203: The Pursuit of Edge w/ Bob Bright

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Casino floor or trading floor, Bob Bright has forever sought an edge for favorable odds…

Counting cards in Las Vegas, calculating three-way options at the Pacific Exchange, pairs trading correlated stocks, exploiting the tracking error of leveraged ETFs; Bob’s always pursued a mathematical advantage to win the game.

Also considered by many as a pioneer of proprietary trading, Bob and a partner formed Bright Trading in 1992—at its peak, the firm was home to 490-traders across 42-offices in the U.S.

Today, at 80-years of age and undoubtedly a market legend, Bob remains an active trader and a serious high stakes poker player.

Topics & Timestamps:

Please note: Exact times will vary depending on current ads.

  • 02:43 – Leaving the corporate world, playing blackjack, beating Las Vegas casinos.
  • 08:26 – Buying a house cash, being tracked by security, team play with Ken Uston.
  • 18:40 – The Pacific Exchange, three-sided options trades, computerised trading.
  • 24:40 – If you were to watch over Bob’s shoulder during the trading session…
  • 28:40 – Uncovering a mathematical edge in leveraged ETFs vs non-leveraged ETFs.
  • 41:57 – Having an edge in financial markets, considerations for new traders.
  • 54:00 – The importance of discipline and managing tilt—in trading and gambling.

Bob Bright: Competing at the World Series of Poker. (Copyright: PokerPhotoArchive.com)

Links and resources mentioned: