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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

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News Headlines

📰 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.

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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.

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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.

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Upcoming Events

📆 11/1 - Registration for UChicago Trading Competition | the nation’s premier university algorithmic trading competitions.

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Educational Resources

🚀 [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.

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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

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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