YouSaid · the spoken record

Richard Craib

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98
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2021-02-07
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2021-02-07
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  1. “Loved it. Oh, I love that I got out of it. Okay. Because it also affects your mind. You get confusion and kind of a lot of fatigue. And you can't do usual tricks of psyching yourself out of it. So you know sometimes it's like, oh man, I feel tired. Okay, I'm just going to go have coffee and then I'll be fine. Like now it's like I feel tired cough. I don't even want to get out of bed to get coffee because I feel so tired. And then you have to confront, there's no like quick fix cure. And you're trapped at home”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yeah, you do wonder. I mean, for sure. And then there are even new strains in South Africa, which is where I was. And maybe the new strain had some interaction with my... And I'm just going to die.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “And so it's actually kind of nice because it's very depressing. And then I've heard stories of, I think it's Sean Parker. And he had to just stay in bed for years. And then he made Napster. It's like pretty cool. So, yeah, I had about 15 days of this recently, just lost month. And it feels like it did shock me into a new kind of energy and ambition.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Exactly. Yeah, I just had COVID and I had it quite bad. It wasn't really bad. It was just like I also got a simultaneous lung infection. So I had like almost like bronchitis or whatever. I don't even understand. Stuff, but it felt I started, and then you forced to be isolated.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, it's amazing how many things that are trivial that could occupy a lot of your mind until something bad happens or something flips you.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I don't know humans. Yeah, so I have yet heard people say asking what meaning of life is like asking the wrong question or something.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Yeah, and I remember on my desk I had like a bunch of papers on quant finance, a bunch of papers on optimization, and then a paper on Ethereum, just on my desk as well, and the white paper. And it's like, it's amazing how kind of And you can learn about so that I always have, I think, this idea of learning about intersections of things. I don't think there are too many people that know as much about crypto and quantance and machine learning as I do. And that's a really nice set of three things to know stuff about. And that was because I had like free time in my job.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, I mean, I think, well, I think, yeah, you don't want to have, certainly don't want to have a plan to sell the company quickly or something. It's like a company that has like a big fashion component. Like it'll only work now. It's like an app. For something So, yeah, that's a big one. And then I also think. Something I thought about recently is I had a job as a quant at a fund for about two and a half years. And part of me thinks if I had spent another two years there, I would have learned a lot more and had even more knowledge to be to basically accelerate how long Numerai took. So the idea that you can sit in an air-conditioned room and get free food or even sit at home now in your underwear and make a huge amount of money and learn whatever you want. And it's just crazy. It's such a good deal.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Think I often tell young people don't start companies is it don't start a company unless you're prepared to make it your life's work like that's a really good way of putting it and a lot of people think well you know this semester I'm going to take a semester off and in that one semester I'm going to start a company and sell it or whatever right And it's just like, what are you talking about? It doesn't really work that way. You should be super into the idea, so into it that you want to spend a really long time on it.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Book I like a lot is maybe my favorite book is David Deutsch's Beginning of Infinity. I just found that so Optimistic. It puts everything you read in science, it like makes the world feel like kind of colder because it's like, you know, we're just coming from evolution and coming from nothing should be this way or whatever. And humans are not very powerful. We're just like scum on the earth And the way David Deutsch sees things and argues, he argues them with the same rigor that the cynics often use and then has a much better conclusion that some of the statements are things like anything that doesn't violate the laws of physics. Be solved.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “A super kind of obvious one that I really was reading zero to one while coming up with Nimurai. It was like, oh, I was like halfway through the book. And I really do like a lot of the ideas there. And it's also about kind of thinking big and also it's like peculiar little book. It's like why there's a little picture of the hipster versus Unibomber. And it's a weird little book. So there's kind of like some depth there.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “And I don't know if I'm going to be the one who invents that, so I'm building Numeri to make sure that that narrow AI uses our data.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I say sometimes long before AGI destroys the world, a narrow intelligence will win all the money in the stock market. Way like just a narrow AI.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “And then they would say, even things like Member Peter. Said to me something like, I don't think AI is going to have a big role in finance. And I was like, hearing this from the CEO of Renaissance was like weird to hear because I was like, Of course it will. And he's like, but he can see, I can see it having a really big impact on things like self driving cars. But finance, it's too noisy and whatever. And so I don't think it's like the perfect application. And I was like, that was interesting to hear because it's like, and I think there was that same day that Libra, I think it is. The poker playing AI? Started to beat like the human. So it was kind of funny hearing them say, Oh, I'm not sure AI could ever get attack that problem. And then that very day is attacking the problem of the game we're playing.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “I did feel a bit out of place there. Like the company was quite new. They also don't speak about things, right? It's not like going to meet a famous rocket engineer who will tell you how to make a rocket. They do not want to tell you anything about how to make a hedge fund. It's like all secretive. And that part I didn't like. And they were also kind of making fun of me a little bit. Like they would say, like, they'd call me like, I don't know, the Bitcoin kid or.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “And they're all extremely good at poker But they're also, so it was a $10,000 buy in. And I was like, this is kind of expensive. But it all goes to charity, Jim's math charity. But then the way they play, they have like rebys. And like, they all do a shit ton of rebys for charity. Immediately they're like going all in, and I'm like, man, like.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “So it's quite cool how, yeah, like it was really fun. And then I managed to knock out Peter Moller. I have a, I got a little trophy for knocking him out because he was a previous champion. In fact, I think he's won the most. I think he's won three times. Super smart guy. But I will say, Jim outlosted me in the tournament.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Yeah, I do. I mean, it was crazy on my right was the CEO, who's the current CEO of Renaissance, Peter Brown. And Peter Mueller, who's a hedge fund manager at PDT. And yeah, I mean, it was just like, and then, you know, just everyone. And then all these World Series, like people that I know from like TV. And Robert Mercer, who's fucking crazy. He's the guy who donated the most money to Trump.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “I've played poker with him. It was pretty cool. It was like. Actually, in the show Billions, they kind of do a little thing about this poker tournament thing with all the hedge fund managers. And that's real life thing. And they have a lot of world series of bracelets. What sort of pokup bracelet holders? But it's kind of Jim's thing. And I met him there. And yeah, it was kind of brief, but I was just like, he was like, oh, why are you here? And I was like, oh, Howard sent me. You know, he's like, go play this tournament, meet some of the other players. And then...”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “They're like, we don't really invest in hedge funds. And I was You don't see what I'm doing. This is something so tech company not a hedge fund, right?”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “So, yeah, but then, and then I think he kind of said, well, yeah, he said, Well, because I was talking, he was working at first round capital as a partner. And they kind of said they didn't want to invest. And then I wrote a blog post describing the idea. And I was like, I really think you guys should invest. And then they end up.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Yeah, it is a bit like that. And that's cool. That's a good way to do it. I'm glad they do it that way. Like the one meeting I had, which was really good with this, was meeting Howard Morgan, who's actually a co-founder of Renaissance technologies in the like 1980s and worked with Jim Simons. He was in the room and I was meeting some other guy and he was in the room and I was explaining how quantitative finance works. I was like, so they use mathematical models and then he was like, yeah, I started Renaissance. I know a bit about this. And then I was like, oh my God.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Yeah, I mean, I came here and I was amazed how, yeah, people, I was only here for a few months and I met some incredible investors and I'd almost run out of money. Once they invested, I was like, I am not going to let you down. And I was like, okay, I'm going to send them like an email update every like three minutes. And then they don't care at all. So they kind of want to, I don't know, like, so for some, I like it when it's just like they're always available to talk, but a lot of building a business, especially a high-tech business, there's little for them to add, right? There's little for them to add on product. There's a lot for them to add on like business development. And if we are doing product research, which is for us research into the market, research into how to make a great hedge fund. And we do that for years”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “And strange to me also, I think you're right that how many boring companies there are something I always talk about, especially in FinTech. It's like, why am I excited about this? This is so lame. Like, what is, this isn't even important, even if you succeed, this is going to be terrible. This is not good. And it's just strange how people can kind of get fake enthusiastic about boring ideas. When there's so many bigger ideas that, yeah, I mean, you read these things like this company raises money and it's just like, that's a lot of money for the worst idea I've ever heard.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “And maybe it's connected with what you were saying about sincerity as well. Like if you appear to be sincerely optimistic about something. That's big or crazy. It's putting yourself up to be kind of like ridiculed or something. And so, if you say my mission is to go to Mars, it's just so bonkers that Hard to say”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “And obviously, this doesn't apply to all businesses. But if you play a venture-backed startup kind of game, like play for keeps, play to win, go big. And it's very hard to do that. I've always feel like you can start narrowing your focus because 10 people are telling you you got to care about this. Boring thing that won't matter five years from now. And you should push back and do the real play the real game.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “I think that one thing I do like, and it might be a particular thing about America, but there is something about playing, tell people what you really want to happen in the world. Don't stop. It's not going to make it like if you're asking someone to invest in your company, don't say, I think maybe one day we might make a million dollars. When you actually believe something else, you actually believe you're actually more optimistic, but you're toning down your optimism. Because you want to appear like low risk But actually, it's super high risk if your company becomes mediocre Because no one wants to work at mediocre company, no one wants to invest in mediocre company. So you should play the real game.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Yeah, I think this is a big problem. I mean, I always felt that about America. A lot of people are telling jokes kind of all the time. And they're kind of good at it. And you take someone aside, an American, you're like, I really want to have a sincere conversation. It's like hard to even keep a straight face. Because everything is so, there's so much levity, so it's complicated. I like how sincere actually your Twitter can be. You're like, I am in love with the world.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “And so imagine you just have millions of people who have had all these great jokes told them. And every now and then they reminisce. Oh, that was really funny. And then they're like, let me buy some.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Yeah, and I think you can have, like, I like the one meme, like Doge, I haven't heard that name in a long Like, I think back to that meme often. That's like funny, and every time I think back to it. A little probability that I might”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Yeah, and so they can see me move it too. They can see me, oh, why is he moving it? So, but yeah, Zcash, also when you can make private transactions, you can also play different games. And it's unclear. It's like what's quite cool about Zcash is I wonder what games are being played there.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Yeah, none of the transactions are private. And so, you know, even I have some of my, I have some numeraire and you can just see it. In fact, you can go to website and says like, you can go to like EtherScan and it'll say Numerai founder. And I'm like, How the hell do you guys know”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Well, I don't really, I'm not looking to invest in cryptocurrencies anymore, but many are almost identical. I mean, there wasn't too much difference between even Ethereum and Bitcoin in some ways, right? But there are some that I like the privacy ones. It's like a different kind of invention compared to some of the other things. Okay.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Yeah, some of my friends told me about Bitcoin, and I was interested in equities a lot, and I was like, well, it has no net present value. It has no future cash flows. Bitcoin pays no dividends. So I really couldn't get my head around it that this could be valuable. And then I, but I did, so I didn't feel like I was early in cryptocurrency. In fact, because I was like, it was like 2014. It felt like a long time after Bitcoin. But then I really liked some of the things that Ethereum was doing. It seemed like a super visionary thing. Like I was reading something that was just going to change the world when I was reading the white paper. And I like the different constructs you could have inside of Ethereum that you couldn't have on Bitcoin.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Yeah, maybe on what is finance? Like you What are you doing when you have the ability to take out a loan? You can bring a whole new future into being with finance. If you couldn't get a student loan to get a college degree, you couldn't get a college degree, like if you didn't have the money. But now, like, weirdly, you can get it. And like, yeah, all you have is this loan, which is like, so now you can bring a different future into the world. And that's how, when I was saying earlier about if you rerun American history, economic history without these things, like you're not allowed to take out loans, you're not allowed to have derivatives, you're not allowed to have money. It just doesn't really work. And it's a really magic thing. How much you can do with finance by kind of bringing the future forward.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “I don't have a good answer to that, but it's definitely in my personal life it's become more and more warped. And you start to care about the real thing, like what's really going on here. Elon talks about things like this. What is a company, really? And it's like, it's a bunch of people who kind of show up to work together and like they solve a problem and they might not be a stock out there that's trading that represents what they're doing, but it's not the real thing And being involved in crypto, like I early put in crowd sale of Ethereum and all these other things and different crypto hedge funds and things that I've invested in. And it's like it's just kind of like it feels like. How I used to think about money stuff is just like totally warped because you stop caring about the price and you care about like the product.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “But Nimrod doesn't actually use any derivatives unless you call shorting derivative. We just do put money into companies. And that does help the companies we're investing in. It's just in little ways. We really did buy Tesla and it did. And we were not, we played some role in its success. Super small make no mistake. But still, I think that's important.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “There are a lot of games that people play that are in the derivatives market. And I think a lot of the stuff people dislike when they look at the history of what's happened, they hate credit default swaps or collateralized debt obligations. Like these are the kind of like enemies of 2008. And then the long-term capital management thing, it was like they had 30 times leverage or something just that no one, like you could just go to a gas station and ask anybody at the gas station, is it a good idea to have 30 times leverage? And they just say no. It's like common sense just like went out the window. So yeah, I don't respect long-term capital management. Okay.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Yeah, like you shouldn't have there be I've looked at some data and all of this stuff's super mispriced. That's super bad for society if it looks like that to someone.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “We talk about it like we want to make a lot of independent bets because that's going to be a higher sharp than if you have a lot of bets that depend on each other, like all in one sector. But yeah, I mean, the point is that you want the prices of the stocks to be reflective of how. Of their value”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “I do think, I mean, it's a good question. I've also seen lately people say this is speculation. Is there too much speculation in the market? And it's like. All the trades are speculative, like all the trades have a horizon, like people want them to work. I would say that there's certainly a lot of aspects of gambling math that applies to investing. Like, one thing you don't do in gambling is put all your money in one bet. You have bankroll management. And it's a key part of it. And small alterations to your bank role management might be better than improvements to your skill. And then there are things we care about in our fund. Like we want to make a lot of independent bets.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Literally, he's smart enough that we really want his intelligence to reach the stock market because the stock market's a good thing, hedge funds are a good thing, our kinds of hedge funds especially. But we don't want him to quit his job, so he can just do Nimurai on the weekend. And that's what he does. He just made a model and it just automatically submits to us. And he's like one of our best users.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Exactly One of our top users is he works at NASA Jet Propulsion Lab And he's like amazing. I went to go visit him there. And it's like he's got like numerai posters and he's like, it's like, it looks like the movies, like it looks like Apollo 11 or whatever. Yeah, the point is he didn't quit his job to join full time. He's working on getting us to Jupiter's moon. That's his mission, the Europa Clipper mission.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Exactly. I mean, the important thing to note there is what would that mean, right? And I think the biggest thing it means is like if there was one hedge fund, you would have not so much talent wasted on all the other hedge funds. Like it's super weird how the industry works. It's like one hedge fund gets a data source and hires a PhD and another hedge fund has to buy the same data source and hire a PhD and suddenly a third of American PhDs are working at hedge funds and we're not even on Mars. So, in some ways, Numerai, it's all about freeing up people who work at hedge funds to go work for Elon.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Exactly. And it's also a little bit shorter term. So the signals are about a seven-day time horizon. And on numerites, like a 30 day. So it's often for faster situations.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “So, we want to manage all the money in the world. That's numerized mission. And to get that, we need to have all the data and have all of the talent. Like, there's no way for first principles if you had really good modeling and really good data that you would lose, right? It's just a question of how much do you need to get really good. So Numerai already has some really nice data that we give out. This year we are 10xing that and I actually think we'll 10x the amount of data we have on Numerai every year for at least the next 10 years. So it's going to get very big, the data we give out. And signals is more data. People with any other random data set can turn that into a signal and give it to us.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Exactly. So they open sourced this Colab notebook. You can go and see it and look. And so, yeah, it's making a sentiment score and then turning it into a rank ass.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “It's exactly. And it's just like it's kind of a you're providing a ranking of stocks. So you just say give a one means you like the stock, zero means you don't like the stock, and you provide that for 5,000 stocks in the world.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “Isn't too many other signals that are correlated with what's happening on Wall Street bets. That's not going to be correlated with the price-to-earnings ratio, right? And we have some users as of recently, as of like a week ago, there was a user that created, I think he's in India. He created a signal that is scraped from Wall Street bets. And now we have that signal as one of our signals in thousands that we use at Numeri.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “So with numerized signals, you're still providing predictions to us, but you can do that from So numerites all you have to model our data to come up with predictions. Numeray signals is whatever data you can find out there, you can turn it into a signal and give it to us. So it's a way for us to import signals on data we don't yet have. And that's why it's particularly valuable because it's going to be signals. You're only rewarded for signals that are orthogonal to our core signal. So you have to be doing something uncorrelated. And so strange alternative data tends to have that property.”

    2021-02-07 · Lex Fridman Podcast · #159 – Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading · IDENTIFIED FROM THE TRANSCRIPT · source