Matt Levine es un columnista1 de Bloomberg que escribe un boletín diario llamado Money Stuff (ahora también en formato podcast semanal). Tiene mucho éxito porque uno de los fuertes de Levine es coger cantamañanismos financieros y explicarlos con lenguaje sencillo, lo que no siempre es fácil.

En una de sus últimas entregas cuenta la siguiente historia:

Jane Street Group sued Millennium Management and two former traders over their alleged theft of a highly confidential and “immensely valuable” proprietary trading strategy.

In a complaint filed Friday in federal court in Manhattan, Jane Street said former traders Douglas Schadewald and Daniel Spottiswood, who resigned earlier this year to join Millennium, had been “intimately involved” in the development of the strategy. According to the suit, they are now using it at Izzy Englander’s hedge fund group in violation of confidentiality agreements.

[...] Jane Street found a market anomaly, and made a lot of money trading it. Schadewald and Spottiswood — who traded on the anomaly at Jane Street — then took the anomaly to Millennium. What they took with them was apparently some sort of strategy — some way to reliably make money by trading in the [redacted] market — but it doesn’t seem to have been an especially complex system. You can tell in part because of how quickly they allegedly spun it up at Millennium: Schadewald left Jane Street on Feb. 7, and Jane Street’s profits were crushed by March.

[...] Was this trade “readily ascertainable from public sources”? Was it part of the general skills that they picked up at Jane Street and then brought to other jobs? Or was it a discovery, method, technique, etc., that is property of Jane Street? Jane Street invested a lot of time and effort into finding a market anomaly, and that anomaly was, it emphasizes, really weird and counterintuitive. Does that mean that Jane Street owns it?

Si quieren saber de qué iba el asunto, hay aclaraciones en una entrega posterior, pero esto es tangencial.

Aquí lo que importa es que la gente que gana dinero ganando dinero se encarga de que su método no salga a la luz en la medida de lo posible.

Luego están los que ganan dinero diciendo cómo ganar dinero, y básicamente lo que quieren es venderte tu libro / curso. Pero no verán a nadie perseguirles con hordas de abogados para que no suelten prenda.

Por lo que sea, se oye hablar mucho más de los segundos que de los primeros.


  1. es una definición demasiado breve que no le hace justicia. Lean su página en la Wikipedia, que es un personaje. 

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