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Dmitry Balyasny

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109

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2023-10-02

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2023-10-02

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1

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1. “You were trying to capture sometimes on the back of Newsflow or an industry strength as well, trying to capture that momentum and riding that wave into the closing bell and then eventually into multidate type trades.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

2. “I started with very short term trading, so we would actually divide up the day into segments. So you would have morning trades and then afternoon trades. When they were like a little bit different in the morning, a lot of times you looked for reversal trades where the market would open up and you look for stocks that weren't trading well versus the market and they were showing relative weakness versus the market in industries that were showing relative weakness versus the market. And you learn how to spot those early. They might be up because the overall tape was up and you had short opportunities. And then as the market would settle in and sometimes would reverse, those would really significantly outperform. And you try to spot those within the first to 15 or 30 minutes of the day and try to capture those sentiment swings. In the afternoon, it was typically more momentum type trading where you're looking for things that were really outperforming during the day, continued to gather momentum into the afternoon session where they might be a multi-day type of trade.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

3. “You kind of define the types of trades that you were looking for. When you define that, then you try to build from it. And then once you had success within that small box, then you gradually were allowed to expand the box. And you could trade more things, different holding periods, different types of trades, more capital, et cetera. But at the beginning, it was very tight in all those aspects, which I think was helpful. And then you just learn a method, like what's the discipline? What are you trying to do? What is the ideal trade? And limiting that to like a couple types of trades that you try to create as your bread and butter. And once you're able to consistently do those, you're looking at this overwhelming picture of hundreds of different tickers, but you're looking for certain particular things and get good at doing that consistently. And once you do that, then you add on different types of trades.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

4. “They did a good job about really kind of limiting the things that you could do. One of the challenges, like learning any new activities, at first it's kind of overwhelming where there's like a lot of different things that you could do. So whether you're learning how to ski or how to swing a tennis racket or how to train, there's like a lot of footwork, your balance, your hand, your eye, the ball, this and that. You're trying to just limit it. And so they did that with trading where you couldn't just come in and trade whatever you wanted, however you wanted it. You had like very tight risk limits, very tight limits of what you were allowed to trade, when you were allowed to trade it, how much you were allowed to risk, what were the holding periods. And you just create like a very well-defined small box to start where you just have like a few elements to worry about. Only had a small number of trades, a small number of potential trading instruments, small holding periods.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

5. “Proprietary training program. So it was a great opportunity because your only job was proprietary training. You don't have to do anything else. You just have to learn how to trade. And you had a few experienced people to learn from. But the compensation was zero. The base pay was zero. They bought you lunch, which is great. But I figured I had the opportunity to take risk and bet on myself. And I didn't make any money for pretty much the next year. slowly started to figure out some systems and processes that kind of worked for me started making a little bit of money and then got more consistent and scaled it up after that.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Newspaper advertisement for traders in Chicago when they opened up a Chicago office and they kind of came in with a few guys in an empty office that they wanted to fill. And they were looking for people that didn't have preconceived notions of what it took to be a successful trader, didn't have any bad habits and ingrained. And so I fit that really well. I was very clear that I didn't know what I was doing. But I really wanted to learn and was very”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

7. “very passionate about and I really enjoyed it. It always had good perseverance, that much natural talent, a good perseverance. And so I figured if it was something I was really Committed to passionate about Myself into a place where I could have some people to learn from that I'd be able to figure it out eventually. So after being a broker successfully for a few years where I was Well, on the sales side, but I was losing all my commissions trading for myself. I applied to a bunch of different trading firms, hedge funds. Reject it from pretty much all of them. I didn't really have any relevant. Vesting experience and I was very young. I got lucky and I answered a newspaper ad Back in the days when you had newspaper ads, and it was the one time that Schoenfeld Securities ran a”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

8. “When I was a kid in high school, I saved up some money from various sales jobs. I first started investing in mutual funds and then kind of graduated to stocks. Probably first semi-serious investing and trading was my first finance job, turned 18. I was licensed as a stockbroker. A job at a small firm mostly cold calling, trying to get new clients, and I started reinvesting the commissions that I earned from being a broker to my own trading account and trying to teach myself how to trade, which was pretty disastrous for a while.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source

9. “I guess on today's show is Dmitry Baljni, founder, managing partner, and chief investment officer of Baliozny Asset Management, a $20 billion multi-strategy hedge fund considered one of the leading multi-manager platforms. Dimitri launched the firm in the early 2000s and today has 2,000 employees across 15 global offices. Our conversation is a masterclass in all aspects of the multi-manager model. We cover everything, learning to trade, building new strategies, attracting talent, managing an individual pod, portfolio and risk management, the competitive landscape and the future. Dimitri's both a gifted money manager and business builder and both sides come out in spades.”

   2023-10-02 · Capital Allocators · Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341) · IDENTIFIED FROM THE TRANSCRIPT · source