His obsession with the markets had officially begun.How to get into citadel hedge fund.
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Within weeks Griffin was spending most of his time in the library studying fixed income & derivatives pricing, and got approval from the school to install a satellite dish on the roof of his dorm to get real-time stock quotes.
Making a few thousand dollars in the span of a week helped spark Griffin’s interest in derivatives realizing how much his broker & options market maker charged for the trade sealed it for good. Forbes had published a bearish article on Home Shopping Network arguing that its meteoric rise in the preceding months was overdone Griffin agreed, and bought put options on the stock shortly thereafter. After high school Griffin studied economics at Harvard, where in his sophomore year he had his first run-in with the financial markets. Griffin’s entrance into the hedge fund world reads like a classic feel-good success story - it’s almost too perfect to be real. In a note to employees at Citadel, Griffin announced he already has moved his family to.
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Described as a “lanky, bespectacled youth”, this 17 year old student was president of the school’s math club, ran a software distribution company out of his parent’s home, and created his own educational programs which were approved for use in school curriculums. CHICAGO (CBS) - Ken Griffin, the richest man in Illinois, is moving his Chicago-based hedge fund to Miami. The third student looked cut from a different cloth entirely. Another wanted to work for IBM like his parents. Of the trio, one wanted to study pre-med & become a doctor. The Harvard Hedge Fund HeroĪ 1986 article in the Sun Sentinel Florida newspaper interviewed three young high school students vying to win a state programming competition. This post, the first of a two part series, seeks to accurately recount Citadel’s birth, early years & near-death experience. To understand the Citadel we hear & argue about today, we need to first learn how the firm nearly failed, and what caused it to rise from the depths of 2008 to dominate global market structure. As investors & students of market structure, understanding the story & role of the world’s largest hedge fund/market maker combo is imperative. My research into Citadel & Citadel Securities leads me to view the firms in two distinct acts: the periods before & after the 2008 financial crisis. “ I would go home on a Friday, and if Morgan Stanley did not open for business on Monday, I would be done by Wednesday. ” Ken Griffin later recounts in an interview. “It was the only moment in the history of Citadel where our actual existence was in question. There was a period of time in the depths of the crisis, after Lehman Brothers collapsed in the fall of 2008, that Citadel found itself days away from death. Citadel seems unstoppable, even immortal in today’s market.Īmid Citadel’s raging success, it becomes easy to forget just how close the firm was to failing in the 2008 financial crisis.
Its firm receives tens of thousands of resumes from top universities & Wall Street firms every year. Former Fed chairs & regulatory heads grace its payroll. Performance at Citadel’s main fund has crushed the S&P over a twenty year time-period. You name it, and Ken Griffin’s companies have likely profited from it. Today the two firms are synonymous with unimaginable success & wealth, the kind of market participant who has benefitted from almost every tectonic shift markets have been through over the last decade. Citadel & Citadel Securities, lead by billionaire founder & CEO Ken Griffin. The boogey man of retail investors the world over. The subject of numerous Congressional investigations & conspiracy theories. A hedge fund giant with thirty years of experience at the top of Wall Street. Flip to any financial news channel, frequent any corner of social media that deals with the markets, and you’ll likely find them. When it comes to the world of trading & market structure, one company clearly stands out as both the most talked-about and the most enigmatic & mysterious in the industry.
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