Generating Alpha Podcast Episode 4: Noah Yechiely - Former Head of Equities at Bridgewater Associates
Dec 15, 2024
Noah Yechiely, a former Partner Director at Bridgewater Associates with a rich background in finance and Israeli intelligence, shares his journey from engineering to investing. He discusses the efficiency of markets, the evolution of investment strategies with technology, and the invaluable skills gained from consulting. Noah emphasizes the importance of analytical creativity in hiring and encourages young professionals to cultivate curiosity and pursue their passions. His insights blend finance expertise with life advice, making it a compelling listen.
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From Engineer To Bridgewater Leader
- Noah described joining Bridgewater after a short interview with Ray Dalio and then spending 20 years there across trading and leadership roles.
- He progressed from systematics engineering to Head of Equities and running the Gate Fund, illustrating deep institutional experience.
Markets Are Highly Efficient
- Noah argued markets are very efficient and it's hard to generate uncorrelated returns at scale.
- Good hedge funds combine risk management with exploiting small, niche inefficiencies that often offer limited returns.
Technology Shrinks Edges Over Time
- Public data and analysis tools have democratized previously private edges, making many strategies more efficient.
- Technology shifted returns toward players who can innovate beyond easily replicated data-driven approaches.