My guest today is Steve Brechtel. Over the past 20 years Brechtel has worked as a trader for three of the top 100 hedge funds in the world: Trout Trading (now Tewksbury Capital) in Chicago and Bermuda, Crabel Capital in Milwaukee, and now Two Sigma in NYC (a $10 billion fund) — all short-term systematic funds.
The topic is trading.
In this episode of Trend Following Radio we discuss:
- Brechtel’s history, from his beginnings roughing it as a Pizza Hut manager while working an insurance job, to finding his way to Monroe Trout, to working at Crabel, to his career at Two Sigma today
- History in Virginia
- Why he was hired at Monroe Trout in the first place as a new trader and the advantages of having a beginner’s mind
- The difference between the short term/systematic traders that Brechtel worked for and the longer term trend following Covel talks about
- The six strategies Brechtel learned trading the pits
- What’s changed and what’s the same now that technology has evolved
- Ayn Rand, objectivism, and Trout
- Brechtel’s transition from Trout to Crabel, and the differences between these two firms
- His work at Two Sigma today
- Brechtel’s screenplay (“Unhedged”) using hedge funds and high finance as its backdrop
- Writing the script, how his movie differs from other Wall Street movies
- Covel talks with him about his experience in making his own documentary, “Broke: The New American Dream”
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