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Wednesday, February 28, 2024

136: Take care of the short term, take care of the long term w/ Mike Agne

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I first interviewed Mike at CWTNYC, in May 2017. The 100-listeners (give or take) who attended, will already be very familiar with Mike and there may be a few moments of déjà vu throughout this episode. But for everyone else…

Mike came into trading around 20-years ago, beginning at Chicago prop firm, TransMarket Group, where he ultimately spent 12-years of his career. Over the course of his time there, Mike became one of their largest 30-year Treasury basis traders, both in terms of volume and performance.

Now days, Mike is trading a relative value strategy through his own book, and building out a track record with the aim to launch a hedge fund in the coming years…

Topics of discussion:

  • Mike’s progression from phone clerk to proprietary trader, lessons learned from mentors and growing a capital base, and the influence of Ray Cahnman.
  • What you gain from having skin in the game, how Mike increased his tolerance for greater risk and his rule of thumb for avoiding the loss of too much money.
  • A primer on trading Treasury bonds; major participants, barriers to entry, economic influences, characteristics of different maturity terms and more.
  • From a high level, Mike explains his relative value strategy and the various relationships he tracks. And lastly, why you must take care of the short term!

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Mike Agne and myself at CWTNYC, May 2017.

Links and resources mentioned:

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