Notes
Essays from the team on AI-native trading, market structure, and what changes when a trading business scales through systems instead of headcount.
- Why Trading Firms Trade at Such Low Multiples (and Why That's About to Change) The market discounts trading earnings on two assumptions about quality and human capital. Both are starting to weaken, and AI is the catalyst.
- An AI-Native Trading Stack, Built From First Principles Why we left our desks at Deutsche Bank and Bank of America in 2022, and what we built instead. A tour of Prometheus, Metis, Hive, and Pebble.