for Sharpe ratios exceeding 2.0 through basic trend following and momentum strategies. Phillips explains the mechanics of mar...

Get 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 Fundamental Edge and a former Portfolio Manager at elite Tiger Cub and Multi-Manager (MM) firms. As generative AI and agentic workflows commoditize the "desktop research" layer of investing, the bar for generating idiosync...