OpenQuant Newsletter - Edition #7
Quant Jobs & Internships, Upcoming Events, Puzzles and More!
Hello, fellow Quants!
Welcome to our weekly newsletter, where we share the latest jobs/internships, educational opportunities, and upcoming events in quantitative finance.
Here’s what we have on this week’s agenda:
Internships
Full-Time Jobs
Upcoming Events
Educational Resources
Quant Puzzle
Our Top Internships
✨ Pimco - Commercial Real Estate Analyst Intern | an American investment management firm focusing on active fixed-income management worldwide.
✨ BerkleyNet - Quantitative Analyst Intern | one of America's largest commercial lines property casualty insurance providers.
✨ X - Moonshot Factory - AI/ML Internship | a diverse group of inventors and entrepreneurs who build technologies that aim to improve the lives of millions.
✨ Ripple - Financial Risk Analyst Intern | a real-time gross settlement system, currency exchange, and remittance network.
Our Top Full-Time Positions
✨ Aquatic Capital Management - Quantitative Researcher | Aquatic manages systematic investment strategies and conducts high-performance research.
✨ WorldQuant - Quantitative Algorithmic Developer | a quantitative asset management firm headquartered in Old Greenwich, Connecticut.
✨ Chatham Financial - Quantitative Analyst | a leader in financial risk management, delivering advisory & technology solutions for debt and derivatives.
✨ Wellington Management - Equity Research Analyst | an independent investment management firm with client assets under management totaling over $1 trillion.
✨ Balyasny Asset Management - Commodities Data Quantitative Researcher | a global, multi-manager multi-strategy investment firm.
Upcoming Events
📆 4/18 - NYU Mathematical Finance & Data Science Seminar | a virtual seminar on “After-tax valuation of callable bonds”.
📆 4/20 Millennium Management Diversity Insights Program | join Millennium to learn about Equities Junior Research Analyst Program.
📆 4/21 Jane Street PuzzleCity at Williams College | an interactive experience hosted by Jane Street that combines problem-solving, teamwork, and puzzles!
📆 4/21-4/22 Cubist Systematic Strategies Hackathon | an NYC-themed data challenge where participants will work through a large publicly available dataset from New York City’s Open Data project and present their findings to a panel of judges.
📆 4/19-4/27 Hudson River Trading at Pycon US 2023 | a community event featuring a job fair, keynote presentations, and tutorials all revolving around the Python programming language.
Educational Resources
🚀 Hudson River Trading - Modeling Equity Returns | An overview of factor models and how they allow for portfolio optimization.
🚀 Flirting with Models podcast - “Machine learning isn’t the edge” | a conversation with Angus Cameron on the role of machine learning in quantitative finance.
🚀 Kaggle - Time Series Forecasting Competition | a competition using time-series forecasting to forecast store sales on data from Corporación Favorita.
Weekly Quant Puzzles
Part A
Jason continues to flip a fair coin until he observes 3 heads. He receives a payoff of $2^n where n is the expected number of times he flipped the coin. What is his expected payoff?
Part B
Jason continues to flip a fair coin until he observes 3 heads consecutively. He receives a payoff of $2^n where n is the expected number of times he flipped the coin. What is his expected payoff?
Quote of the Week
“Large language models (LLMs) are arguably the most important machine learning (ML) innovation of the past decade.” - Two Sigma
Your solutions to the puzzle are incorrect/poorly worded. Your answer is the payoff for the expected number of steps N. This is not the same as the expected payoff, which should be infinite. Consider a simple version, where we flip until we get a head, with the payoff as 2^N. There is a 1/2 chance that we get it after one flip, for an E[P] of $1. There is a 1/4 chance we get it after two flips, for an E[P] of $1. By induction, the payoff is infinite. For the case with 3 heads needed, the odds that we will reach N flips do not decline as N^-1, but rather as N^~(-.75), therefore meaning that the integral for this quite rapidly diverges.