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Jenny started her career on the trading
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floor in Chicago she co-founded Peak 6
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in 1997 with one and a half million
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dollars
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in seed Capital as a proprietary options
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trading firm now it's a multi-billion
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dollar Financial Services trading and
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Technology firm really excited to hear
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from Jenny today please join me in
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welcoming Jenny to the stage
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[Applause]
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[Music]
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[Applause]
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[Music]
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drivers
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[Music]
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stupid women helicopter Pilots it's not
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Prejudice it's just that men are
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naturally Superior drivers
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many women are confident drivers women
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drivers that's the problem
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when a woman's at the wheel
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polyglass means more than mileage
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welcome everybody and thank you for
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having me here today as as they said I'm
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Jenny and I started Peak sex in 1997 as
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a proprietary Equity options trading
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firm
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we've evolved over time into a
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technology firm including in the ensure
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Tech space
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and the one thing I know about these
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videos
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men
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are bad at math
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as you can see there's clearly no
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difference between driving abilities and
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insurance rates
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now a hundred years ago women were less
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than 10 percent of their drivers
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esteemed risky and a man's job
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but 50 years later
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we see that has changed
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we see these kind of Trends again and
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again where participation rate
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eventually equals skill or ability
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we know that women are half of the
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voters they're more than half of the
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college graduates
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a really really important place it has
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not changed is in the financial world
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so P6 also owns as they were saying the
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Apex fintech Solutions it's a SAS based
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clearing and custody firm we have 220
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B2B clients 120 billion in assets
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if tens of millions of end customers
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the truth is more than half of you are
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likely on our technology today and you
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didn't know it we are the back end for
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more than 60 percent of the fintechs out
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there so think we both Sophie Ally stash
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etoro public you're probably on our
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technology
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and what we know about that data
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is it's like driving and voting and
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education there's no difference between
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investing doing one in between men and
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women
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however
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there is one big difference and that is
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participation rate
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I wonder why
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I have offered our lovely sales
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assistant Danielle Harrison here ten
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thousand dollars to shave a
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hands
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[Applause]
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[Music]
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so while we have many different
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businesses at Peak six the heart and
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soul remains our trading firm now when I
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started Peak sex in 1997 the world was
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very different
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all the trading happened on The Exchange
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floors
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I was in those trading pits
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[Applause]
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so it's clear to me that things could
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probably be done a little bit better
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and in 1998 we actually started using
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technology and we became one of the
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first off floor Equity options trading
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firms in the world
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and despite all the booms and boss
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Cycles the.com the financial crisis
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covid Peak six has never had a losing
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year
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now we're not a fund we don't have
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outside money we had a little bit you
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heard in the beginning those investors
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were paid back many times over very
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early on
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you know I could have invested in bonds
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or stocks or Berkshire Hathaway or Steve
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Jobs and Apple
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but I invested invested idea I could see
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I invested in the proposition that a
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female Trader could hang with the guys
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so so how did that turn out for me
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uh bonds 100 invested in 1997 now worth
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about three hundred dollars
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the market about seven hundred dollars
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Mr Buffett
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twelve hundred dollars
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Apple a hundred and eighty thousand
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dollars
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Peak six
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well a hell of a lot more
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so how
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well it starts with understanding
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options
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in in the options World there are almost
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six thousand stocks that have
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listed options and that's all the
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different times and expirations so call
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it a million and a half ish Securities
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at any given point in time Peak six will
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have positions in three to four thousand
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of those stock names with their
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Associated positions
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so while it requires a lot of Technology
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obviously to manage this we're not a
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high frequency firm we actually carry
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the inventory we have it on our books as
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we speak
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so I think high frequency it's more like
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a delivery service
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they don't really take risk and it's
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just about speed and efficiency
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a really good way to think about Peak
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six is like a grocery store
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so we're servicing our customers and we
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need to manage the inventory well
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we're much closer to like a Walmart or a
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safe way
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and like them if we don't manage the
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inventory well
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it goes bad we lose
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so in the same way that prices at their
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store are going to move around based on
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consumer demand or on outside forces on
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supplied like Logistics or weather
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option prices are moving around as well
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remember we're trading in these 6 000
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different names
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with different time frames all unique
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characteristics different earnings
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different dividends we're trading
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hundreds of thousands of options every
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single day
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so our biggest expense as you might
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imagine is technology
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we're receiving billions of messages per
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second
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so we get the entire Marketplace what do
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we see what's moving into extremes we
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might be looking at individual names
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that are doing that
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Industries or the marketplace as a whole
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so what am I seeing today
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well most people know that over time
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stocks outperform bonds
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you take risk you should be rewarded
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now if we look at how much better off
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you'd be by buying stocks you can see it
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moves in a relatively stable line upward
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sloping
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with some periods where stocks are more
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or less
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expensive or cheap
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some of you remember the.com bubble some
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of you pretty young out there
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most of us will remember the financial
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crisis you can see that second star
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obviously covid
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and I clearly no surprise to see these
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kind of disruptions show up
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then you can see today
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and you can see today now there are a
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lot of people who are talking about this
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and for me I've seen a lot and it's
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really hard to call it top or bottom and
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we don't pretend to call Tops or bottoms
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frankly
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but what's unusual this time
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is that when things get stretched
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risk
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or the cost of options tends to be
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expensive
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today
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you can see the previous three from the
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last slide and look at today
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how low volatility is
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this is why
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at this point in in the month of August
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we've owned more options in our
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portfolio than it's probably top five
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in our history
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so our key to success is to manage the
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inventory top down and bottoms up all
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day every day and when the great ideas
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we got to push all in when they come we
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push all in
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and as good as this opportunity might
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seem
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I'm going to tell you about an
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opportunity that makes that small
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in comparison
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there is going to be a market correction
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the correction
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is that half of the participants are
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going to identify as female
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how
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I'll take it
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[Applause]
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hopefully it's not a surprise to this
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room but it's been right underneath our
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nose for a really long time
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we are going to teach them poker
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now most of you know
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that poker teaches indispensable life
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skills certainly our lovely hosts
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espouse this all the time
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teaches strategy it teaches taking risk
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it teaches Capital allocation I could go
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on
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and on but guess what
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men are getting those lessons lessons
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and women are not
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of the more than 110 million plus nobody
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really knows a number poker players in
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the world
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less than 10 percent are women
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just like driving a hundred years ago
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so we started a company it's called
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poker power even though they said power
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poker I'll take either as long as you're
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saying it
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it's called poker power we're on a
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mission to teach a million women this
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game
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to
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to date we've taught tens of thousands
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of individual women
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interestingly we just hit our 200th mark
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we're teaching
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companies
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who recognize how important this skill
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can be to their employees
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and they are teaching this game
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alongside of us some of the biggest tech
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companies in the world the biggest banks
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investment Banks law firms you name it
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so when I look it out of this crowd
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frankly it looks fairly similar-ish to
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the trading floor
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many years ago
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and
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in five years it's going to look very
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different
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that is my prediction
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hopefully sooner
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how
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well it starts by going
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actually going actually going all in
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we're not
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all in if 50 of the population trades
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invests or plays poker
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podcast is not called men in
00:12:30
it actually has the word all in its name
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so
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we are going to
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challenge
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you guys
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challenge the hosts
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challenge the future the the future
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listeners of this podcast
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to see how many girls and I say girls we
00:12:59
can teach this game as early as seven or
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eight how many girls and women can you
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bring to the poker table
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we're going to
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kick off a competition today
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over the next month
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we want to see who can refer the most
00:13:18
women to the poker Power Play app
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in my opinion it's brand new
00:13:25
first
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gender neutral
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truly gender neutral poker app on the
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market super easy love all the cameras
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I'm seeing to get the QR code
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and to refer the girls and women in your
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life
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what's in it for you
00:13:44
well I was thinking the hosts could
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decide
00:13:49
knowing that maybe it's like a laurel
00:13:51
piano something or Montclair
00:13:55
um maybe it's a buy-in to the WSOP
00:13:59
but whatever it is it's my gift
00:14:01
to you
00:14:03
so not let's not just trade
00:14:06
or invest
00:14:07
in the market let's make the market
00:14:12
Let's Go All In
00:14:14
thank you
00:14:14
[Applause]
00:14:18
[Music]
00:14:20
thank you all right join us
00:14:23
[Applause]
00:14:23
[Music]
00:14:27
amazing as a father of three daughters
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I very much appreciate you making this
00:14:35
your passion it's absolutely fantastic
00:14:38
we've averaged about 32 33 over the
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first two conferences about 33 percent
00:14:43
female but we had to take a lot of steps
00:14:46
to to make that happen scholarships and
00:14:48
just you know Finding women's
00:14:49
organizations encourage more people to
00:14:51
come
00:14:52
um I'm curious just looking at the world
00:14:55
largely we've seen a massive change
00:14:59
um there are more women getting graduate
00:15:01
degrees than men today
00:15:02
earnings
00:15:04
positions of power it's really changed a
00:15:07
lot why do you think it's a little
00:15:08
sticky in finance specifically and is
00:15:11
there something in what you see it in
00:15:14
Venture Capital as well you know we've
00:15:16
seen many more check writing females not
00:15:19
just window dressing like here's the pr
00:15:21
person we're calling them a partner in
00:15:23
the Venture firm and that kind of
00:15:24
nonsense but I'm curious why it hasn't
00:15:27
happened in finance as quickly as and
00:15:29
maybe some other Pursuits
00:15:30
and then second question
00:15:35
um when you do get women at the poker
00:15:37
table and it does click what do you see
00:15:40
change in them in terms of you know how
00:15:43
they look at the world you can take that
00:15:45
in either order
00:15:46
yeah I mean it's I I it's fascinating I
00:15:50
have to say so um
00:15:52
why isn't it happen sooner I'll do that
00:15:54
one so what I've learned of course being
00:15:57
um a female and a male dominated world
00:15:59
for my whole career I also grew up with
00:16:01
four brothers so
00:16:03
um it's no surprise maybe that I'm there
00:16:05
but also
00:16:07
like begging to figure out how to solve
00:16:10
the problem I will tell you it squarely
00:16:13
comes down to risk-taking so it's and
00:16:17
what we don't realize so if in our
00:16:19
natural play and hobbies uh typical you
00:16:22
know the stereotype how a young girl
00:16:24
plays I'm not taking risk
00:16:27
and one of the things that we have found
00:16:29
and what I see actually helps women at
00:16:32
the poker table
00:16:33
it's because every hand is a risk of
00:16:37
some sort
00:16:39
they don't get enough repetition of risk
00:16:42
so we don't talk about taking larger
00:16:45
risks we actually talked about taking
00:16:48
not taking more risk sorry let me step
00:16:52
back more risk we talk about taking more
00:16:55
risks with an S yeah so we need to get
00:16:59
reps in and those reps aren't part of
00:17:03
our upbringing so
00:17:07
for someone coming into trading you get
00:17:09
a lot of reps right at the at
00:17:12
the poker table that's why if we can get
00:17:14
these girls playing I'm I'm telling you
00:17:16
right the guys are ahead we know this
00:17:19
the study's been done first rung on the
00:17:21
ladder is where the woman falls behind
00:17:23
the guy will take the job with 60
00:17:26
confidence and the next you know the
00:17:28
managerial job will come equal out of
00:17:30
school and
00:17:32
she needs 90 confidence
00:17:35
of course she does she hasn't taken
00:17:37
risks yeah
00:17:38
so we have to get those under there
00:17:40
about whatever they look like and by the
00:17:42
way they look different for everybody
00:17:45
um and watching what is a risk for your
00:17:48
daughter in fact if you guys are up for
00:17:50
it for your I think there's nine
00:17:51
daughters here
00:17:52
two
00:17:54
two three
00:17:56
three three
00:17:58
six four yeah it's like seven yeah and a
00:18:02
half seven and a half I think just back
00:18:06
in the envelope math
00:18:07
yes but but you see how fast I did that
00:18:10
for dyslexia
00:18:12
that's unbelievable you can't count in
00:18:14
simple numbers bro but uh here's the
00:18:16
thing yeah we're we're having this
00:18:18
discussion I think in 2023 here just
00:18:21
even saying there are gender differences
00:18:23
innate and then there are
00:18:26
um different ways in which girls are
00:18:27
raised versus boys it's kind of the
00:18:30
third row but listen it is what it is
00:18:32
and
00:18:34
um maybe you can talk when you give them
00:18:36
that push and they get 10 sessions in 50
00:18:39
sessions in now they played a thousand
00:18:40
hands of cards they play two thousand
00:18:42
hands of cards what do you see happen to
00:18:44
them when they go out into the world
00:18:46
what changes in them when they learn to
00:18:48
take risks when they learn to Bluff when
00:18:50
they learn to re-raise and when they
00:18:52
learn to fold when they thought they had
00:18:54
a really strong hand but hey that
00:18:55
board's textured yep so uh we have we
00:18:59
literally get testimonials and there are
00:19:01
many senior women who are part in this
00:19:03
corporate work we do the senior women
00:19:06
are sort of floored and flabbergasted I
00:19:08
can't believe right so I didn't realize
00:19:11
I wasn't playing to win would be a very
00:19:13
common thing
00:19:15
I didn't realize somebody would actually
00:19:18
do that yeah right like I didn't
00:19:20
actually know everything when I went
00:19:22
into that meeting I assumed I did
00:19:25
because I'm giving everything of that I
00:19:28
know I'm not holding back at all
00:19:31
the thought of holding back is not part
00:19:33
of the repertoire either it's the giving
00:19:36
and giving totally of self so strategy
00:19:40
is
00:19:42
um
00:19:43
unless it's actively discussed right
00:19:46
isn't isn't seemingly As Natural
00:19:50
um obviously when we have athletes or
00:19:52
you know other types of experiences
00:19:54
coming in that tends to change it I
00:19:57
think I'll you know I'll give you basic
00:20:00
question for a young woman who comes in
00:20:02
and she goes into a meeting
00:20:04
and
00:20:06
she doesn't say anything
00:20:08
it's kind of like you folded a hand
00:20:11
maybe you folded a few hands we all know
00:20:14
we need to fold a lot of hands to win
00:20:15
but she doesn't she keeps falling and
00:20:18
she keeps folding
00:20:20
what is she waiting for
00:20:23
because she if she keeps folding we know
00:20:24
she's ultimately going to lose if she
00:20:26
never speaks up on in a meeting based on
00:20:28
Toby we should never have been in the
00:20:30
goddamn meeting yeah she's kind of
00:20:32
blinded out exactly she'll be gone yeah
00:20:34
so at some point she has to take a risk
00:20:37
even if her cards aren't great in that
00:20:39
meeting if she wants to anticipate
00:20:41
Define risk because for a lot of people
00:20:43
in a naive context that haven't looked
00:20:46
at probability and statistics and
00:20:47
understood that something is unlikely to
00:20:50
happen but the payoff you're getting is
00:20:53
worth it to take that it's a 30 chance
00:20:56
of happening but if it happens you get
00:20:58
paid five to one yep so that's a good
00:21:00
bet to make yeah and is that the sort of
00:21:03
um kind of rubric that that you know
00:21:05
folks start to kind of go through to
00:21:06
understand what it means to take risk
00:21:09
that it's not just about doing something
00:21:11
scary or something unlikely jump into
00:21:13
anything scary or anything like that
00:21:14
because sometimes that risk isn't worth
00:21:16
the payoff and sometimes it is it is
00:21:18
both of those things actually so when I
00:21:21
talk about teaching poker and the first
00:21:23
thing a man will do is say well if
00:21:24
you're not playing for real money you're
00:21:25
not really playing which is not a true
00:21:28
statement
00:21:28
um play with your kids for you know
00:21:30
pretzels and M M's or marshmallows and
00:21:33
see what happens you're playing a real
00:21:34
game and you're causing the brain to
00:21:36
think differently
00:21:37
but we so we start way down on the curve
00:21:40
for our women because the whole goal is
00:21:43
to create safety
00:21:44
and security and learning this game that
00:21:47
is male dominated where they feel like
00:21:49
they're going to be judged and so
00:21:52
probably it's around Lesson Four so we
00:21:54
have a curriculum that they're starting
00:21:56
to learn the numbers as well and how do
00:21:58
I do it in you know a basic way a quick
00:22:01
easy way and then how do I get better
00:22:03
and better as I go up the Curve there's
00:22:06
a there's a great book written by Annie
00:22:08
Duke called thinking in bets yeah
00:22:11
um and uh I would encourage all of you
00:22:13
to read it because I think Friedberg
00:22:16
what you're saying is actually something
00:22:17
that a lot of people have which is a
00:22:19
little bit of mathematical
00:22:21
mathematical illiteracy around
00:22:24
probability and probabilistic thinking
00:22:26
and it is a very different mindset
00:22:28
mindset to think about expected value
00:22:31
why do you make a certain bet some
00:22:33
number of times why losing 15 times in a
00:22:36
row literally can be okay because over a
00:22:38
distribution of 100 times you may
00:22:40
actually come out ahead it's a very
00:22:44
difficult way to Train Your Mind by the
00:22:47
way I think it it's really important in
00:22:49
a broader social context
00:22:51
so that not everything is right or wrong
00:22:54
not everything is I will win this bet or
00:22:57
I will lose this bet
00:22:59
um it requires a second dimension
00:23:01
attached to every decision which is the
00:23:03
probability which most people don't do
00:23:06
and it's what also makes conversations
00:23:08
around things like social policy and
00:23:10
politics difficult because people say
00:23:12
this is one way or the other but it's
00:23:14
like hey if we do this this way there's
00:23:16
a 30 chance it might work if it's a 70
00:23:18
chance it might not but if it does work
00:23:20
it's 10 times the return that's worth us
00:23:24
doing so we should expect failure but if
00:23:26
we succeed it's going to be in an
00:23:28
outsized way and if we get to make
00:23:29
enough of those sorts of decisions
00:23:31
things can move and we get caught up in
00:23:33
a lot of our decision making you know um
00:23:35
in social policy as well David's a huge
00:23:38
feminist uh thinker and I'm curious
00:23:41
David you're
00:23:42
you're taking all this in right now and
00:23:44
I can see the wheels churning
00:23:47
your thoughts on
00:23:49
you know in the post-modern feminist
00:23:53
world how do you think poker plays into
00:23:55
the lunch break
00:23:57
by the way I recognize that face I see
00:24:00
that yeah
00:24:02
compassion in the EQ yeah I haven't
00:24:06
learned how to Virtue signal quite as
00:24:07
well as YouTube well just try try again
00:24:11
[Applause]
00:24:18
I think the point you made actually that
00:24:22
safety is the opposite of risk is a
00:24:24
really interesting point because the the
00:24:27
thing that you hear over and over again
00:24:28
for example in these debates we have
00:24:30
over free speech is uh safetyism we have
00:24:33
to make the environment safe space we
00:24:36
don't want them to hear arguments they
00:24:37
don't like they need the safe space yeah
00:24:39
well you're saying you know I've never
00:24:41
bought that as an argument for
00:24:43
censorship for example but you're making
00:24:44
I think a different argument which I
00:24:46
hadn't really appreciated before which
00:24:48
is if we don't make people comfortable
00:24:50
with risk then they're not going to be
00:24:52
successful in these areas and that's
00:24:54
another downside of this the grand
00:24:56
Eisman of psychological safety yeah when
00:25:00
you come to work is a fallacy right I
00:25:03
mean this is the worst thing you could
00:25:04
do to somebody is to make them
00:25:06
psychologically safe the world is not
00:25:08
safe right
00:25:09
I have a market question I apologize can
00:25:12
I just say one thing on that so I
00:25:14
literally was at a dinner last week um
00:25:17
and there was a man from a very very old
00:25:22
successful firm and he said
00:25:26
after too many drinks all the women who
00:25:28
come and ask to be partners at our firm
00:25:32
they always come with a perfect track
00:25:34
record they never have lost money
00:25:38
and I was like
00:25:40
and you're surprised right right I mean
00:25:44
it's it's so backwards that they these
00:25:46
extraordinarily successful women feel
00:25:48
like that is the journey that has to be
00:25:51
had in fact it's the opposite of the
00:25:53
journey what we all want them to see is
00:25:55
how they have failed how often they
00:25:57
failed how how they kept the failure to
00:26:00
a minimum so in some ways these are like
00:26:02
the highest performers exactly perhaps
00:26:04
if they were men I can't no it's not
00:26:06
even just it doesn't take more risk no
00:26:08
as an immigrant my first job was on a
00:26:09
trading floor and I had an incredible
00:26:12
boss who took me aside and taught me the
00:26:13
difference between batting average and
00:26:15
slugging percentage and that's another
00:26:17
concept that's poorly understood because
00:26:20
when you're at the bottom looking up you
00:26:22
think you have to be perfect that's
00:26:24
batting average
00:26:25
but when you realize that in baseball
00:26:27
the best batter in the history of
00:26:28
baseball you know is basically a 400
00:26:31
hitter but that was like once and that's
00:26:33
an aberration in the 50s or 60s that'll
00:26:36
never happen again
00:26:37
you realize okay we're hitting for
00:26:39
slugging percentage and that means
00:26:41
implicitly huge error rates yes tons of
00:26:44
losses and unless you internalize it and
00:26:46
figure out how to manage it you can't
00:26:48
make a ton of money I just want to shift
00:26:49
the conversation yeah
00:26:50
you're an incredible business person you
00:26:53
have a vantage point that I find really
00:26:54
fascinating and you put on a chart up
00:26:56
there where about inventory of options
00:26:59
now you're sort of at this really
00:27:00
interesting moment Financial vault
00:27:03
is kind of like been decimated
00:27:05
what does that mean as you look forward
00:27:08
based on your pattern recognition of the
00:27:10
past where where are we headed into and
00:27:12
knowing where your firm is positioned in
00:27:15
all of that yeah so I we're in a an odd
00:27:19
place right now I think right it has
00:27:21
a.com ask because the AI feel to it but
00:27:24
we have the fed maybe is going to raise
00:27:28
a little bit more but not inflation may
00:27:30
be slowing but it may not we have sector
00:27:35
rotation we have a lot of push and pull
00:27:37
you're right in the middle and so
00:27:40
what is going to snap that one way or
00:27:44
another
00:27:46
definitely not something our firm tries
00:27:49
to make the call on but we're saying
00:27:51
it's ready it's ready and it can if a
00:27:56
handful of things happen whatever the
00:27:58
exogenous events whatever it might be
00:28:00
and we want to be ready and be by the
00:28:03
way we might be wrong
00:28:05
we'll just waste a bunch of money
00:28:06
holding the inventory that's going to
00:28:07
rot but um but basically you've done
00:28:10
that before basically yeah it's what
00:28:11
you're saying massively long ball and
00:28:13
you're waiting for something in One
00:28:14
Direction or the other yeah it's a good
00:28:16
time of the year right we're going to go
00:28:18
into the next earning cycle and um
00:28:22
um we have to wrap I really appreciate
00:28:24
you coming out sharing your story I
00:28:25
encourage everyone
00:28:27
um uh the the QR code we'll share that
00:28:30
and everyone can hopefully download the
00:28:32
app and um as girl dads thank you yeah
00:28:36
and thank you so much thank you for
00:28:38
doing this I appreciate that
00:28:42
I'm gonna let your winner slide
00:28:45
Rain Man
00:28:46
[Music]
00:28:48
[Applause]
00:28:54
ice cream
00:28:56
[Music]
