‘Flash Boys’ Ditch Happy Hour to Compete With Chess Grandmaster

Bloomberg04-19

(Bloomberg) -- The up-and-comers of Wall Street gathered not around an open bar, but tables with chess boards. Most Read from Bloomberg Elon Wants His Money Back Dubai Grinds to Standstill as ...

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Oil Erases Advance After Iranian Media Downplays Israel’s Attack. Traders and quants from Goldman Sachs Group Inc., Jane Street and Bank of Montreal were among those congregating at the headquarters of IEX Group Inc. to compete in a bi-annual chess tournament. ClearBridge Investments and WorldQuant were represented, too.“The skills that it takes to play chess, concentration, calculation, is appealing to quants and traders,” Goletiani said. “It takes a lot of time to get into chess, to get into a zone.”“You have to decide which move to make, and often there is no clear way of seeing the outcome. You have to rely on your intuition,” Goletiani said. “You have to do the same taking risk in the market,” she said.And as good as computers may be, “there’s no clear solution to the game of chess,” Dong said.“Just like trading, there is a","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","BK4534":"瑞士信贷持仓","BK4567":"ESG概念","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","BK4535":"淡马锡持仓","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0106831901.USD":"贝莱德世界金融基金A2","BLK":"贝莱德","BK4588":"碎股","BK4550":"红杉资本持仓","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4552":"Archegos爆仓风波概念","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4581":"高盛持仓","BK4504":"桥水持仓","BK4135":"资产管理与托管银行","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","BK4127":"投资银行业与经纪业","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC"},"translate_title":"“闪光男孩”放弃欢乐时光与国际象棋大师竞争","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLK":0.9},"content_text":"(Bloomberg) -- The up-and-comers of Wall Street gathered not around an open bar, but tables with chess boards.\nMost Read from Bloomberg\n\nElon Wants His Money Back\nDubai Grinds to Standstill as Flooding Hits City\nIsrael Reported to Have Launched Retaliatory Strike on Iran\nRecord Rainfall in Dubai? Blame Climate Change, Not Cloud Seeding\nOil Erases Advance After Iranian Media Downplays Israel’s Attack\n\nTraders and quants from Goldman Sachs Group Inc., Jane Street and Bank of Montreal were among those congregating at the headquarters of IEX Group Inc. to compete in a bi-annual chess tournament. ClearBridge Investments and WorldQuant were represented, too.\nBut it was BlackRock Inc.’s Rusa Goletiani — and her 10-person entourage — who stole the show.\nGoletiani, an FX trader, is also a chess International Master and Woman Grandmaster. She won the Soviet junior championship for girls under 12 in 1990 when she was 9, and has brought that pedigree to the world’s largest asset manager. The chess club she founded at BlackRock meets every Tuesday.\nHer tutelage paid off: The top three teams at the tournament had at least one player from BlackRock. Alice Dong, who’s part of Goletiani’s club, won it all, along with Hao Li of BMO, Xun Liu of Goldman Sachs, and Terrell Anderson of ClearBridge.\n“The skills that it takes to play chess, concentration, calculation, is appealing to quants and traders,” Goletiani said. “It takes a lot of time to get into chess, to get into a zone.”\nIEX, owner of the stock exchange made famous by the Michael Lewis book “Flash Boys,” started the tournament in April 2023. At this week’s event, the third such competition, about 70 players from nearly 20 firms participated. \nThe evening was broken down into four five-minute rounds, with players in teams of four competing for first prize — a wooden chess set. The winners’ names are engraved on a trophy that sits at the IEX office. \n‘Beer-and-chitchat’\n“There’s this group among our clients who aren’t really the beer-and-chitchat types, but they’re all about our chess tournament,” IEX co-founder and president Ronan Ryan said. “That’s what gives our event that special edge.” \nChess — and other games requiring analysis, strategy and calculation — are popular in the financial world. Saba Capital Management’s Boaz Weinstein is a known chess and poker aficionado. At the Sohn conference in 2015, hundreds of finance professionals including Bill Ackman paid $5,000 to watch Magnus Carlsen, the Norwegian grandmaster, play simultaneously against three people, blindfolded.\nGoletiani and her BlackRock colleague Dong likened the game to trading. \n“You have to decide which move to make, and often there is no clear way of seeing the outcome. You have to rely on your intuition,” Goletiani said. “You have to do the same taking risk in the market,” she said. \nAnd as good as computers may be, “there’s no clear solution to the game of chess,” Dong said. \n“Just like trading, there is an element of unknown, and a time crunch, having to make decisions fast,” she said. \nMost Read from Bloomberg Businessweek\n\nWhat Really Happens When You Trade In an iPhone at the Apple Store\nRents Are the Fed’s ‘Biggest Stumbling Block’ in Taming US Inflation\nAging Copper Mines Are Turning Into Money Pits Despite Demand\nThe Pentagon Wants to Give Defense Startups a Chance \nFor Multinationals, Africa’s Allure Is Fading\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428659333"}