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If You Can Flip A Coin 50 Times You Could Work For A Hedge Fund!

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There are some distinctly weird types working for hedge funds. A quantitative fund in the US - so-called quants are on the odder fringes of the hedgies' galaxy - is seeking someone to develop its software. They are required to send in a letter having flipped a coin 50 times and recorded the sequence of results, heads (H) or tails (T). There is much speculation on relevant parts of the web over what this is all about. One theory is that the fund is trying to detect applicants who are lucky.

Doesn't really hold up. Someone else mentions Benford's Law, an incomprehensible mathematical formula to do with random numbers. It would serve as a test of honesty, as most people can't make up a random series of numbers, so the fund could tell from the Law if applicants really did flip the coins. Or alternatively, if you understand Benford's, you can generate that random series. So candidates who have done so, rather than wasting time flipping coins, would be favoured.

Another theory is that it provides the first question in the interview: “Why do you think we wanted you to flip a coin 50 times?” As I said, well weird.


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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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