112: Reminiscences of a trader at Hull Trading Co.—and a sell-side career w/ Jorge Soltero

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Jorge Soltero began as a floor trader in Chicago, where he was an options market maker. A few years into his career, he landed a position at Hull Trading Company (the renowned firm of legendary trader, Blair Hull).

After Hull Trading was bought by Goldman Sachs in 1999, Jorge became more of an institutional trader—not only working at Goldman, but later, UBS and Merrill Lynch too, where he specialized in options and ETFs.

Listening to this episode you’re going to hear about; the culture of trading pits, exactly what it was like to be a trader at Hull Trading Co., the transition to electronic trading, what makes ETFs an attractive product, and more…

Topics of discussion:

  • How a philosophy graduate became an options floor trader, what it was like to work alongside your direct competition, and the physical nature of the business.
  • Trading for Hull Trading; the questions asked during the interview, the blackjack influence on trading models, the team aspect, and the focus on technology.
  • Making the transition from floor trader to trading behind a screen (after the buyout from Goldman Sachs), and why some traders were unable to adapt.
  • What retail traders can learn from institutional traders, and the way Jorge is now approaching markets after having left a trading desk at Merrill Lynch.
  • Why ETFs can be an attractive product for traders and investors, a few things to be aware of—if you’re new to the space, and how management fees work.

The Hull Trading jacket worn by Jorge, while trading on the floor.

Links and resources mentioned:

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