Matt Levine, Columnist

Two Sigma Had a Rogue Calibrator

Also VMware, Sculptor, Taylor Swift, SBF and X.

October 30, 2023 at 6:42 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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One possibly relevant fact here is that $450 million is more than $170 million?

I mean: Presumably everyone at Two Sigma is trying to improve the firm’s performance, because that would benefit their careers and potential pay? Like, what else are they coming to work for? If you find a tweak to the model that causes some of your funds to reliably make an extra $450 million, while causing some other funds to reliably lose $170 million, then that’s good. Like: