Call —
Transcript batch
0:00 Caller: Jed?
0:00 You: This call will be recorded.
0:04 You: Hey, Ben.
0:09 You: Hello.
0:10 Caller: Jed, it's Ben.
0:11 You: There you are.
0:12 You: Good evening, Ben.
0:13 Caller: Hi, how are you?
0:15 You: A little sweaty, but feeling good after this conversation.
0:17 Caller: Okay.
0:19 Caller: Okay.
0:20 You: Brett is excited about the prospect solutions I bring.
0:24 You: Ellie, the second interview today, turns out he was
0:30 Caller: Wow.
0:30 You: a Soviet-trained computer scientist, so legitimately elite.
0:31 Caller: Wow.
0:32 Caller: How?
0:34 You: I'm not entirely sure he's by the prospect of AI.
0:35 Caller: How?
0:36 Caller: How?
0:37 Caller: Oh, really?
0:38 Caller: How?
0:38 You: So hopefully it was enough to give him.
0:40 Caller: Okay.
0:41 Caller: I was about to say, how did he get past, you know, how do you get his visa?
0:48 You: He is Soviet-travelment was probably 50-plus years old.
0:50 Caller: But no, it's, yeah, yeah.
0:52 You: Went from Russia to Israel to U.S. his journey.
0:55 Caller: Oh really.
0:57 Caller: Okay.
0:58 Caller: So he, he, he, he, he, he, he, he, he, he, he, he, he, he, he, he, he, he, he turned
0:59 Caller: he turned to the other side he turned to the capitalists but uh yeah i yeah no fine um so
1:00 You: I didn't ask.
1:09 Caller: what what okay you mentioned ellie like how how is that part
1:14 You: So he asked a lot about a lot of the structural part, things that you would normally ask in a computer science DSA type interview.
1:22 You: So I did my best there.
1:24 You: He represented a bunch of frameworks that I have never heard of.
1:27 You: I can't tell if he invented it or that's internal to Ellie.
1:29 Caller: right so how do you feel about him as a like person and and just yeah would you is it good is it
1:30 You: And then I am optimistic.
1:42 Caller: good that you feel he's that smart or or not good really okay it makes a complete
1:44 You: I am optimistic that I am optimistic that I received a pass from him, but I am not confident.
1:50 You: Does that make sense?
1:52 You: Because the guy, he's the kind of guy where when he was learning to write code,
1:54 Caller: sense yeah it makes sense
1:58 You: and computer time was limited.
1:59 Caller: so he was showing us no he's a bit of um he's a jeet he's a he's a so like particularly
2:00 You: So he did all of it in his head.
2:02 You: And all of that practice was pretty much on display this afternoon.
2:09 You: I guess that's a good.
2:12 You: Yeah.
2:16 Caller: smart guy would you say from from yeah
2:18 You: He is well trained.
2:19 You: Out of outfits from natural ability, training, or he legitimately is a savant.
2:23 You: Either way, there's no way I could hold a candle to him.
2:26 You: So hopefully what I did show was enough.
2:29 Caller: okay awesome okay did you ask him anything
2:30 You: I asked him a lot about the intention for AI, about the IP policy.
2:40 You: He couldn't really talk about the IP policy.
2:42 You: Brett hand waved it away saying, yeah, we'll take care of you.
2:45 You: Don't worry about it.
2:45 You: I saw your GitHub.
2:47 You: So I assume it's a non-concern for Brett.
2:51 You: He didn't have a precise policy to share during the lunch.
2:54 You: I don't know if that was the intent or something changed last minute.
2:57 You: And then,
2:58 You: what else?
2:59 Caller: well about trading are you okay with that
3:03 You: Trading, it's just the
3:05 You: what's it called?
3:08 You: Clear it with compliance
3:09 You: and 30-day hold.
3:12 You: So not
3:13 You: onerous, not
3:14 You: Yeah, it was
3:15 Caller: okay with that
3:16 You: within, it was in line with what I expect.
3:18 You: It certainly wasn't a blanket ban. That would have been
3:19 Caller: okay um so how was Brett he took you for lunch how was the lunch how was the lunch
3:20 You: required a lot more pushback.
3:27 You: Went for a
3:28 You: lunch.
3:29 Caller: uh really i thought we took you to a steakhouse
3:31 You: So it turns out bread is vegan in case you need to note that for later.
3:37 You: That is precisely what made it very uncomfortable.
3:43 You: So I tried to work through it as much as I could.
3:46 You: Brett was basically going over the different problems that they had within the AI function
3:51 You: at Elliott, his intent for the AI function, the future state they're hoping for, and then how
3:57 You: the solution.
3:58 You: I ran by him compared with what they're already trying, because those solutions are driven
3:59 Caller: yeah okay
4:05 You: predominantly by what worked for me at Roe, my present employer.
4:12 You: So I'm more confident that Brett is sold.
4:13 Caller: okay
4:15 Caller: yeah how do you feel about what he's now described being now described being the problem
4:18 You: I don't think that's the concern.
4:21 You: The bigger concern that you need to get with is that...
4:28 You: I feel better about the problem, not concerned as much about the scope as I used to be.
4:29 Caller: and the potential scope of what you can do there
4:32 Caller: right what where are the reservations at this point on your side
4:40 You: Elliot's a good fit.
4:41 You: I guess that's the best way to put it.
4:50 You: How Elliot values the accumulated skills, knowledge, and experience that's the last reservation.
4:56 You: So let me, how can I help arm you with the most, I guess, the best persuasive tools that you can wield?
4:59 Caller: So did you raise this reservation with Brett in a in a way
5:15 Caller: maybe not so in a way maybe not so directly but in any kind of way?
5:18 You: I tried, but he said he's new. He doesn't know all the nuances yet.
5:22 You: So he dodged that, he dodged my attempt at discreetly asking the question.
5:26 You: I mean, he's clearly good at what he does.
5:29 Caller: feel being in person with him in terms of someone you could work with yeah yeah okay
5:40 You: He's capable of managing up and drawing and securing the kind of budget that I'm not necessarily as good at securing.
5:47 You: And he's still able to talk nerd at me.
5:50 You: So he's still, as far as I can tell, at least a practitioner or on top of the space.
5:55 You: So I'm not really concerned.
5:56 You: about Brett or his work style.
5:59 Caller: Okay, James May, the guy, the guy from the guy from, yeah, oh okay, yeah, in looks or in the way in personality.
6:01 You: He kind of reminds me of a taller, leaner James May.
6:09 You: The car guy, yes.
6:16 You: Both.
6:17 Caller: Yeah, okay, yeah. So you said it's a good fit, you said it's a good fit
6:17 You: So similarly eccentric.
6:21 You: Here in C has felt haircut.
6:24 You: Not the glasses, though, different glasses.
6:26 You: It's, yes, that's my, that's my takeaway from this.
6:29 Caller: those were your your words a moment ago. Is it is it a better fit? Is it a better fit than the others in the others in your view?
6:40 You: So here's where I've landed on that.
6:43 You: At $400,000 total comp for the first year, there is a 65% chance, the PE fund on a 10-year horizon beats it with an accumulated 10-year
6:55 You: a job seat or time in seat or stint at the job at 500,000, that drops to 45%.
6:59 Caller: Yeah, yeah. So would you take this at 500,000.
7:07 You: So I'd be comfortable, I would prefer more, but if you can, if Elliott is willing to offer at 500,000, I'll sign it on Friday.
7:21 You: That's, uh, first, it's only a first year guarantee.
7:25 You: base bonus signing, whatever structure they're comfortable with.
7:29 Caller: Yeah, you'll learn more money than that. You won't look back in five years and think, I wish I hadn't done that in
7:39 Caller: that in terms of money if you're there in five years. If you back yourself, which anyone joining a hedge fund should, because there's no point joining otherwise, you will, that is only where you begin your earning potential. That's them bringing you in.
7:55 You: Thank you.
7:57 You: Thank you.
7:59 Caller: on the basis that you've met them for a few hours.
8:03 Caller: So imagine what they can pay you when they've known you for years and you've added value and you've made a change and you've made a different.
8:10 Caller: That's that you're never going to get your highest sum on year one in a fund, but you will get you will increase it along with value add performance and outcomes.
8:23 Caller: And they're just, it, it sounds straightforward.
8:27 You: Thank you.
8:27 Caller: It sounds a little bit silly saying it.
8:29 Caller: Um, hedge funds are outcomes-based environments.
8:32 Caller: Not all environments are, like some banks, they don't, they, they promote people based on many things and some of those things are political and like, bureaucratic.
8:45 Caller: In hedge funds, you don't, you don't get that at all.
8:48 Caller: So, all right, look, we don't know how it went yet, okay, because you've said, you know, you're optimistic, but Eli's interview was tough.
8:57 You: Just for clarity, it's spelled Eli, it's pronounced Eli, so just in case you say that you say that to you say that to you know that.
8:59 Caller: So, Ellie, sorry, okay.
9:06 You: Yeah, I know I'm about that.
9:07 Caller: Yeah, yeah, okay. Okay. Um, okay. Yeah. Um, all right. Um, um, you've only just left, right? You left half an hour ago. Is that correct?
9:12 You: I'm home now.
9:18 You: I'm home now.
9:19 You: It took me longer.
9:20 You: Only I'm home only because conversation with Ellie went longer.
9:20 Caller: Yeah.
9:23 You: So what was supposed to be half an hour to take.
9:26 You: almost 50 minutes.
9:29 Caller: Is, is 500 your line in the sand as to what you'd accept or is there any room for something beginning with a four somewhere that you would still take with Elliot, just so unaware?
9:46 You: I would want to see if this is a down year for Elliot and the future years following are up years.
9:52 You: That's the third that's the scenario where
9:56 You: where I'd accept a four.
9:59 Caller: How do you see that though? You're talking about the future. Sorry.
10:00 You: At the moment,
10:03 You: the Elliott is trailing the S&P 500 year to date.
10:06 You: So the assumption is in the future they will exceed the S&P 500 and then that 4 and 9, let's say, goes into a 5-2 or however that range works.
10:15 You: Part of my concern is this is a cost center, not a profit center.
10:19 You: So in practice, the portion of the bonus that comes from the management fees is,
10:26 You: is much lower versus a profit center.
10:29 Caller: Yeah, but your, your bonus is more protected, Elliot, so they don't, they don't, right?
10:34 You: That's also true.
10:37 You: Yeah, I agree.
10:37 Caller: So it's not, yeah, so, so you, um, and, and I don't know if they've already told you that, but it, even more so than other funds, they ring fence that bonus for back, you know, back office in quotation marks.
10:53 Caller: Does, you know, in terms of, like, directly affecting the potential for, for trading,
10:56 You: That's not something that I was able to bring up.
10:59 Caller: activity with AI. Is that something you discussed with Brett at all? Like, when, when moving beyond the
11:08 Caller: SDLC?
11:12 You: I think Brett was too focused on his immediate problem, because using AI to execute trades for an activist fund is, it's not really Brett's mandate, you know what I mean?
11:25 Caller: Yeah. So do you. Right. Okay. Yeah. So do you, okay. Okay. All right.
11:26 You: Okay.
11:29 Caller: Let's see what they say. We've got a little bit of time here before Friday. They may call me tonight or email me. They may not. Okay. But we'll be in the minute we know, you'll know. Okay. Is there anything else you need from me at the moment, Jed?
11:46 You: Sounds good.
11:56 You: How confident are you in this process completing before Friday or on by Friday?
11:59 Caller: I've let them know. I've let them know that you have a deadline and that you have offers and the rough structure of those outline outline and that you have offers and the rough structure of those outline structure of those offers.
12:16 Caller: Look, it might be, I just, you know, do want to come back to, okay, well, look, you've given a number. Let's see what they say.
12:26 You: It is only the whole process of this whole process.
12:27 Caller: If they want to offer.
12:29 Caller: Great. If there's concerns on their side, you know, we'll let you know. Either way, you will know. Either way you will know. And we will. I mean, is that Ellie interview, the first kind of technical interview of this whole process, would you say? Or have you been doing technical interviews before this?
12:56 You: It was architecture, how the problem was solved.
12:57 Caller: Right. You haven't written code?
12:59 Caller: have you? It's been more like talking about the problems. Is that correct?
13:06 You: After this, all over what I dictated to my phone on the ride back, and then I'll send you, would you like to debrief directly or should I send it through Graham?
13:06 Caller: Okay. Yeah.
13:12 Caller: Yeah.
13:17 Caller: Just CC me in with Graham in. Is that okay? Yeah. All right. All right, Jed. Yeah. All right. Nice one.
13:19 You: Okay, no problem.
13:21 You: Yeah, so let me give me a chance to write it out and I'll have a summary for you and I'll have a summary for you in Graham.
13:26 You: All right, have a good night, Ben.
13:29 Caller: Thanks, Jed. Have a good one. Yeah, yeah. Thank you very much. Appreciate it. Bye. Bye.
13:36 You: All right.
13:37 You: Take care.