RS Rezo Shmertz
Podcast episode

How the Desk Was Built, Partners' Capital First & Discipline

How the desk developed around partners' own capital, quantitative research and responsibility for risk.

BR LabsEpisode 11

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Official BR Labs Episode 11 video thumbnail: building a trading desk and capital discipline
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Episode overview based on BR Labs' published description. Watch the original recording for the full discussion.

Episode topics

Rezo Shmertz describes how the trading desk developed before accepting outside capital, why its first strategies were market-neutral, and the role of mathematical research and infrastructure. The discussion connects that operating experience with BRRRolver and the discipline of setting risk limits and controlling capital.

Explore further

Building a trading business

This episode connects capital allocation with the work required to run a trading operation. The discussion covers partners' capital, the division of responsibilities and the systems behind execution. Risk limits and capital controls remain part of the operating process as strategies develop.

The operating companies are described on What I Build. Episode 9 looks at earlier investment experience, and Episode 12 discusses solvers and intents. All episodes are in Media.