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Ari Paul is a digital asset investor based out of Stamford, Connecticut. Ari Paul is co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG).
Ari Paul came from Princeton, New Jersey and graduated from the Princeton Day School. He attended the University of Pennsylvania where he was a part of the Philomathean Society, Compass Literary Circle, Varsity Fencing Team, and Ben Franklin Scholars Program.
He earned a Bachelor of Arts in Political Science in 2006. Ari went on to attain his Master of Business Administration while studying Econometrics & Statistics, Entrepreneurship, Strategic Management, and Economics from the University of Chicago Booth School of Business in 2014.
While in college, Paul played high stakes poker. He played online, in Atlantic City, in underground Philadelphia poker clubs, and against other UPenn undergrads.
The University of Chicago - Booth School of Business
НMBA, Econometrics & Statistics, Entrepreneurship, Strategic Management, and Economics
2011 – 2014
University of Pennsylvania
BA, Political Science
2002 – 2006
Princeton Day School
1998 – 2002
Chartered Financial Analyst (CFA)
CFA Institute
June 2011
Big Brother
Big Brothers Big Sisters
June 2006 - June 2010
Ari Paul was a Derivatives Trader at Susquehanna International Group from 2006 to 2010. He developed system for aggregating risk of Susquehanna index desk into one set of risk variables. He also worked as market maker and proprietary trader of equity options, commodities, forex, and power. He developed new strategies in energy products based on analysis of order flow. Paul also coordinated the hedging of 11 energy traders in natural gas.
From 2013-2015, Paul worked as a Risk Specialist for the University of Chicago's $7 billion endowment. He was later promoted and worked as a Portfolio Manager for the endowment from 2016-2017. Paul was the co-manager of a $140 million strategic hedge portfolio. He worked on risk reporting and analytics. Paul also completedresearch on asset class characteristics.
In July 2017, Paul joined Matthew Goetz to start BlockTower Capital, a cryptoasset investment firm, bringing professional trading and portfolio management to cryptocurrency. BlockTower Capital has raised over $140 million from investors including Union Square Ventures and Andreessen Horowitz. In addition, Ari has two separate financial blogs, The Cryptocurrency Investor and Risk Over Reward.
CIO, Managing Partner
BlockTower Capital
July 2017 - present time
Greater New York City Area
The University of Chicago
- Portfolio Manager
Jan 2016 - July 2017
Chicago, IL
- Co-manager of $150 million strategic hedge portfolio.
- Risk reporting and analytics.
- Research on asset class characteristics and return drivers.
- Risk Specialist
Dec 2013 - Dec 2015
Risk Specialist for the University of Chicago's $7 billion endowment.
- Co-manager of $140 million strategic hedge portfolio.
- Risk reporting and analytics
- Research on asset class charactertistics
Derivatives Trader
Susquehanna International Group, LLP (SIG)
June 2006 - June 2010
Bala Cynwyd, Pennsylvania
- Developed system for aggregating risk of Susquehanna index desk into one set of risk variables.
- Market maker and proprietary trader of equity options, commodities, forex, and power.
- Developed new strategies in energy products based on analysis of order flow.
- Coordinated hedging of 11 energy traders in natural gas.
Ari Paul made 2 investments. His latest investment is Pre Seed Round - Bling on Aug 3, 2018. Ari Paul invested $1.3M in Bling.
On Aug 1, 2017 Ari Paul also invested $525K in StormX.
Here's some recommended reading that Ari Paul created for investors/traders in traditional markets and posted on his Twitter.
Investing
"The Intelligent investor" by Benjamin Graham. If an amateur investor is only going to read one book, this shauld be it.
"Security Analysis" by Benjamin Graham. The classic foundation of value investing.
"Investment Valuation" by Aswath Damodaran. Phenomenal overview of valuation techniques for intermediate investors.
"Letters to Berkshire Shareholders" by Warren Buffett. Value investing insight.
"Margin of Safety" by Seth Klarman. The mindset of a great value investor.
"Common Stacks and Uncommon Profits" by Philip Fisher. How to think about companies.
"Portfolia Performance" by Christopherson, Carino, and Fersan. Advanced look at portfolio measurement and benchmarking.
Economics and Practical Accounting
"Economics" by Samuelson and Nordhaus. Literally the textbook overview of the feld.
"Globalizing Capital" by Barry Eichengreen. Overview of the international monetary systern.
"Bailouts or Bail-ins" by Roubini and Setser. Great analysis of emerging market crises.
"Financial Statement Analysis" by Fridson and Alvarez. Practical guide to financial analysis.
"Financial Shenanigans" by Howard Schilit. Avoid being a victim of accounting games.
Financial History
"The Great Crash of 1929" by Jk Galbraith. The definitive analysis ofthe 1929 crash
"Manias, Panics, and Crashes" by Charles Kindleberger. A history of financial extremes.
"Against the Gods" by Peter Bernstein. A history of the concept of isk.
"A Monetary History ofthe United States" by Milton Friedman. Insight into money itselt.
"A Random Walk Down Wall Street” by Burton MalKial. Excellent overview of market inefficiencies as well as how to think about investing intelligenth.
Understanding Markets
"The Alchemy of Finance" by George Soros. Introduces reflexivity and boorn-bust model.
"Reminiscences of a Stock Operator” by Edwin Lefevre. The shady underbelly of the market.
"How We Know What isn't So" by Thomas Gilavich. Basic behavioral finance.
"Market Wizards" by Jack Schwager. Insight into the psychology of top traders.
"Fooled by Randornness" by Nassim Taleb. Discusses the role of chance in business and markets,.
"The Black Swan" by Nassim Taleb. Tail risks and failure of traditional models,
"Inside Private Equity" by Kacis, Bachman, Long, and Nickels. Basic history and overview of the PE universe.
Derivatives and Credit
"Options, Futures and others Derivatives" by John Hull. Known as “the quant bible".
"Option Volatility and Pricing” by Sheldan Natenberg. Covers antions in theory and practice.
"Stigum's Maney Market" by Stigum and Crescengi. Great Intermediate overview of overnight funds, bonds, swaps etc.
"Credit Derivatives" by Geoff Chaplin. An advanced look at all things credit.
On Facebook, Ari Paul has added some movies to his favorites. You can check out the list below:
- The Holy Mountain
- The Usual Suspects
- Edward Scissorhands
- Before Sunrise
- Singin' in the Rain
- The Legend of Drunken Master
- Gattaca
- L.A. Story
- Magnolia
- Fight Club
- Favorite movie is Rounders.
- "Reflexivity" is one of his favorite concepts in economics.
