Home Podcasts Odds on Open
Odds on Open

Odds on Open

Ethan Kho 60 Episodes Jun 4, 2026

Conversations with leading thinkers on trading and investing. Hosted by Ethan Kho. Produced by Patrick Kho.

Episodes

Quant Hedge Fund Partner: Raising Capital Is Harder Than Generating Returns Jun 4, 2026 01:15:38 Apply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cDeWayne Louis (Versor Investments) returns to break down the part of the business almost no one explains: not generating returns, but raising the capital to scale them. After Versor pulled in half a billion dollars for an event-driven strategy with just two and a half years of track rec
Ex-WorldQuant Head of Data Strategy: Quants “Don’t Care About the Stock Market” May 28, 2026 01:04:17 In this episode of Odds on Open, we deconstruct the evolution of alternative data and alpha generation with Matt Ober, former Head of Data Strategy at WorldQuant and Chief Data Scientist at Third Point. We dive deep into the institutional framework required to scale systematic trading strategies, the cultural friction of implementing quantamental processes within long-short equity pods, and the sp
The Secret to Uncorrelated Alpha in Crypto - Leigh Drogen on Starkiller Capital’s Sharpe Ratio of 4 May 24, 2026 01:09:20 Apply to Onyx’s Junior Tech Graduate Scheme here: https://verichain.io/apply/0aa1debe-ac6c-452f-9421-da6cbf4a3e8cLeigh Drogen, CIO of Starkiller Capital, joins the podcast to dissect the mechanics of a market neutral DeFi strategy currently operating at a 4 Sharpe ratio. We move past surface-level crypto narratives to analyze the quantitative scoring of protocol risk, code provenance, and the iden
“Market Crashes Are Good for My Strategy” - One-Man Hedge Fund PM George Livadas May 14, 2026 01:07:45 Apply here: https://onyxcapitalgroup.com/uni-studentsGeorge Livadas, Portfolio Manager and founder of Peregrine Capital, joins the show to break down the mechanics of running a concentrated, defensive long/short strategy as a solo PM. We explore how George generates alpha by systematically avoiding "hedge fund hotel" crowding, focusing instead on microstructure edges within niche sectors
“If it is easy and obvious, there is no edge in it” - TD Quant Matt Schrager May 7, 2026 01:15:54 In this episode of Odds on Open, TD Quant Matt Schrager discusses the microstructure of municipal bond market making and the technical challenges of extracting alpha from illiquid fixed income instruments. We analyze the shift from low-latency HFT frameworks to the probabilistic modeling and statistical pricing required for securities with fragmented liquidity. Matt details the mechanics of system
Ex-Tudor Quant PM: “There Hasn't Been a New Idea in Trading for 15 Years” Apr 30, 2026 01:15:58 In this episode of Odds on Open, we go deep into the mechanics of edge, credibility, and the structural evolution of the hedge fund industry. Host Ethan sits down with Tom, a veteran Quant PM formerly of Tudor Investment Corp and Moore Capital, to deconstruct what separates the top-tier "pod shops" from the bottom 40% of funds that fail to preserve capital.Tom challenges the common perce
“Concentrated Strategies Will Do Extremely Well” - Sean Emory on Outperforming the Index Apr 23, 2026 01:09:32 Sean Emory of Avery discusses the evolution of edge in liquid markets, specifically how to leverage alternative data—from App Store analytics to digital exhaust—to identify fundamental inflection points before they are reflected in the price. We dive deep into Sean’s underwriting process, exploring how institutional investors can use granular data sets to track thesis confirmation and identify a m
“It’s the Dumbest Market in the World” - Quant Trader Scott Phillips on Edge in Crypto Apr 16, 2026 01:35:13 In this episode of Odds on Open, quant trader Scott Phillips joins the pod to break down why crypto remains "the dumbest market in the world" and a goldmine for systematic edge. We dive deep into table selection and why the lack of institutional competition allows for Sharpe ratios exceeding 2.0 through basic trend following and momentum strategies. Phillips explains the mechanics of mar
Now Is the Best Time to Become a Junior Analyst - Ex-Citadel and D. E. Shaw PM Brett Caughran Apr 9, 2026 01:01:29 Get 10% off on Fundamental Edge: https://www.fundamentedge.com/odds-on-open-podcastIn this episode of Odds on Open, Ethan Kho sits down with Brett Caughran, founder of Fundamental Edge and a former Portfolio Manager at elite Tiger Cub and Multi-Manager (MM) firms.As generative AI and agentic workflows commoditize the "desktop research" layer of investing, the bar for generating idiosyncr
"Positions Can Be LESS Risky at Higher Prices" - Derek Pilecki on Finding Edge in Financials Apr 2, 2026 00:55:44 In this episode of Odds on Open, Ethan Kho sits down with Derek Pilecki, founder of Gator Capital Management, to deconstruct his 20%+ annualized track record in the financial sector. While many generalist PMs view financials as a "sleepy backwater" or overly complex, Derek explains how he extracts alpha from regional banks, brokerages, and insurance companies by identifying fundamental b
How Billionaire Hedge Fund Managers Are Using Generative AI to Invest Mar 27, 2026 01:15:02 In this episode of Odds on Open, we analyze the technical architecture of the data science layer within fundamental hedge funds. Guest Matei Zatreanu, founder of System2, discusses the tension between generative AI and the search for outlier-driven alpha. We move beyond the hype of LLMs to discuss the practicalities of expert network automation, the causal mapping of second-order macro effects, an
How the World’s Largest Oil Derivatives Trading Firm Is Navigating the Iran War Mar 19, 2026 01:09:37 This episode was filmed on Thursday, March 12, 2026.Greg Newman, founder and CEO of Onyx Capital Group and the largest liquidity provider in oil derivatives markets, on what it actually looks like to run a market-making book when liquidity breaks down entirely. What most participants misunderstand about oil vol is that the outright price — Brent, WTI — is a proxy, not the market; the real informat

Recommended