Rupak Ghose
@ghose.bsky.social
Substack author and freelance contributor
Don’t do it Mike. Build for the AI world without quarterly earnings hassle. And keep hiring my journalist friends! rupakghose.substack.com/p/stay-priva...
Stay Private Mike Bloomberg
Private ownership is a competitive advantage as terminal king faces disruption
rupakghose.substack.com
. @ghose.bsky.social on Jane Street's $15bn July loss Jane Street is a hedge fund, stop calling it a market maker rupakghose.substack.com/p/jane-stree...
Jane Street is a hedge fund, stop calling it a market maker
$15bn trading losses in July but up $40bn this year
rupakghose.substack.com
Piece on Dutch traders but gave me a chance to get in a reference to the Dutch football team of the 70s! open.substack.com/pub/rupakgho...
Traders of Amsterdam Part II
Should Flow Traders be sold to Optiver or IMC Trading?
open.substack.com
Citrini “.I think it’s probable the LPs will BTFD. Situational Awareness is going to get the money they’re asking for…. I don’t think @leopoldasch is in trouble so much as he’s likely to raise the capital he’s asking for…” rupakghose.substack.com/p/citadel-po...
Citadel pounces
Citadel buys most of the Situational Awareness public stock portfolio
rupakghose.substack.com
£3bn of fees to underperform the index for 12 years. Lucky Terry Smith! open.substack.com/pub/rupakgho...
Fundsmith: The “Do nothing” mantra that made billions in fees
Is it better to be a Fundsmith shareholder than a fund investor?
open.substack.com
@resi-analyst.bsky.social central London looks pretty similar to this China chart everyone loving and even worse for intl investors with FX impact?
Can Ackman tweet his way to outperforming the index… open.substack.com/pub/rupakgho...
Ackman’s money machine
Pershing Square returns collapse and NAV discount increases
open.substack.com
Dude who sponsored Bayeux Tapestry coming to British Museum doing pretty well in his day job! open.substack.com/pub/rupakgho...
WorldQuant - The world’s local quant hedge fund
More nationalities than the World Cup
open.substack.com
Fascinating growth of quant funds in Paris leveraging the ecosystem around the French engineering schools open.substack.com/pub/rupakgho...
Who Let the Professors Out? Inside CFM
The $27bn quant on Paris’ Left Bank
open.substack.com
Great to speak to the NYT.. “Howard was a hustler, an opportunist and someone who was willing to push the boundaries,” said Mr. Ghose, who now writes and advises on financial technology. “He’s an entrepreneur who will find a way to make some money somewhere, right?” www.nytimes.com/2026/05/28/n...
Bare-Knuckle Tactics and Brash Promises: How Howard Lutnick Operates
nytimes.com
how many former Olympiads enter finance and which hedge funds and trading firms do they join? I dig into it this week… rupakghose.substack.com/p/the-quant-...
The Quant Kids of Trading
Maths Olympiads hit quant finance
rupakghose.substack.com
Bank holiday weekend. Nice weather. Train cancelled. Had to wait for next one. Now standing for 2 hours in the middle of a train carriage to Bournemouth. Why does the UK do engineering works at peak time?
New Substack on when AI agents take over from the humans in the stock market information ecosystem open.substack.com/pub/rupakgho...
2031: Analyst vs AI Agents
How AI will transform Sell-side research, Buy-side research and Investor Relations
open.substack.com
There should be a feed for tracking Forbes 30 under 30 grifters…
One good thing about the election being over is not getting letters/ door knocks from politicians. Why not try reaching out in normal times? Tories “are you going to vote for us as Labour are awful” Me “agree but you were awful for 14 years” Tories”that’s the national party not the local party”…
The Interest on student loans in the U.K. is bonkers. Good piece in the Times. why not give our university students interest free loans but for those students that don’t pay back their loans the universities should pay the bad debt. It would mean universities would be careful about over expansion
You would think one of these firms would be called Viking…I assume the NYC hedge fund can claim they own the name?! open.substack.com/pub/rupakgho...
The Traders of Aarhus
Danske Commodities, Danske Cubs and hedge funds come to town
open.substack.com
Jain Global’s returns for last year would more than double if they had been managing this money for Millennium without huge infrastructure buildout. At 8% that would still lag the industry but illustrates the cost problems hitting the world of hedge funds. open.substack.com/pub/rupakgho...
Jain and the House of Millennium
Tie-up may be a win-win, but Millennium isn’t eating the hedge fund industry
open.substack.com
Why do people moan about articles in newspapers being behind a paywall? I mean subscribe or don’t or get the free article or get a mate to send it to you. I mean why should it be free…someone has to pay…if not advertisers then the readers of the paper. The newspaper is not paid for by taxpayers.
Tom Tugendhat broken record. What about trust in US administration in the Middle East? www.wsj.com/opinion/the-...
Opinion | The Price Beijing Pays for Backing Tehran
While Iran supplies 11% of China’s oil. Saudi Arabia, Iraq, Oman and the U.A.E. account for 37%.
wsj.com
Canals, Rembrandt, cakes, bicycles, ladies, football but also traders… open.substack.com/pub/rupakgho...
The Traders of Amsterdam
Optiver, IMC Trading and Flow Traders
open.substack.com
Blackrock’s $30bn private markets’ acquisition binge looks increasingly questionable. Very high multiples paid that depend on them delivering a boom of private credit ETFs and other synergies. Link to latest Substack piece 👇 open.substack.com/pub/rupakgho...
Is Blackrock’s success now dependent on alpha generation and not asset gathering?
The private markets spending binge on GIP, Preqin and HPS
open.substack.com
New Substack piece. The White House is focused on WTI but the whole energy market has been financialized in recent years and many spread trades are blowing up… rupakghose.substack.com/p/barrels-to...
Barrels to Basis: The Financialization of Energy
Energy exchanges, margin calls and hedge funds
rupakghose.substack.com
