ep 003: Risk Management, Gambling and Wall Street - Aaron brown

By Nikita Fadeev   •   20, May, 2020  
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aaron brown

Professor, Courant Institute and former Chief Risk Officer, AQR

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Aaron Brown is the author of The Poker Face of Wall Street (selected as one of the ten best business books of 2006 by Business Week), Red-Blooded Risk, Financial Risk Management for Dummies and A World of Chance (with Reuven and Gabrielle Brenner). He spent 35 years on Wall Street as a trader, portfolio manager, head of mortgage security and risk manager, for firms including Morgan Stanley and AQR Capital Management. He was a top professional poker player in the 1970s and also honed his quantitative risk-taking skills in sports betting and advantage gambling. He was voted Risk Manager of the Year by the Global Association of Risk Professionals, Financial Educator of the Year by the readers of Wilmott Magazine and his website won two Forbes Best of the Web awards for Theory and Practice of Investing. He holds degrees in Applied Mathematics from Harvard, and Finance and Statistics from the University of Chicago. He currently writes columns for Bloomberg and Wilmott magazine, teaches at the Courant Institute at NYU and pursues miscellaneous projects. He lives on the Upper West Side of Manhattan with his wife of 32 years Deborah Pastor and their daughter Aviva, his son Jacob is about to earn his MBA at the Booth school of the University of Chicago.

topics discussed:

  • Poker and Gambling in the 70's

  • How Poker Affected Aaron's Life

  • Emergence of Quant Investing

  • Main Advantages of Systematic Strategies

  • Hands on Experience vs Oversight Role

  • Becoming a Risk Manager

  • Risk Management on the Buy-Side vs Sell-Side

  • Views on COVID-19 31:43 Can COVID-19 affect the asset management industry?

  • The Role of Crowding

  • Biggest Inspiration

  • Book Recommendation and Getting In Touch

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