Ray is a Co-Founder of SECOR Asset Management, a global asset management firm. Ray served as Chief Investment Officer of SECOR’s quantitative businesses. Prior to founding SECOR, Ray was Co-Chief Investment Officer of the Quantitative Investment Strategies (QIS) group at Goldman Sachs Asset Management (GSAM). Before GSAM, Ray worked at Salomon Brothers as head of the Fixed Income Derivatives Client Research Group and member of the Bond Portfolio Analysis Research Group. He also worked in First Boston’s Fixed-Income Portfolio Strategies Group, specializing in asset-liability issues for banks and thrifts, as well as valuation of mortgage-backed securities and their derivatives. He serves on the Board of Trustees at Good Shepherd Services, a New York based social services agency. In addition, Ray is a member of the advisory board of the Rodney L. White Center for Financial Research at the Wharton School of the University of Pennsylvania. Ray earned a B.S. and B.A. from the University of Pennsylvania and M.B.A. from the University of Chicago.

In Todays Episode with Ray Iwanowski:

1). The Influence Ray’s Wharton/Upenn Experience

a.  What moments, experiences, courses, or activities would you say directly contributed to what would later become your career?

b.  In hindsight, what are you most proud of your undergraduate self for accomplishing, exploring, or pursuing? What successes did you draw upon in your career?

c.  Do you see a major shift in the path from Penn into the world of finance? If so, how? If not, from your perspective, how does one find success in such a competitive industry?

2). The Influence Ray’s Chicago Experience

a. How did you end up at Chicago? What experiences brought you there?

b. How did your time at Chicago shape your view of what quantitative investing is?

c.  What type of modeling did you learn?

d.  Could you speak to the power of a graduate program on your career for listeners who may be considering the utility of graduate school currently? Do you feel the necessity/power of a graduate degree has changed?

3). Transition from Chicago to Career

a.  First Boston/Salomon Brothers → Fixed Income Research

b.  Transitioning to Goldman Sachs

c.  What were the biggest lessons you learned from experiencing such a level of success and helping to run the industry leading quantitative fund?

4). 2007 “Quant-BloodBath”

a.  Would you mind discussing what Global Alpha experienced during the 2007 financial crisis?

b.  How did quantitative trading methods fail in the face of such market uncertainty?

c.  Could you describe the impact of overcrowding by quantitative funds in similar positions?

d.  What were the biggest lessons you learned from experiencing such a level of hardship and fiscal loss after close to eight straight years of success and prosperity for yourself, your fund, and clients?

e.  How did this change how you view quant?

5). Secor Asset Management

a.  How did you transition from Goldman to being the Co-Founder and CIO of Secor?

6). What Are You Doing Now? Good Shepherds, Robinhood, and Philanthropy