Rupak Ghose

Just launched a premium version of my Substack on hedge funds, trading firms, financial market structure and fintech. Will also be more active on here as I exit “the other place” for good. open.substack.com/pub/rupakgho...

Insightful stuff from @ghose.bsky.social on how the big 3 banks are pulling away in equities And how prime brokerage and Asia are huge drivers www.ifre.com/opinion/2499...

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...

. @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...

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...

£3bn of fees to underperform the index for 12 years. Lucky Terry Smith! open.substack.com/pub/rupakgho...

@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...

Dude who sponsored Bayeux Tapestry coming to British Museum doing pretty well in his day job! open.substack.com/pub/rupakgho...

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How to get lead left on the IPO book! What a joke…where is Spitzer @dsquareddigest.bsky.social

Fascinating growth of quant funds in Paris leveraging the ecosystem around the French engineering schools open.substack.com/pub/rupakgho...

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...

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-...

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?

There should be a feed for tracking Forbes 30 under 30 grifters…

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...

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...

They have moved on from the Indian options trade! rupakghose.substack.com/p/is-jane-st...

Canals, Rembrandt, cakes, bicycles, ladies, football but also traders… open.substack.com/pub/rupakgho...

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...

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...

Bill Ackman tweeting for Fed to cut interest rates by 100bps as Pershing Square portfolio sinks, after a multi year bull market when long only managers calling themselves hedge funds got to charge performance fees for tracking the S&P500…

Middle East strategy…

Is Bloomberg dead or the king? The moat is deepest with HFs, FICC and bank sales and trading Will AI replace Bloomberg screens or Bloomberg users i.e. buy side analyst headcount? Is a bear market Bloomberg’s biggest threat? rupakghose.substack.com/p/bloomberg-...

New Substack piece on hedge fund leverage, liquidity, capital bases and crowded trades as we commemorate the 3 year anniversary of SVB’s implosion. It's been a tough month for hedge funds so far. open.substack.com/pub/rupakgho...

Commodities has been a major area of investment for hedge funds and prop trading firms as has the UAE… open.substack.com/pub/rupakgho...

Trump meeting Altman to replace Anthropic with OpenAI

OpenAI and Anthropic complaining about the Chinese copying the things they copied from humans…

Hasta la vista, baby. Arnie the Terminator is Anthropic. Citrini is John Connor

Congrats Rupak on the launch, and on getting a nod from the @financialtimes.com for your work!

X degens “My meme stock losses are all Citadel Securities fault” Move on now… “My long Bitcoin/short gold losses are all Jane Street’s fault…they are to aggressive and manipulate market”

Enjoyed this thoughtful piece by Rupak on how "entrepreneur blogger" research is disrupting the sell side - a process that kicked off with MiFID II/unbundling and accelerated with the rise of easy online self-publishing

“the “enshittification” of investment analysis”…it’s a vibes world! rupakghose.substack.com/p/is-the-cit...

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Jain Global is likely the last pod shop launch. Too expensive without huge scale out of the gate. When GIC leaves, you need to lock down ADIA. open.substack.com/pub/rupakgho...

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Wrote in Sunday Tiimes on what the U.K. can learn from Singapore, South Korea and Japan’s stock market boom. East Asian countries have used tax incentives and corporate governance changes to help stimulate their markets. www.thetimes.com/business/com...

Have been mulling this piece for ages as my earlier posts show but you look at Fundsmith buying Wolters Kluwer and Sage, riding Novo Nordisk all the way down (was a top 10 holding at end of Jan) I wonder if these guys really understand moats or "quality". rupakghose.substack.com/p/the-rise-a...

Is TCI from Mars and Citadel from Venus? Two very different business models, that have little in common. How can both be considered hedge funds? What trading and investing alpha have hedge funds chased in recent years… open.substack.com/pub/rupakgho...

TACO or not feels like Europe’s chance to grow a spine. This sort of stuff would never happen to China. Even a small economy like India does what it wants

Is it just me who preferred Bezos as a nerd. He was an interesting nerd. He is less interesting jock