Every now and then someone calls me and asks me to recommend a “prop” firm and now I can just send them to this article –
Evidently this is news to the magazine but from my vantage point, this is no different than the desk I ran or the early firms I traded with – Bright Trading, Schonfeld and ETG. There were others, lots of others, in the 1990’s – but the idea is the same – exactly the same. It is funny to read about head and shoulders patterns in New York (not to be confused with The New Yorker) but it is also a bit instructive – favorite stocks, last minute moves, the thrill of the chase….
The markets are ALWAYS a bet against what other people are going to do and Milman, the trader in the magazine, gets that.
The atmosphere is also the same as I remember it at all but Sharpe Capital where my desk was housed within a true market-making firm. Or at Schonfeld… where the wallpaper (and lunch) was amazing.
Entertaining and instructive… when you want to know who you are trading against.