The ACID Capitalist Podcast A Gonzo Dive into Wall Street's Wild Side: My Chat with Derek Wallis, Head of Equity Execution at Soros
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Mar 19, 2025 Derek Wallis, Head of Equity Execution at Soros Fund Management, shares his thrilling journey through the chaotic world of Wall Street. He recounts a hair-raising moment when he had to inform Stan Druckenmiller about a billion-dollar mistake. Wallis paints a vivid picture of trading sharks like George Soros, whose market instincts are almost otherworldly. The conversation explores the evolution of trading practices leading up to the 2007 financial crisis and offers insights on risk management for personal investing. It's a wild ride through finance!
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Trial by Fire
- Derek Wallis, fresh off the boat on Wall Street, had to tell Stan Druckenmiller he lost a billion dollars.
- This trial by fire happened during the NASDAQ crash in 2000.
Kiwi Neutron Bomb
- Derek Wallis's nickname was "Kiwi Neutron Bomb" because he read the profit and loss statements.
- During the NASDAQ crash, he had to inform Druckenmiller of a billion-dollar loss.
Duffel Bag Evidence
- At Soros, the head trader collected trade slips in duffel bags.
- During an investigation, he dumped the bags at the ACC, who couldn't decipher them and dismissed the case.