without authorization还能知道他改过后赚大钱了，还能独自给他天价奖金？

我觉得回这个贴的人多动动脑子，或者仔细读一下我的帖子。怪不得有些人赚钱像捡钱一样，有些人只能赚体力钱。

睿 发表于 2023-10-29 11:45

so what? 你赚这么多，到最后还不是周末跟我们一样在huaren回帖。而且你连WSJ access都没有买。

后面这个two sigma的和LZ贴里的不是同一个人吧。

不见得吧

这种没背景还爱得瑟的很容易被拿来当替罪羊

不坐牢钱能保住已经是最好结局了，别想其他了。

用户需知 发表于 2023-10-29 11:05

得瑟完全没有问题，如果他没做错事。他也不是啥瓜，misconduct可以背，如果要坐牢的话所有email都会放出来证明不是他一个人知道这件事，需要上面approval的人太多了，他只是优化model的职位，根本没有决策权。

so what? 你赚这么多，到最后还不是周末跟我们一样在huaren回帖。而且你连WSJ access都没有买。

stacych8008 发表于 2023-10-29 11:48

哈哈哈，没有说有钱不是普通人啊，我还是要注意吃三餐营养均衡，睡觉质量好，要锻炼身体，每天做旁人看上去毫不起眼的兴趣爱好。只是不需要上班，时间都是我自己支配而已。

为啥要买wsj access, 这个文章我免费就能全部能读到。而且读wsj对我这个水平来说根本没有帮助。

————

Hedge Fund Two Sigma Is Hit by Trading Scandal

A researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory scrutiny.

The researcher, Jian Wu, a senior vice president at New York-based Two Sigma, was trying to boost his compensation, Two Sigma has told clients, without identifying Wu. He made changes over the past year that resulted in a total of $620 million in unexpected gains and losses, according to people close to the matter and investor letters. Two Sigma has placed Wu on administrative leave.

The Securities and Exchange Commission is examining the matter. The commission had already been scrutinizing the firm after Two Sigma disclosed earlier this year that it was unable to make basic management decisions. The Wall Street Journal has reported on deepening strife between the firm’s founders over Two Sigma’s direction and succession planning, among other issues.

The employee’s identity, the impact of his actions on Two Sigma’s performance and the latest SEC scrutiny haven’t previously been reported.

“We are taking this matter extremely seriously and are taking steps to prevent similar issues from occurring in the future,” Two Sigma told clients in a note viewed by the Journal.

Two Sigma is a quantitative-trading behemoth with $60 billion in assets and around 2,000 employees. Its trading models—a quant firm’s secret sauce—are composed of thousands of lines of Java code that ingest various data and make investment predictions that dictate trades.

Wu’s changes led to gains of $450 million in total for some Two Sigma funds—including those in which the firm’s own executives and employees invest, as well as those available to clients. But they also led to a total of $170 million in losses for other funds compared with how they otherwise would have fared—losses largely borne by clients. Two Sigma has made them whole.

People familiar with the situation said Wu was trying to improve the firm’s performance, which would have benefited his career and potential pay.

Two Sigma was already beset by friction between John Overdeck and David Siegel, the firm’s founders. The Wu affair adds questions about Two Sigma’s internal controls to concerns clients have about the effect of the internal squabbling on the firm’s management.

Two Sigma’s top executives this summer became aware of Wu’s changes because they resulted in higher than expected correlations between some of the firm’s trading models. The trail pointed to Wu, who made the changes in two stages over the past year.

In a letter to clients, Two Sigma described the activity as “intentional misconduct” that violated the firm’s internal procedures. One person close to the situation disputed the firm’s characterization, saying Wu adjusted how Two Sigma’s models were calibrated but didn’t alter the models themselves. Calibration changes can be seen as more routine than a major change to the models.

It couldn’t be determined if there are policies at Two Sigma prohibiting unauthorized calibrations of its models.

Big firms such as Two Sigma usually closely monitor and are fully aware of all important changes to its trading models. “In well-run firms, all changes—calibrations or model changes—are governed by procedures so that they must be disclosed and approved by the proper people,” said Aaron Brown, a veteran quant who wasn’t aware of Two Sigma’s situation.

Wu joined the firm in 2018. Like many other researchers at Two Sigma, he is a Ph.D., having received his degree in operations research from Cornell University in 2017, according to his LinkedIn profile. In 2011, he received a bachelor of engineering degree from Beijing’s Tsinghua University.

Meanwhile, Two Sigma earlier in October laid off roughly two-dozen recruiters after building up their ranks over the prior two years. One of the few such moves in the firm’s history, the layoffs are a potential sign of slower growth ahead. The firm told its recruiters it has less need for them because it has experienced less attrition recently.

Write to Gregory Zuckerman at [email protected] and Juliet Chung at [email protected]

新闻不是写了吗？赚了450亏了170

大衣被禁 发表于 2023-10-29 11:30

你选择信这个新闻说的？

嘿 看他聪明的

是钻了制度的空子还是违规了

小红书是一切皆有可能的地方

nomorewaiting 发表于 2023-01-03 01:44

➕1

这个故事告诉我们

有钱人就直接买spy，qqq，别整什么fund，都是给别人做嫁衣

先被financial advisor割一茬，再被fund的内部models一割到底，连根都有可能拔了

这个当事者现在大家都知道了，以后赚钱会更多，即使离开现在公司都会被抢着要，什么亏客户的钱都是不懂的外行人胡说八道。

睿 发表于 2023-10-29 10:54

two sigma 要交大笔罚款，其他公司抢着交罚款？

有钱人还是会追究的，说不定以前的所有利润都要吐出来，赔给客户

sec调查完了么，这人怎么样了

改model要放production肯定要approval。文章里说了model没有改，只是routine的calibration而已，这个业内都知道是常规操作，没有必要抹黑。而且当事人现在也是暂时不工作避风头而已，没有被辞退。

当事人优化以后，公司人员参与的旗舰基金赚了更多，其他给客户的基金赚的少了，也可以说亏了。其实这个在业内都是这样的，好机会都给旗舰基金，二流的基金只能用剩下的策略当然edge就没有多少了。每个策略的流通性就那么多，一个基金用了另一个就没法用了，这个不算是违规，几十年都是这样，非常正常的操作。

睿 发表于 2023-10-29 10:22

睿大妈在大行trading floor干了10年、年收入不到20万，还不如新毕业生第一年的收入都一半，后来被人挖出来说你是那儿的清洁工，看来每天扫地擦桌子也能学不少知识啊

拿23mm和现在上新闻造成客户损失的是同一个人？

hibernateisland 发表于 2023-10-29 10:26

从时间点上应该就是同一个人

https://www.linkedin.com/in/jian-wu-31ba482b/

得瑟完全没有问题，如果他没做错事。他也不是啥瓜，misconduct可以背，如果要坐牢的话所有email都会放出来证明不是他一个人知道这件事，需要上面approval的人太多了，他只是优化model的职位，根本没有决策权。

睿 发表于 2023-10-29 11:49

你不知道就别说了，好像你很了解似的……

PG都不清楚是什么确实只能扯淡是trader。

Performance gain，qr通过自己的模型交易的return按比例所得。

quantitative hf这行variance太大，23M一年的qr还是有可能的。

timdasun 发表于 2023-01-03 15:56

mk

赚好多钱啊

从时间点上应该就是同一个人

https://www.linkedin.com/in/jian-wu-31ba482b/

wenhaoduoduo 发表于 2023-10-29 14:56

mkk

睿大妈在大行trading floor干了10年、年收入不到20万，还不如新毕业生第一年的收入都一半，后来被人挖出来说你是那儿的清洁工，看来每天扫地擦桌子也能学不少知识啊

bigtime 发表于 2023-10-29 14:46

睿 mm说的很好啊，肯定是有两把刷子的

不要这么mean

那人肯定也是很厉害的，不管怎么调整model，最后还是赚了280m了，肯定不会被throw under the bus

小红书是一切皆有可能的地方

这quants 这么好为什么好多人去CS不去矿工？

Harenough 发表于 2023-10-29 10:11

笑喷，简直是 。。。

看了3个 quant 楼，本版部分大妈对金融圈的了解真是小学没毕业家庭主妇水平，

多少补点相关认知再来发言或问问题