저자: KenGriffin—제목기준,자막상발언주체는해설자성격 · 외국인
요약 보기
켄 그리핀의 창업 과정과 시타델 성장사를 다룬 역사·인물 소개 영상으로, 특정 자산의 가격 방향에 대한 예측은 포함되지 않음 성장 배경: 1968년 플로리다 출생, 어린 시절부터 주식시장에 관심을 가졌고 6학년 때 주식시장 원리를 탐구한 보고서를 작성함 창업 과정: 19세 하버드 기숙사에서 헤지펀드를 시작, 가족·친지 자금 26만 5천 달러로 출발, 위성 안테나 설치 등 초기 실시간 시세 확보를 위해 애씀 학습 및 전환: 전환사채 차익거래 전략에 주목하고 파생상품 가격결정 이론을 독학, 1989년 경제학 학사 졸업 후 시카고에서 Frank Meyer의 Glenwood Partners에서 자금 운용 기회를 얻음 시타델 설립: 1990년 11월 시타델 설립, 초기 자금 중 100만 달러가 Frank Meyer로부터 나옴, 일본 주식워런트 차익, 합병 차익, 통계적 차익 등 다양한 전략 운용 핵심 사례: 2007년 여름 보스턴 기반 자산운용사의 3백억 달러 신용 포트폴리오를 하룻밤 사이 인수하는 작업 진행, 2007년 가을 이트레이드 구제금융(20억 달러 자본 투입) 주도 성과와 기부: 2014년 세계 최고 보수 펀드매니저(13억 달러 수입)로 기록, 같은 해 하버드에 1억 5천만 달러 기부, 2017년 시카고대 경제학과에 1억 2,500만 달러 기부 성공 요인: 팀워크, 경쟁우위 구축에 대한 집중, 승자독식 구조 속 최상위 인재 채용과 정보 공유, 지속적 예측분석 고도화 강조 리스크 언급: 특정 자산 리스크 자체보다는 경영·실행 측면의 실패 가능성과 회복 과정 중심으로 서술됨
다듬은 글
welcome to episode 277 10 Griffin the prodigy trader from Harvard on and the founding of Citadel this is an outline of episode 277 there are three reasons why we study can Griffin so as Ken Griffin is a prodigy trader he started his interest in the stock market at grade six second he's one of the most successful hedge fund manager of all time third he almost has no losing streak an amazing consistency ken Griffin was born in Daytona Beach Florida in 1968 helpful to share a bit about myself let's take a journey back through time yes this is me on the beach as a young boy with the business section of the paper and here's a report that I wrote in sixth grade where I set out to understand how the stock market works at age 19 Ken Griffin started a hedge fund in his Harvard dormitory the fund was capitalized with 265 thousand dollars from friends and family including money from his grandmother he's a picture of his very rich grandmother I have to admit that my early days were a far cry from overlooking Central Park or for how this industry is often portrayed I finally remember installing a satellite dish on my dorm room at Harvard I got on the rooftop I threw the cable through the fourth storey window down the elevator shaft and out the door of the elevator into my dorm room so I could have real-time stop quotes and between class I would find pay phones to try to trade convertibles drove the burgers a bit nutty now when I went to liquidate my options the market maker paid me $50 less than their intrinsic value and his trading approach really got me interested in learning about the pricing of derivatives I used to walk across the river to Harvard Business School or I'd spend hours in the library reading books on derivatives and trying to understand and the pricing and financial theory behind derivatives and I came across a strategy known as convertible bond arbitrage now I'm in Boston I'm in 1989 and Griffin graduated from Harvard University with a Bachelor degree in economics he was 21 then he was lured to Chicago by Frank Meyer Frank was one of the great pioneers in the fund of funds business and Frank took a huge been amazed he hired me he hired me out of college in 1989 and gave me an opportunity to manage money for partners we had a a pretty simple understanding if I did well I could leave Glenwood partners and strike out on my own and he would support me and if performance wasn't so good he'd write my letter recommendation for Business School more about them and then in 1973 I teamed up with another partner and became active in the fund of funds business I'm proud to that the it's become a business you know when I was out there initially you know I had to convince people that it was a business what is it that you thinkin Cedars or people that are early stage investors should look out for when looking at the new upcoming manager I think you have to look at the manager and see you know what are his strengths what are his weaknesses and to the extent that he has weaknesses and all of them do how is he going to compensate for the weakness I mean basically when you're a money manager and you're leaving working for someone else and going on your own you have to manage your portfolio but you also have to manage your business so I think it's important that you see a manager that has that shows breadth but he respects the parts of the business that he doesn't know that well as well as the parts of the business that he does know in 99 he found a citadel hedge fund with 4.6 billion dollars 1 million of which was from Frank Meyer he was 22 but Frank offered more than capital and more than moral support he gave me great advice he said don't focus I'm just a single investment strategy focus on building a a platform that attracts the best and brightest people and that deploys capital across an array of investment strategies think big and I took his advice to heart and I spent a lot of time focusing on hiring the best and brightest people well with Frank support in the November of 1990 I did launch Citadel and within a few short years Citadel was engaged in a wide variety of investment strategies such as Japanese equity warrant arbitrage merger arbitrage and statistical equity arbitrage how we rose how we prospered how we nearly failed and how we recovered to prosper again I'm going to focus on three important concepts three themes that are part of our story the importance of talent the importance of execution the importance of taking decisive action Liddell became the largest market maker issuing its own bond and controls about 7% of total trade in the entire stock market the rescue of etrade in the fall of 2007 which included a 2 billion capital infusion led by Citadel and Citadel has become the largest equity and options market making firm in the US markets if not the world I'm Sunday morning in the summer of 2007 one of my partners received a call from one of the two heads of so it asset management a competitive ours based in Boston so it had a very large and complex book of credit related instruments and as the credit crisis started to unfold they found their portfolio did not behave as expected they had lost hundreds of millions of dollars in the blink of an eye and they needed to liquidate almost all their portfolio before the open of business on Monday to meet margin calls we assemble the 50 person team as fast as we could we flew eight people to Boston to facilitate due diligence and information sharing to acquire summer all of their thirty billion dollar portfolio overnight was going to be a in 2014 he was the highest-paid fund manager in the world earning 1.3 billion dollars in the same year he donated 150 million dollars to Harvard University his alma mater and that was the largest donation Harvard ever received in 2017 Grif incarnated 125 million dollars to the University of Chicago Department of Economics so what is the magic formula for success at Citadel head funnel do two things one is we work together as a team we have long sense who passed the day and age where one person on their own is likely to have the impact that we're looking to accomplish in the financial markets our great success stories our team stories the second dimension is that we're extraordinarily focused on how do you build competitive advantage in everything you do how do you think about every severy thing we do how do you do it better than the competition because if you're not there in the competition you have no reason to exist and in particular I think we live in this this very unusual winner-takes-all world more and more where your market leaders really do dominate you know I say to my colleagues who's the fifth largest manufacturer of personal computers now almost no one knows and frankly no one cares so we're in a world more more where the best firms know how to hire extraordinary good people create a culture of teamwork and have a relentless focus and how do you build competitive advantage and competitive ang comes in all kinds of form so in every part of our business we're always trying to think about what is it differentiates us from our competitors better predictive analytics more specialized research process better management access and coordination that are information sharing we're always thinking about how to build competitive advantage and I think that's different what have I learned today two things first wow it's possible to start a hedge fund in the dormitory of arvid with high tech and curiosity by a 19 year old second still in his 40s and Griffin will be a force to be reckoned with in the decades to come thank you for watching please subscribe and leave your questions and comments below my next video will be 14 trading lessons of ken Griffith wishing everyone peace and prosperity
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