This week’s episode of the Money Stuff podcast is out now. We have a guest, Giuseppe “Gappy” Paleologo of Balyasny Asset Management, whose book The Elementsof Quantitative Investing came out in April. We talk with Gappy about gardening leave, the art of being an applied mathematician, whether quants should be astrophysicists or economists, factors and idiosyncratic returns, how portfolio managers’ minds have been remolded to think in factors, how if you are close to the best possible portfolio you’ll be close to other skilled investors’ portfolios, the market as a conversation among four hedge funds, hedge funds as providers of liquidity and price discovery, hedge funds as talent filters, a little AI, whether there would be trading if everyone had perfect information, liquidity provision versus informational services, the different cultures of arb traders and fundamental equity traders, and journalists as portfolio managers. You can listen to this week’s episode here:

You can get Money Stuff: The Podcast at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at moneypod@bloomberg.net.