All-In Summit: Jenny Just on Peak6, the female market correction, poker, and risk

00:00:00.000 | Jenny started her career on the trading floor in Chicago. She co-founded Peak Six

00:00:04.520 | in 1997 with one and a half million dollars in seed capital as a proprietary

00:00:09.400 | options trading firm. Now it's a multi-billion dollar financial services

00:00:13.800 | trading and technology firm. Really excited to hear from Jenny today. Please

00:00:17.640 | join me in welcoming Jenny to the stage.

00:00:21.560 | [Music]

00:00:37.560 | Stupid women drivers!

00:00:39.560 | [Helicopter]

00:00:44.560 | Stupid women helicopter pilots!

00:00:46.560 | It's not prejudice, it's just that men are naturally superior drivers.

00:00:49.560 | You're goddamn women drivers!

00:00:52.560 | Women drivers.

00:00:53.560 | Maybe women are competent drivers.

00:00:55.560 | Women drivers, that's the problem.

00:00:58.560 | When a woman's at the wheel, polyglass means more than mileage.

00:01:04.560 | [Laughter]

00:01:08.560 | Welcome everybody and thank you for having me here today. As they said, I'm

00:01:15.060 | Jenny and I started Peak Six in 1997 as a proprietary equity options trading firm.

00:01:21.560 | We've evolved over time into a technology firm, including in the

00:01:27.060 | insure tech space. And the one thing I know about these videos, men are bad at math.

00:01:34.560 | [Laughter]

00:01:37.560 | As you can see, there's clearly no difference between driving abilities and

00:01:42.060 | insurance rates. Now, 100 years ago, women were less than 10% of the drivers.

00:01:49.560 | It was deemed risky and a man's job. But 50 years later, we see that it's

00:01:56.060 | changed. We see these kind of trends again and again, where participation rate

00:02:02.060 | eventually equals skill or ability. We know that women are half of the voters.

00:02:09.060 | They're more than half of the college graduates. A really, really important

00:02:16.060 | place it has not changed is in the financial world. So Peak Six also owns, as

00:02:23.060 | they were saying, the Apex FinTech Solutions. It's a SaaS-based clearing and

00:02:27.060 | custody firm. We have 220 B2B clients, 120 billion in assets. We have tens of

00:02:35.060 | millions of end customers. The truth is, more than half of you are likely on our

00:02:41.060 | technology today and you didn't know it. We are the back end for more than 60% of

00:02:46.060 | the FinTechs out there. So think Webull, SoFi, Ally, Stash, eToro, Public. You're

00:02:53.060 | probably on our technology. And what we know about that data is it's like

00:02:59.060 | driving and voting and education. There's no difference between investing, doing

00:03:05.060 | it between men and women. However, there is one big difference, and that is

00:03:14.060 | participation rate. I wonder why.

00:03:20.060 | I've offered our lovely sales assistant, Danielle Harrison, here $10,000 to shave

00:03:26.060 | a fucking head!

00:03:30.060 | [Cheering]

00:03:32.060 | Yeah, you want this?

00:03:34.060 | Let's give a fuck!

00:03:36.060 | [Laughter]

00:03:40.060 | So while we have many different businesses at Peak Six, the heart and soul

00:03:45.060 | remains our trading firm. Now, when I started Peak Six in 1997, the world was

00:03:50.060 | very different. All the trading happened on the exchange floors. I was in those

00:03:56.060 | trading pits.

00:03:58.060 | [Cheering]

00:04:07.060 | So it's clear to me that things could probably be done a little bit better. And

00:04:12.060 | in 1998, we actually started using technology and we became one of the first

00:04:17.060 | off-floor equity options trading firms in the world. And despite all the booms and

00:04:23.060 | bust cycles, the dot-com, the financial crisis, COVID, Peak Six has never had a

00:04:30.060 | losing year.

00:04:32.060 | [Applause]

00:04:38.060 | Now, we're not a fund. We don't have outside money. We had a little bit, you

00:04:42.060 | heard in the beginning. Those investors were paid back many times over very early

00:04:47.060 | on. You know, I could have invested in bonds or stocks or Berkshire Hathaway or

00:04:53.060 | Steve Jobs and Apple, but I invested in the best idea I could see. I invested in

00:05:00.060 | the proposition that a female trader could hang with the guys.

00:05:06.060 | [Applause]

00:05:11.060 | So how did that turn out for me? Bonds, $100 invested in 1997, now worth about

00:05:18.060 | $300. The market, about $700. Mr. Buffett, $1,200. Apple, $180,000.

00:05:31.060 | Peak Six?

00:05:33.060 | [Cheering]

00:05:40.060 | Well, a hell of a lot more. So how? Well, it starts with understanding options.

00:05:47.060 | In the options world, there are almost 6,000 stocks that have listed options,

00:05:53.060 | and that's all the different times and expirations, so-called a million and a

00:05:57.060 | half-ish securities. At any given point in time, Peak Six will have positions in

00:06:03.060 | 3,000 to 4,000 of those stock names with their associated positions. So while it

00:06:09.060 | requires a lot of technology, obviously, to manage this, we're not a high

00:06:12.060 | frequency firm. We actually carry the inventory. We have it on our books as we

00:06:18.060 | speak. So I think high frequency, it's more like a delivery service. They don't

00:06:23.060 | really take risk, and it's just about speed and efficiency. A really good way to

00:06:29.060 | think about Peak Six is like a grocery store. So we're servicing our customers,

00:06:35.060 | and we need to manage the inventory well. We're much closer to like a Walmart or

00:06:41.060 | a Safeway. And like them, if we don't manage the inventory well, it goes bad.

00:06:47.060 | We lose. So in the same way that prices at the store are going to move around

00:06:52.060 | based on consumer demand or on outside forces on supply like logistics or

00:06:57.060 | weather, option prices are moving around as well. Remember, we're trading in

00:07:02.060 | these 6,000 different names with different time frames, all unique

00:07:07.060 | characteristics, different earnings, different dividends. We're trading

00:07:11.060 | hundreds of thousands of options every single day. So our biggest expense, as you

00:07:16.060 | might imagine, is technology. We're receiving billions of messages per second.

00:07:23.060 | So we get the entire marketplace. What do we see? What's moving into extremes?

00:07:28.060 | We might be looking at individual names that are doing that, industries, or the

00:07:33.060 | marketplace as a whole. So what am I seeing today? Well, most people know that

00:07:41.060 | over time, stocks outperform bonds. You take risk. You should be rewarded. Now,

00:07:48.060 | if we look at how much better off you'd be by buying stocks, you can see it moves

00:07:53.060 | in a relatively stable line upward sloping with some periods where stocks are

00:07:58.060 | more or less expensive or cheap. Some of you remember the dot-com bubble. Some of

00:08:04.060 | you are pretty young out there. Most of us will remember the financial crisis.

00:08:08.060 | You can see that second star. Obviously COVID. And clearly no surprise to see

00:08:14.060 | these kind of disruptions show up. Then you can see today. Then you can see

00:08:20.060 | today. Now, there are a lot of people who are talking about this. And for me, I've

00:08:25.060 | seen a lot. And it's really hard to call it top or bottom. And we don't pretend to

00:08:30.060 | call it tops or bottoms, frankly. But what's unusual this time is that when

00:08:37.060 | things get stretched, risk or the cost of options tends to be expensive. Today, you

00:08:49.060 | can see the previous three from the last slide. And look at today. How low

00:08:55.060 | volatility is. This is why at this point, and in the month of August, we've owned

00:09:03.060 | more options in our portfolio than -- it's probably top five in our history. So,

00:09:11.060 | our key to success is to manage the inventory top down and bottoms up all day

00:09:15.060 | every day. And when the great ideas, we've got to push all in. When they come, we

00:09:21.060 | push all in. And as good as this opportunity might seem, I'm going to tell you

00:09:27.060 | about an opportunity that makes that small in comparison. There is going to be

00:09:36.060 | a market correction. The correction is that half of the participants are going to

00:09:46.060 | identify as female. How? I'll take it. [Applause]

00:10:01.060 | Hopefully it's not a surprise to this room, but it's been right underneath our

00:10:04.060 | nose for a really long time. We are going to teach them poker. Now, most of you

00:10:15.060 | know that poker teaches indispensable life skills. Certainly our lovely host

00:10:21.060 | espoused this all the time. It teaches strategy. It teaches taking risk. It

00:10:28.060 | teaches capital allocation. I could go on and on. But guess what? Men are getting

00:10:36.060 | those lessons, and women are not. Of the more than 110 million plus -- nobody

00:10:45.060 | really knows the number -- poker players in the world, less than 10% are women.

00:10:51.060 | Just like driving 100 years ago. So we started a company. It's called Poker

00:10:59.060 | Power, even though they said Power Poker. I'll take either, as long as you're

00:11:03.060 | saying it. It's called Poker Power. We're on a mission to teach a million women

00:11:09.060 | this game. [Applause]

00:11:29.060 | We have a team of companies who recognize how important this skill can be to

00:11:33.060 | their employees, and they are teaching this game alongside of us. Some of the

00:11:39.060 | biggest tech companies in the world, the biggest banks, investment banks, law

00:11:43.060 | firms, you name it. So, when I look out at this crowd, frankly, it looks fairly

00:11:53.060 | similar-ish to the trading floor many years ago. And in five years, it's going

00:12:01.060 | to look very different. That is my prediction. Hopefully sooner. How? Well,

00:12:09.060 | it starts by going -- actually going -- actually going all in. We're not all in

00:12:20.060 | if 50% of the population trades, invests, or plays poker. This podcast is not

00:12:29.060 | called "Men In." It actually has the word "all" in its name. So, we are going to

00:12:46.060 | challenge you guys. Challenge the hosts. Challenge the future listeners of this

00:12:55.060 | podcast. To see how many girls -- and I say girls -- we can teach this game as

00:13:01.060 | early as seven or eight. How many girls and women can you bring to the poker

00:13:07.060 | table? We're going to kick off a competition today. Over the next month, we

00:13:16.060 | want to see who can refer the most women to the Poker Power Play app. In my

00:13:23.060 | opinion, it's brand-new. First, gender-neutral, truly gender-neutral poker

00:13:30.060 | app on the market. Super easy. Love all the cameras I'm seeing. To get the QR

00:13:35.060 | code and to refer the girls and women in your life. What's in it for you? Well, I

00:13:46.060 | was thinking the hosts could decide. Knowing them, maybe it's like a Laurel

00:13:52.060 | Piano something or Montclair. Maybe it's a buy-in to the WSOP. But whatever it

00:14:00.060 | is, it's my gift to you. So, let's not just trade or invest in the market. Let's

00:14:09.060 | make the market. Let's go all in. Thank you.

00:14:15.060 | [Applause]

00:14:21.060 | Thank you.

00:14:22.060 | [Applause]

00:14:27.060 | Amazing. As a father of three daughters, I very much appreciate you making this

00:14:35.060 | your passion. It's absolutely fantastic. We've averaged about 32, 33, over the

00:14:41.060 | first two conferences, about 33% female. But we had to take a lot of steps to

00:14:47.060 | make that happen. Scholarships and just, you know, finding women's organizations

00:14:50.060 | encourage more people to come. I'm curious, just looking at the world largely,

00:14:56.060 | we've seen a massive change. There are more women getting graduate degrees than

00:15:01.060 | men today. Earnings, positions of power. It's really changed a lot. Why do you

00:15:08.060 | think it's a little sticky in finance specifically? And is there something in,

00:15:13.060 | we see it in venture capital as well. We've seen many more check writing females,

00:15:19.060 | not just window dressing, like here's the PR person, we're calling them a

00:15:22.060 | partner in the venture firm, and that kind of nonsense. But I'm curious why it

00:15:26.060 | hasn't happened in finance as quickly as maybe some other pursuits. And then

00:15:32.060 | second question, when you do get women at the poker table, and it does click, what

00:15:39.060 | do you see change in them in terms of, you know, how they look at the world?

00:15:44.060 | You can take that in either order.

00:15:46.060 | >> Yeah, I mean, it's fascinating, I have to say. So why hasn't it happened

00:15:53.060 | sooner? I'll do that one. So what I've learned, of course, being a female in a

00:15:58.060 | male dominated world for my whole career, I also grew up with four brothers. So

00:16:03.060 | it's no surprise maybe that I'm there. But also, like, begging to figure out how

00:16:09.060 | to solve the problem, I will tell you it squarely comes down to risk taking. So

00:16:15.060 | it's -- and what we don't realize, so in our natural play and hobbies, typical,

00:16:21.060 | you know, the stereotype, how a young girl plays, I'm not taking risk. And one

00:16:27.060 | of the things that we have found, and what I see actually helps women at the

00:16:32.060 | poker table, it's -- because every hand is a risk of some sort. They don't get

00:16:40.060 | enough repetition of risk. So we don't talk about taking larger risks. We

00:16:46.060 | actually talk about taking -- not taking more risk, sorry, let me step back, more

00:16:52.060 | risk. We talk about taking more risks with an S. So we need to get reps in. And

00:17:01.060 | those reps aren't part of our upbringing. So for someone coming into trading, you

00:17:09.060 | get a lot of fucking reps, right? At the poker table. That's why if we can get

00:17:14.060 | these girls playing, I'm telling you, right, the guys are ahead. We know this.

00:17:19.060 | The study's been done. First rung on the ladder is where the woman falls behind.

00:17:23.060 | The guy will take the job with 60% confidence, and the next managerial job

00:17:29.060 | become equal out of school, and she needs 90% confidence. Of course she does.

00:17:36.060 | She hasn't taken risks. So we have to get those under their belt. Whatever they

00:17:41.060 | look like. And by the way, they look different for everybody. And watching

00:17:46.060 | what is a risk for your daughter, in fact, if you guys are up for it, I think

00:17:51.060 | there's nine daughters here. >> Two, two, three. >> Three. >> Three. Three, six,

00:17:59.060 | four. Yeah. >> It's like seven and a half. Seven and a half, I think. Just back

00:18:06.060 | of the envelope math. >> Yes. But -- >> You see how fast I did that? >> You can't

00:18:14.060 | count in simple numbers, bro. >> But here's the thing. We're having this

00:18:18.060 | discussion, I think, in 2023 here, just even saying there are gender differences

00:18:24.060 | in this, and there are different ways in which girls are raised versus boys. It's

00:18:30.060 | kind of the third rail, but listen, it is what it is. And maybe you can talk --

00:18:35.060 | when you give them that push and they get 10 sessions in, 50 sessions in, now

00:18:40.060 | they play 1,000 hands of cards, 2,000 hands of cards, what do you see happen to

00:18:44.060 | them when they go out into the world? What changes in them when they learn to

00:18:48.060 | take risks, when they learn to bluff, when they learn to re-raise, and when they

00:18:52.060 | learn to fold when they thought they had a really strong hand, but hey, that

00:18:56.060 | board's textured. >> Yeah. So we have -- we literally get testimonials, and

00:19:01.060 | there are many senior women who are part in this corporate work we do. The

00:19:05.060 | senior women are sort of floored and flabbergasted, I can't believe, right? So

00:19:10.060 | I didn't realize I wasn't playing to win would be a very common thing. I didn't

00:19:15.060 | realize somebody would actually do that. >> Yeah. >> Right? Like, I didn't

00:19:20.060 | actually know everything when I went into that meeting. I assumed I did,

00:19:25.060 | because I'm giving everything that I know. I'm not holding back at all. The

00:19:31.060 | thought of holding back is not part of the repertoire either. It's the giving

00:19:36.060 | and giving totally of self. So strategy is -- unless it's actively discussed,

00:19:46.060 | right, isn't seemingly as natural. Obviously when we have athletes or, you

00:19:52.060 | know, other types of experiences coming in, that tends to change it. I think --

00:19:58.060 | you know, I'll give you a basic question for a young woman who comes in, and she

00:20:03.060 | goes into a meeting, and she doesn't say anything. It's kind of like you folded

00:20:10.060 | a hand. Maybe you folded a few hands. We all know we need to fold a lot of

00:20:15.060 | hands to win. But she keeps folding, she keeps folding. What is she waiting

00:20:21.060 | for? Because if she keeps folding, we know she's ultimately going to lose. If

00:20:26.060 | she never speaks up in a meeting based on Toby, we should never have been in the

00:20:30.060 | goddamn meeting. >> She's going to get blinded out. >> Exactly. She'll be gone.

00:20:34.060 | So at some point she has to take a risk, even if her cards aren't great in that

00:20:38.060 | meeting, if she wants to participate. >> How do you define risk? Because for a

00:20:42.060 | lot of people in a naive context that haven't looked at probability and

00:20:46.060 | statistics and understood that something is unlikely to happen, but the payoff

00:20:51.060 | you're getting is worth it to take that. It's a 30% chance of happening. But if

00:20:56.060 | it happens, you get paid 5 to 1. So that's a good bet to make. And is that the

00:21:02.060 | sort of kind of rubric that, you know, folks start to kind of go through to

00:21:06.060 | understand what it means to take risk, that it's not just about doing something

00:21:10.060 | scary or something unlikely, jump into anything scary or anything unlikely,

00:21:14.060 | because sometimes that risk isn't worth the payoff and sometimes it is. >> It is.

00:21:18.060 | It is both of those things, actually. So when I talk about teaching poker and the

00:21:22.060 | first thing a man will do is say, well, if you're not playing for real money,

00:21:25.060 | you're not really playing, which is not a true statement. Play with your kids for,

00:21:30.060 | you know, pretzels and M&Ms or marshmallows and see what happens. You're

00:21:33.060 | playing a real game and you're causing the brain to think differently. But we,

00:21:38.060 | so we start way down on the curve for our women, because the whole goal is to

00:21:43.060 | create safety and security and learning this game that is male dominated, where

00:21:48.060 | they feel like they're going to be judged. And so probably it's around lesson

00:21:53.060 | four, so we have a curriculum that they're starting to learn the numbers as

00:21:57.060 | well. And how do I do it in, you know, a basic way, a quick, easy way, and then

00:22:02.060 | how do I get better and better as I go up the curve? >> There's a great book

00:22:07.060 | written by Annie Duke called Thinking in Bets. >> Yeah, great book. >> And I

00:22:12.060 | would encourage all of you to read it, because I think, Friedberg, what you're

00:22:16.060 | stating is actually something that a lot of people have, which is a little bit of

00:22:20.060 | mathematical illiteracy around probability and probabilistic thinking. And it is a

00:22:27.060 | very different mindset to think about expected value. Why do you make a certain

00:22:32.060 | bet some number of times? Why losing 15 times in a row literally can be okay,

00:22:37.060 | because over a distribution of 100 times, you may actually come out ahead. It's a

00:22:43.060 | very difficult way to train your mind. >> By the way, I think it's really

00:22:48.060 | important in a broader social context, so that not everything is right or wrong.

00:22:54.060 | Not everything is I will win this bet or I will lose this bet. It requires a

00:23:00.060 | second dimension attached to every decision, which is the probability, which

00:23:05.060 | most people don't do, and it's what also makes conversations around things like

00:23:09.060 | social policy and politics difficult, because people say this is one way or the

00:23:13.060 | other, but it's like, hey, if we do this this way, there's a 30% chance it might

00:23:17.060 | work. There's a 70% chance it might not. But if it does work, it's ten times the

00:23:21.060 | return. That's worth us doing. So we should expect failure. But if we succeed,

00:23:27.060 | it's going to be in an outsized way. If we get to make enough of those sorts of

00:23:31.060 | decisions, things can move. We get caught up in a lot of our decision making, you

00:23:35.060 | know, and social policy as well. >> David's a huge feminist thinker, and I'm

00:23:40.060 | curious, David, you're taking all this in right now, and I can see the wheels

00:23:45.060 | turning. Your thoughts on, you know, in the postmodern feminist world, how do you

00:23:54.060 | think poker plays into -- >> The lunch break is not going to be fun.

00:23:58.060 | >> I recognize that face. I see that. >> You see the compassion and the EQ.

00:24:04.060 | >> I haven't learned how to virtue signal quite as well as you do, Jack Alpert.

00:24:09.060 | >> Just try genuflecting one time. Give us one genuflect.

00:24:14.060 | >> I do have an observation, actually, on this, which is I think the point you

00:24:20.060 | made, actually, that safety is the opposite of risk is a really interesting

00:24:25.060 | point, because the thing that you hear over and over again, for example, in

00:24:29.060 | these debates we have over free speech, is safetyism. We have to make the

00:24:34.060 | environment safe for people. We don't want them to hear arguments they don't

00:24:37.060 | like. They need the safe space. I've never bought that as an argument for

00:24:42.060 | censorship, for example, but you're making, I think, a different argument,

00:24:45.060 | which I hadn't really appreciated before, which is if we don't make people

00:24:50.060 | comfortable with risk, then they're not going to be successful in these areas.

00:24:54.060 | That's another downside of this aggrandizement of safety.

00:24:58.060 | >> Psychological safety when you come to work is a fallacy. Right? I mean,

00:25:03.060 | this is the worst thing you could do to somebody is to make them

00:25:06.060 | psychologically safe. The world is not safe. >> Right.

00:25:09.060 | >> I have a market question. I apologize for my jumping.

00:25:12.060 | >> Can I just say one thing on that? So I literally was at a dinner last

00:25:16.060 | week, and there was a man from a very old, successful firm, and he said,

00:25:26.060 | after too many drinks, all the women who come and ask to be partners at our

00:25:31.060 | firm, they always come with a perfect track record. They never have lost

00:25:37.060 | money. And I was like, and you're surprised? >> Right.

00:25:43.060 | >> Right? I mean, it's so backwards that these extraordinarily successful

00:25:47.060 | women feel like that is the journey that has to be had. In fact, it's the

00:25:52.060 | opposite of the journey. What we all want them to see is how they have

00:25:56.060 | failed, how often they failed, how they kept the failure to a minimum.

00:26:01.060 | >> So in some ways, these are like the highest performers. >> Exactly.

00:26:04.060 | >> Perhaps if they were men in this country. >> No, it's not even just men.

00:26:07.060 | >> They would take more risk. >> As an immigrant, my first job was on a

00:26:10.060 | trading floor, and I had an incredible boss who took me aside and taught me

00:26:14.060 | the difference between batting average and slugging percentage. And that's

00:26:17.060 | another concept that's poorly understood, because when you're at the bottom

00:26:22.060 | looking up, you think you have to be perfect. That's batting average. But

00:26:26.060 | when you realize that in baseball, the best batter in the history of

00:26:29.060 | baseball, you know, is basically a 400-hitter, but that was like once, and

00:26:33.060 | that's an aberration in the '50s or '60s, that'll never happen again. You

00:26:37.060 | realize, okay, we're hitting for slugging percentage. And that means

00:26:41.060 | implicitly huge error rates. >> Yes. >> Tons of losses. And unless you

00:26:45.060 | internalize it and figure out how to manage it, you can't make a ton of

00:26:48.060 | money. I just want to shift the conversation. >> Yeah, yeah, yeah.

00:26:51.060 | >> You're an incredible business person. You have a vantage point that I

00:26:54.060 | find really fascinating, and you put on a chart up there where -- about

00:26:58.060 | inventory of options now, you're sort of at this really interesting moment.

00:27:01.060 | Financial vol is kind of like been decimated. What does that mean as you

00:27:07.060 | look forward based on your pattern recognition of the past? Where are we

00:27:11.060 | headed into? And knowing where your firm is positioned in all of that.

00:27:15.060 | >> Yeah. So we're in an odd place right now, I think, right? It has a

00:27:21.060 | .com-esque because of AI feel to it, but we have the Fed maybe is going to

00:27:27.060 | raise a little bit more, but not. Inflation may be slowing, but it may not.

00:27:33.060 | We have sector rotation. We have a lot of push and pull. You're right in the

00:27:38.060 | middle. And so what is going to snap that one way or another? Definitely

00:27:46.060 | not something our firm tries to make the call on, but we're saying it's

00:27:52.060 | ready. It's ready and it can if a handful of things happen, whatever

00:27:58.060 | they may be, exogenous events, whatever it might be. And we want to be

00:28:02.060 | ready. And by the way, we might be wrong. We'll just waste a bunch of

00:28:06.060 | money holding the inventory that's going to rot. But --

00:28:09.060 | >> But basically you're long vol, is what you're saying. Massively long

00:28:12.060 | vol and you're waiting for something in one direction or the other to

00:28:15.060 | break the market.

00:28:17.060 | >> It's a good time of the year, right? We're going to go into next

00:28:20.060 | earnings cycle.

00:28:22.060 | >> We have to wrap. I really appreciate you coming out, sharing your

00:28:26.060 | story. I encourage everyone, the QR code, we'll share that and everyone

00:28:31.060 | can hopefully download the app and promote.

00:28:34.060 | >> And just as girl dads, thank you.

00:28:36.060 | >> Yeah. And thank you so much.

00:28:38.060 | >> Thank you for doing this. I appreciate that.

00:28:40.060 | [ Music ]

All-In Summit: Jenny Just on Peak6, the female market correction, poker, and risk

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