Had a Jane Street phone interview in 2016. "Price a 6-month forward on carrots."
There's no carrot futures market, so I build one from scratch: seasonal harvest cycles, USDA demand elasticity, cold storage decay rates.
One trader stops me. "Your storage cost function– you're modeling the carrot as dead inventory. Like grain in a silo." He asks me the metabolic respiration rate of a post-harvest carrot at 2°C. I estimate.
"Your forward is overpriced by exactly that shrinkage. The underlying is consuming its own sugars. It's alive." Good correction. I adjust the model. I think I've recovered.
Rejection email comes the next morning. Subject: "Ethical Review." My framework, they write, "relied on the severance of the root organism from its growth medium." The question about respiration was a test. The carrot was still alive and I'd built an entire derivatives structure on top of its death without questioning whether harvest was an acceptable act.
I pull up the recruiter's original email. It doesn't say Jane Street. It says Jain Street– a non-violent quantitative commodities fund.
The carrot was never supposed to be priced. It was supposed to be refused. I later learn the only candidate who passed that round was a former monk from Gujarat who sat in silence for eleven minutes and said, "I cannot put a price on life." He's now a partner.
I came back to the United States, hearing about a very sad news: Craig Venter passed away today. He is a pioneer, successfully sequenced the first Human genome, and tried to create Synthetic Cells. We lost a giant in Science. RIP.
@JCVenterInst
it's friday in SF which means if you don't have at least 3 partifuls lined up for both tonight and tomorrow night then it's over for you and you should probably leave the city
I have been dreaming of this day for a long time.
Arena is now a book publisher, and our first volume, "Silicon" is open for preorders.
It's quite unlike anything you've seen: a coffee table book capturing the ecstatic beauty of silicon technology. https://t.co/R0JLQx9Fiq