OI07: The Evolution of Short-Term Trading ft. Tony Kaiser
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 27 March 2024
⏱️ 59 minutes
🧾️ Download transcript
Summary
In this episode, Moritz Seibert is joined by Tony Kaiser, the CEO and founder of Kaiser Trading, a short-term systematic fund based in Melbourne, Australia.
Tony speaks about his start in the late 1990s, leaving a bank prop trading role to set up his own shop, and then comments on how the short-term trading space has changed and evolved over the years. Today, the models they use are shorter-term than the ones they used to trade decades ago, and the entire business is much more tech dependent. Tony mentions that short-term trading is difficult and that the space has a higher barrier to entry, which is why there are relatively few short-term managers for investors to choose from, but that one really attractive feature is the low correlation of their returns not only to traditional asset classes, but also to their own sector, i.e., other short-term managers.
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Episode TimeStamps:
02:16 - Introduction to Tony Kaiser
04:07 - An interesting journey
16:50 - A difficult space for alpha
20:55 - Why did Kaiser move into the short term space?
28:17 - How has trading frequency and systems evolved?
33:15 - Do Kaiser's original models still work today?
45:28 - A shock to the system
49:43 - Where does the low correlation come...
Transcript
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| 0:00.0 | It's going to be a shock to the system, you know, and the reality is there's always a shock |
| 0:13.3 | at some point. And when that shock comes out, it doesn't make any sense. If you look at the rally and you look at the data and you look at |
| 0:23.9 | how it all you go, that makes perfect sense. If you look at where we are today, it makes no sense. |
| 0:31.2 | Other than, as you said, 10% of all these salaries go into pension funds, all this money's |
| 0:36.9 | going to whatever. Now, money's going to, whatever. |
| 0:39.2 | Now, what's going to happen to that flow when they're down 50%? |
| 0:45.6 | Imagine spending an hour with the world's greatest traders. |
| 0:49.4 | Imagine learning from their experiences, their successes, and their failures. |
| 0:53.9 | Imagine no more. |
| 0:55.7 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund |
| 1:00.7 | managers in the world so you can take your manager, due diligence, or investment career |
| 1:05.1 | to the next level. |
| 1:06.7 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:10.6 | All the discussion we'll have about investment performance is about the past, and past performance |
| 1:15.3 | does not guarantee or even infer anything about future performance. |
| 1:19.6 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:24.1 | and you need to request and understand the specific risks from the investment manager about |
| 1:28.5 | their product before you make investment decisions. Here's your host, veteran hedge fund manager |
| 1:33.9 | Niels Kostrup Larson. Welcome to another episode in the Open Interest series on Top |
| 1:43.6 | Traders Unplocked, hosted by Moritz Siebert. |
| 1:46.8 | In life, as well as in trading, maintaining a spirit of curiosity and open-mindedness is key, |
| 1:53.2 | and this is precisely what the Open Interest Series is all about. |
... |
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