Dan Tapiero, Founder, CEO, and CIO of 10T Holdings, shares his journey from childhood in NYC to high-stakes trading. Topics include historical currency trades, insights on Julian Robertson, reflections on high-level trades, lessons from leveraged trades, and navigating investment evolution.
Dan Tapiero's early exposure to diverse interests and readings shaped his transition from academia to finance.
Tapiero's experiences at Tiger Management provided key lessons in risk management and analytical methodology.
The pivotal loss in 1994 taught Tapiero the importance of adaptability, risk management, and recognizing pricing trends in volatile markets.
Deep dives
An Overview of Early Background and Education
Dan Tapiero shares details of his early years, growing up in New York City and Princeton, focusing on water polo and academics. His educational path led him to Brown University, where he studied history and philosophy, exposing him to diverse interests and readings. Tapiero's introduction to finance came through reading books on currency trading, inspiring him to dive into the financial world.
The Transition into Finance and Early Career
Transitioning from his academic background into finance, Tapiero describes his entry into the trading world during a challenging economic period in the '90s. Starting at Kidder Peabody, he faced a unique situation of being the sole trader hired in a diminished trading class. Despite initial challenges, Tapiero's determination and diverse experiences propelled him into currency trading and treasury desks at high-profile Wall Street firms.
Insights from Early Trading Experience at Tiger Management
Tapiero delves into his formative years at Tiger Management, working alongside experienced traders and gaining insights into macro investing. Immersed in the 'erm crisis' and trading European bonds, he navigated the volatile landscape and honed his analytical skills under experienced mentors like Julian Robertson. The experience provided key lessons in risk management and analytical methodology.
The Importance of Adaptation and Risk Management
Reflecting on a significant loss in 1994 due to misjudging the Japanese bond market, Tapiero underscores the importance of adaptability and risk management in the face of market shifts. The loss served as a pivotal learning experience, highlighting the necessity of understanding market dynamics and anticipating rapid changes. Tapiero emphasizes the value of recognizing pricing trends and managing downside exposure.
Launching 10T Holdings and Navigating the Digital Asset Ecosystem
Tapiero's pivot towards digital assets and the founding of 10T Holdings marks a groundbreaking shift in his investment strategy. Leveraging his macro experience, Tapiero identifies the potential in the digital asset ecosystem, positioning 10T as a growth equity fund focused on cryptocurrencies and blockchain technology. By applying his background in macro trading and strategic diversification, Tapiero adopts a forward-thinking approach in capitalizing on the digital revolution.
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Dan Tapiero, founder, CEO, and CIO of 10T Holdings, joins Maggie Lake to take us on a fascinating journey from his childhood in New York City to a career in high-stakes trading alongside investment legends like Julian Robertson. Dan shares the four trades that defined his career and what he's learned in the most dynamic trading environments over the last 30-plus years.Show less
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