Odds on Open

Robert Carver Ran a Multi-Billion Dollar Systematic Portfolio for Man AHL. Now He Invests Solo.

Jul 29, 2025
In this engaging discussion, Robert Carver, former head of fixed income at Man AHL—a massive systematic trading hedge fund—dives into his journey as an independent quant trader. He shares vital insights on breaking into quantitative trading without a PhD and the essential skills required. Carver critiques the Sharpe ratio, advocating for better risk metrics, and emphasizes the importance of realistic backtesting. He also discusses managing 200+ trading strategies solo and navigating alpha decay, offering practical advice for aspiring traders.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ANECDOTE

Handling Massive Losses Calmly

  • Robert Carver experienced a $1 billion loss in a worst week at Man AHL but thought in percentages, not absolute money.
  • He learned to abstract losses and get used to big swings for mental resilience in trading.
INSIGHT

Man AHL’s Academic Culture

  • Man AHL's culture was scientific and collaborative, resembling a university more than an investment bank.
  • This culture fostered intellectual stimulation over pressure-driven trading atmospheres.
INSIGHT

Diverse Skills in Quant Trading

  • Quant trading varies widely from high-frequency to low-frequency, demanding different skill sets.
  • High-frequency needs strong programming while low-frequency benefits from broader market and economic understanding.
Get the Snipd Podcast app to discover more snips from this episode
Get the app