Episode
“I think of everything as a bet” - Ex-SIG Quant Trader Andrew Courtney
- Podcast
- Odds on Open
- Published
- Feb 12, 2026
- Duration seconds
- 3408
- Processing state
not_requested
Actions
POST https://stenobird.com/v1/public/podcasts/odds-on-open-7262993/episodes/i-think-of-everything-as-a-bet-ex-sig-quant-trader-andrew-courtney/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/odds-on-open-7262993/i-think-of-everything-as-a-bet-ex-sig-quant-trader-andrew-courtney.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
Former Susquehanna International Group (SIG) Head Trader Andrew Courtney breaks down the reality of being a quant trader and market maker at one of the world's elite proprietary trading firms. He reveals what trading floors actually look like—multiple monitors covered with flashing numbers, signals, and price movements that traders analyze all day with zero lunch breaks and constant attention on market microstructure. Andrew explains how SIG's legendary poker training culture shapes traders' ability to think probabilistically, make decisions under uncertainty, and justify every bet both quantitatively and qualitatively. He shares candid insights about who should (and shouldn't) pursue trading careers, the transition from floor trading to electronic markets, and how the tight-knit network at prop trading firms differs dramatically from consulting or investment banking paths. Andrew now runs Kalshinomics, a prediction markets analytics tool, and writes The Whirligig Bear on Substack where he analyzes opportunities in Kalshi, Polymarket, and emerging prediction market platforms. He goes deep on finding edge in prediction markets—from identifying inefficient markets with liquidity incentives to using ChatGPT and AI tools for handicapping obscure Grammy categories. Andrew explains market efficiency frameworks, how to assess who you're trading against, and why some markets (like low-volume Grammy categories) offer better opportunities than hyped meme markets. He also tackles the casino-ification of America debate, insider trading concerns in prediction markets, and whether these platforms are a net good or bad for society. We also talk about... The real day-to-day of quant trading and market making at SIG: staring at screens all day, monitoring signals, and staying alert for…