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OpenQuant Newsletter - Edition #36
Quant News, Jobs & Internships, Upcoming Events, Puzzles and More!
Hello, fellow Quants!
Welcome to the OpenQuant newsletter - a publication dedicated to democratizing quantitative finance by sharing the latest news, jobs & internships, educational opportunities, and upcoming events in the industry.
Here’s what we have in this week’s edition:
Quant News - catch up on what’s happening around the quant industry.
Quant Jobs - discover the latest internships/jobs to land your next quant role.
Upcoming Events - find community events to meet fellow quants.
Educational Resources - latest research papers & courses to learn quant concepts.
Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.
📰 Investors Head for the Doors | Active manager polls indicate that many are reducing their risk appetite after the worst October for stocks in five years.
📰 Fidelity Looks to Enter the ETF Market | With Vanguard’s patent on dual-share structure slotted to expire this May, Fidelity is seeking clearance to operate as an exchange-traded fund.
Our Top Internships
✨ Jane Street - AMP Mathematics Teaching Assistant | a quantitative trading firm and liquidity provider with a focus on technology and collaborative problem-solving.
✨ Millennium Management - Computer Engineering Intern | a global investment management firm, built on a sophisticated operating system at scale.
✨ Man Group - Doctoral Quantitative Finance Internship | one of the world’s longest-running diversified systematic investment managers.
Our Top Full-Time Positions
✨ Jane Street - AMP Computer Science Instructor | a quantitative trading firm and liquidity provider with a focus on technology and collaborative problem-solving.
✨ Exodus Point - Junior Software Engineer | a firm that employs a global multi-strategy investment approach, seeking to deliver compelling asymmetric returns.
✨ Wellington Management - Portfolio Data Analyst | a firm that offers comprehensive investment management capabilities.
✨ AllianceBernstein - Junior Developer | a leading global investment management firm offering high-quality research and diversified investment services.
✨ DRW - Gas Trading Strategist | a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together.
📆 11/1 - Registration for UChicago Trading Competition | the nation’s premier university algorithmic trading competitions.
🚀 [Quant Trader] Seeing Theory | a website with the goal of making probability and statistics concepts more accessible through interactive visualizations.
🚀 [Quant Researcher] The Reflexivity of Equity Volatility | an interesting discussion on the endogenous risk that can manifest in markets.
🚀 [Quant Researcher] Natural Language Processing with Transformers | a practical book covering how to train and scale transformer models in Python.
Weekly Quant Puzzles
Question #1 - Brainteaser
5 pirates have looted 100 coins from a tropical island. They must vote on how to divide these coins amongst each other. The voting process is as follows:
The oldest pirate proposes a split (ex: 20, 20, 20, 20, 20)
If the oldest pirate's plan gets at least 50% approval (he can vote for himself), the plan is passed. Otherwise, he is executed and the process repeats itself with the next oldest pirate.
The process will continue until a plan is approved. How many gold coins will the oldest pirate get?
Assume the following:
All pirates are perfectly rational and place the highest priority on staying alive
After staying alive, all pirates seek to maximize earnings
Quote of the Week
“Financial markets, what one often refers to as speculation, is really the force by which we move capital to the best and highest use.” - Ken Griffin