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Jean-Philippe Bouchaud

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2026-04-17
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2026-04-17
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  1. “Well, study theoretical physics and study everything that's related to data. Pay attention to data and think about something that you strongly believe in and that you feel has not been investigated. And it doesn't matter if it's big or small.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “You could fall down. Yeah, okay. So life of big, of major celebrities in culture, in cinema, theater, all these things. So I'm really a big fan of force culture.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “You know, in France, we were very fortunate, we have something called France Culture. It's a radio where there's enormous, I mean, you could Stay tuned all day if you want it. There's so many interesting things going on about everything cultural, literature, but also movies, politics, and so”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Wow, so many, that's really a very broad question. So, my last book is a book on John and Paul by Ian Leslie, John Lennon McCartney. It's a beautiful book. I really loved it.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Convinced me that you shouldn't be stuck to your own field, you should broaden your scope. And what you learn from one field can be very useful understanding another field. The three of them, they've really kind of hovered around and not got tied to their specific initial field. And I think this creates, well, at least for me, this inhibited me in the sense that I thought, okay, maybe I'm not legitimate to speak about finance because I'm a physicist, but doesn't matter. If I have things that I strongly believe in, I should better say them and go to the end of them. So I think they were really influential in that way.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Fascinating. And then Pierre-Gilles Dejain, who was a Nobel Prize in Physics, a French physicist who was so fantastic. And both these two and also Phil Anderson, who was a Nobel Prize in Physics as well in the US, these three people,”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Yeah, bow it well. Fractal from the kind of very fine structure to macroscopic length scales. And so Mandel also did his work on financial markets. And for me, it was really a revelation. It was something very influencing. And out of the dogma of Brownian statistics and Gaussian phenomenon and so on. And so it was also very close to what I was doing myself in physics. So it was clear that he influenced me enormously on that.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yes, and he did a lot of things in physics as well And so he influenced a lot my wife. My wife was a physicist before turning a playwright now. And she worked on fracture surfaces, the way when you break a material, what emerges from the fracture is a kind of very rough landscape that is fractal. And Manderbroad had worked on that, and there was a lot of interaction.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Of your career. That's an easy one. I have several mentors, but two of them are really close to my heart. One is Benoit Mandelbrot, of course, the fractal guy. I knew him personally.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “But that's the assumption of efficient market. Or actually, not even an assumption, it's the argument that collectively, you know, if you have That's the difference between having rational investors that all take decisions based on noisy observation, but independent from one another. Then because they are independent they realize the mean. I mean some overpriced some underpriced and then it's a voting machine and the vote comes out right because there's enough investors and they're unqualified to one another. But the problem with markets is that it's not the way it works. The people are influenced by what other people are doing. And what other people are saying. So instead of having independent guys doing random stuff, they're kind of. One guy who's doing only one thing, which is”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Well, it really depends what you mean by efficient. If you mean that they're very close to unpredictable, then you're right. But I think it's a very dumbed-down version of EMH. The question is whether prices reflect something from the mental that is in principle knowable that reflects reality. And one I think smoking gun of that is do you have long-term mean reversion? That is, can prices do random things in particular trending, which is really completely against EMH? On the short run, that is from a week to six months. Markets are trending over six months, one year. And then on the longer time scale, they kind of hover around some long-term trend. And I think this is true. But this is really at odds with efficient market, which tells you that everyday markets are around the correct price. Right.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “But actually, we have models that predict exactly that. That on the short run, you can have trends and irrational behavior. And on the long run, it reverts back to fundamentals. But the long run from our estimate is like 5, 10 years.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Fundamentals, yeah, I think it's an old idea. I mean, it's a Keynes also things like that. But in the long run, we're all dead, right? Keynes that was saying that. So it's really a question of whether you're going to...”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “And structural models that tell you everything else being equal, people are more likely to do this and that, then you can build models. And I think that's the reason why we've been successful is this change of philosophy. We're not kind of anchored to fundamentals. We're anchored to flows.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “That is, people buying or selling stuff, whatever the reason they buy or sell, is going to move prices. It's not going to move prices on a short time scale and then disappear. It's really going to leave a trace in markets. And this is really a fundamental change of point of view that I think that is going to percolate and convince more and more people looking forward. But having this change of tact is really important because in one case, what you need to do to make money is to predict fundamentals. In the other case, you need to predict what people are going to do. And so in a sense, crowding can be a good thing because if there's crowding, it's easier to predict what the crowd is going to do. And so if whatever the reason people do things, they move prices and you're able to predict what people are going to do because you have behavioral models.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I think it's this question of what is price doing? What are moving prices? And a lot of people still believe that there's something like a fundamental value and that the price is really moving because fundamentals are moving. Whereas we believe, and this is going, this touches very recent academic papers that Gabek's encouragent two economists have put forward. They've called it the inelastic market hypothesis. And we've contributed to that debate as well. And the idea is really that markets are not driven by fundamentals, or at least they are to some extent driven by fundamentals, but this is a small long-term effect. On short run, short-run meaning from one day to one year, which is pretty long already, it really flows that matter.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Lucky enough to have strong enough signals that tell you that your standard risk model is wrong and you should do something else.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “But starting like 10 of July already, there was something really very strange in our portfolio. And we started reflecting on what was going on and decided someone was deleveraging and hitting us by shorting our lungs and buying our shorts. And this thought process of imagining that even if fun that was like 10% correlated with ours, not a lot, but 10% and having every day a kind of systematic deleveraging policy, it would create exactly the kind of signals that we were seeing in our portfolio. So we thought, okay, this may be going to lead to a crash because people are going to suffer, suffer, and at one point they're going to cascades and so on. And so that was the rationale for getting out. So in some cases, you have your lot.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “It was something in the performance already in July, the Quant Quake, the really bad day happened maybe 9th of August, I don't remember exactly, but early August.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “True, it's something that we every day we think about this. We were in the quant quake in 2007. And actually we were Fortunate enough to be out of the markets or to have deleveraged already two weeks before the worst day of the Quantcrake.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Or if it's decent enough to go in production. So we are kind of industrializing this process of selecting models that will go into production. Does that make sense?”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Yeah, well, for example, exactly what you just said can you have indicators that tell you whether your back test is overfitted or not? And for many years we struggled with that and we used judgment again to say this is plausible, this is not plausible, we can believe that we kind of replace the traitor that trades every day is signals or his beliefs to a higher level where we are traders of models. We kind of judge models, we say this model is good enough to go in production. This model is not convincing enough. But it would be great to have something more systematic. And over the years we've been struggling and I think with some success to have meta models that predict whether your back test is really fudged”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “And so it's not that bad if it's every day. But really, this idea that this time is different is something that's strange. If you look at the world and the history of financial markets, It's really being normal that's not normal. And we've become used to that.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Well, as I said, the two cases seem to be pretty different. Liberation Day was really a surprise and we had to manually intervene. There was something in our models that was completely blind to these things and we had to make a judge on the call. I think the idea really is that humans should use their best judgment in these cases and decide whether it's reasonable that the risk model knows something about what's going on or not. In some cases it does. In some cases it doesn't. I think the tricky part is not to overreact because you said you don't remember periods of the world where things like this happened. But looking back, I've been in the markets for 35 years and everything every year there seems to be something unexpected that happens.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “You're right, some events are okay, and like the war in Iran for the moment is not something that our risk models are completely blind to. Doesn't mean that they've predicted at all. It just means that we're comfortable with the risk that our model have predicted and they've adapted sufficiently fast to the events so that we're comfortable with the risk level, no human intervention. On the other hand, in some cases it's completely unexpected, like tariffs and liberation day. This created havoc. Although strangely enough, Liberation Day was announced. You know, everybody knew what was going to be said. And still everybody was surprised.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Financial markets everywhere in the world and everything is going to feel and there's nothing to do about that. So that can happen. But barring these extreme events, we think we're pretty good at predicting what's going to happen. And over the last 35 years of the existence of CFM, we're actually this year. We're celebrating our 35th anniversary in June in Paris. Very proud of that. So, you know, it kind of resisted these 35 years, although we've become much better with time. But having said that, there's always an element that you have to be ready to intervene, even if you're a quan shop. And so on several occasions in the past 35 years, we decided that our risk model couldn't know. About things that we humans knew, like, you know, I don't know, the Brexit votes. And in...”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Yeah, we have a discipline and systematic approach not only to alpha signals, to building prediction, but also to risk management. We have a pretty sophisticated tool to predict the velocity of tomorrow. The velocity of our portfolio tomorrow. And we're pretty good at that. So, of course, we know in financial markets are difficult beasts. And even if you have the best model in the world, you can still have unexpected events that blow up your portfolio. That's something that we can't say will never happen. But in a way, if you don't want to take any risk, you shouldn't be in financial markets. You shouldn't be in that business. So we accept that there might be, I don't know, a completely unexpected event that breaks the whole...”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Well, you know, there's different maturities, there's different countries, futures in China. I mean, if you count everything, it goes up to 100, I don't have the exact number, but in the 150s altogether.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Exactly. Up or down What do you mean exactly? I mean, we just think about risk. We want to. Risk is a very complex object, actually. There's volatility, but there's also a correlation. If you deal with a portfolio of futures that has like 150 futures, there's a very subtle correlation structure between all the assets that you have in your portfolio. So if you think about risk, you really have to think about How all these products interact with one another, talk to one another. And so it's not only a question of volatility that goes up and down, that you have to control, but also a question of how these assets co-move together or anti-co-move together. But the way we think about upside risk is the same as the way we think about downside risk. It's just a question of risk.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “And so we bet, and it was confirmed that trend following would come back. And since 2024, it's been very good, actually, overall.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “And we were reporting on the fact that since 1800, if you paper trade a very simple trend following strategy, you make money every decade. With ups and downs, there are years that are not so good, years. But as you say, I mean, what is striking about the very point you made about people getting out of trend falling just before it gets back on is I think it's ingrained in people's behavior to chase performance. So if performance has been bad for a few years, everybody declares, and that was the case in 2014, when we wrote our paper, trend following had been flat for the last five years. And people say, okay, well, transforming is dead now. And we were absolutely convinced that it was not the case. Transforming is such a strong behavioral bias that performance chasing is so ingrained in every one of us, even rational, we can't help.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “For Chen Following. It's very difficult to say because otherwise we would have a meta model that arbitrages and increases the weight of trend following when it's going to work well. I think there probably is more research to do and we've been trying. We haven't found anything that's very convincing. But, you know, beginning of 2026 is also a very good period for transforming. Actually, since we wrote a paper in 2014 called 200 Years of Trend Following.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “And so continuing on that, what we are trying to do is to do the same thing with financial markets. So as I said, 100 years of data is not a lot, but maybe you can use these gen AI models to generate a millionaires of fictitious financial markets. That's interesting. Very good.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “With this process of constructing sentences that are still valid, you can invent new things, and that's the thing that is really strange, right? I mean, you can learn pictures. For example, you know, the celebrity database where you make the machine learn these pictures. And then you ask the machine to generate new ones. And it does. And these are pictures that look exactly, I mean, that you look and you think it's a celebrity, but the celebrity doesn't exist. So there's something still weird about this, that, as I said, nobody really understands.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Except if you go to high frequency, as I said, if you go to tick by tick order book data, there's huge amounts of data. And there you can think that there's more to do. But what was I saying? Yeah, so there's the problem of the availability of data and the frequency at which you want to predict. So for high frequency, I think there's a lot of structure. For lower frequency, it's not clear yet that it is going to be useful, used as a kind of technical model which only looks at prices without reading text. For reading text, we know there's a lot of structure which corresponds to the structure of language. But having said everything you said, there's still something strange about LLMs or generative AI is that”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Well, there are two problems. One is fundamental are there structures that you can extract, and we believe that there are, because otherwise we wouldn't be there. I mean, trend following is a structure. It's a pretty trivial one, but it is a structure. Now, many other types of structures in the data that we've extracted without using ML or using ML now or recovering with ML, or even more complicated one with MLs. But the major difference between finance and languages or pictures is one the amount of data. Because in the end, stock markets have only existed since 1900 or 1800, if you want.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Yeah, so why does it work? And can it work in finance too? So is it because the language or images have such a strong structure that there's an internal logic to language or to pictures or to other things that the model is able and using these relatively simple ideas of statistical prediction of what's going to happen next is enough to generate meaningful sentences but Maybe there's part of that, the structure of the data. Is it the case in finance too? Maybe. Maybe not.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Uncomfortable with the idea of black boxes. Black box is something that can improve the research process, but when you think about implementing that in production and having models trading with these models, you really want to be sure that the machine has done something that makes sense. And so understanding what machine learning is actually doing, why are these things working to start with? What is strange is that it works so well that nobody understands why. When you're driving a car, the car works really well, but we know exactly why it works, how it works. Nobody really understands what's the magic, and I think it's a huge intellectual challenge, and we want to be part of that.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Microstructure, high frequency data, there's events happening in the order book of major exchanges at the millisecond level or even faster. This generates a huge amount of information that has to be dealt with, analyzed. And machine learning helps you very much doing that. Reading texts that no human would be able to read and extracting information, statistical information from that text. So for us, it is, I wouldn't say a revolution, but it's an acceleration of things that we were trying to do before. And obviously we're much in tune with that. We've actually created an CFM to help transferring technology from what ML people are constructing and what researchers at CFM may be using, but also to try to understand how these things work, right? Because we're very”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Well, you know, AI is really an advanced form of data analysis. And in a way, we've been doing machine learning forever. The thing is that techniques have evolved. It's now much more efficient. There are many more things that one can do, in particular reading text. For many years, we were just using numbers. And actually, for many years, we were just using prices and volumes and not anything else. And fundamental information about companies. But now there's so much data that even used. There's new data set every day that we're presented by data vendors. And so there's a need to handle that data, to read sometimes huge data files. For example, if you think about”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “I agree. I agree. That's again the physicist's point of view. Experiments is above everything else. But sometimes when you talk to economists, they have a strange view that theorem is an axioms that supersede any empirical observation. I was told that by an economist. And so there's a very strong difference in perception.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Reluctantly, I think he had to add it, but it's a disgrace for efficient market theory, so he doesn't like momentum at all.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Yeah, not exactly. I mean, transforming, you know, it's not arbitrage the way at all. And actually, if you think about it, it's very hard to arbitrage trend following. If people trend follow, it's going to lead to more trend following.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “AQR is, I think they're closest to us in that front. I think Renaissance, they took initially completely different turn. They thought we have to be completely secretive about everything. And be a kind of black hole where everything goes in but nothing goes out. And that was not our philosophy. We thought that life is too short as well. We want to make money for ourselves, for our investors. We want to excel, but not at any cost. We think that there's something else in life, that there's a legacy that we want to leave. And this legacy is intellectual as well.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Day one from day one. But from day one, we knew that we wanted to be strongly associated with academia. We knew that the only way to innovate, you know, again, coming back to the fact that financial markets are complex systems, it's really difficult to beat the market. We know that. Everybody's trying to beat the market. If we want to have something else to say and not follow the crowd, we have to innovate. And innovating is hard. You have to spend time. You have to have new ideas that nobody else has. And so this means investing heavily in research. So the two are not contradictory. We really wanted to be a quant. We had already, we knew already about Renaissance. We knew that these guys at Renaissance, they were very close in spirit and in culture to what we were. And so we thought we were going to try to emulate them. Of course, they're so great.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “It's amazing to think that he was so enthusiastic about creating what we created together. And so we owe him a lot. So when he passed away, it was really difficult to, well, there were several issues. One is that he had 57% of the company, so we had to negotiate with the estate to get back control. That was pretty difficult, but we went through that. And also, we needed to reassure our investors. Jean-Pierre, he seemed to be the public figure. He was a public figure and seemed to be the inspiration behind everything. We communicate that we were at the helm and that we would navigate that and it worked. And so it was very stressful, but it was very rewarding as well to go through that.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “He could crash. It never occurred to us, which was strange because these things happen. And so it was tragic because we were not prepared. And it was tragic because he was not only a friend, but he was the public figure of CFM. He was not involved in constructing models. I mean, Quantz, in a way, what's great about investing is that you don't need star traders, you don't need PMs that know everything. It's a collective effort. And so when someone disappears or resigns or dies, it's not a tragedy. But in the case of Jean-Pierre, it was even that he was not really involved in the construction of models. He was just a very inspiring, generous, and he was really great. He had a vision. When we met and he thought, okay, with that guy, we can build something great.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Yeah, it was a tragedy because he died in a glider accident. We knew that he was gliding. We knew that gliding was dangerous. But in a sense, and it really means bad risk management, right? We never thought that”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “Well, first of all, a lot of our investors are in the US, so we need to be there and interact with them. And we need to have a presence if only for investor relation, but also because there's a lot of talents in the US that we want to grab and attract. There's a lot of data, a lot of brokers, so it makes a lot of sense. So we've been in New York for 20 years. And it's obvious that it is a hub and we should expand there.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “So much data, and we're privileged. You know, academics, they don't have access to so much data. And so we have to give back in a way. And the reason we're doing this is, as I said, it's not only because we're driven to do that, but also because it creates an atmosphere where people are happy to work at CFM, I hope. I don't want to put words in their mouth.”

    2026-04-17 · Masters in Business · The Intersection of Science and Finance with CFM's Jean-Philippe Bouchaud · IDENTIFIED FROM THE TRANSCRIPT · source