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Saturday, June 15, 2024

149: A lesson in risk taking—with the former risk manager of a $200B fund, Aaron Brown, Pt. 1

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Aaron Brown is highly regarded as an authority on the subject of risk management. Although he originally started out as a poker player and sports bettor (then a trader and portfolio manager), for the past 30-years Aaron’s been a dedicated risk manager. And for the past 10-years, he was the risk manager for quant fund, AQR.

Aaron has also authored several books (ranging in topics from poker to finance and risk), contributes to Bloomberg View and writes a column for Wilmott Magazine.

Topics of discussion:

  • Aaron describes how his relationship with risk started at an early age, why he became obsessive about money, and tales from playing poker as a 14yo kid.
  • Two sides of risk; the math and the deeper part that your conscious brain cannot understand. And benefits of operating at high intensities while sleep deprived.
  • The goals and objectives of a risk manager, thinking about everyday life differently, and how Aaron managed the ‘quant equity crisis’ of August 2007.
  • “The point of risk management is to keep yourself in a position where you always have flexibility and it’s always a choice whether you want to cut risk…”

Aaron Brown: Poker player, author and former risk manager of AQR Capital Management.

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