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Ari Paul

Ari Paul

Founder of BlockTower Capital

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).

Early Life & Education

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

Licenses and Certificates

Chartered Financial Analyst (CFA)

CFA Institute

June 2011

Volunteer experience

Big Brother

Big Brothers Big Sisters

June 2006 - June 2010

Career & Jobs

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.

Personal Investments

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.

Book Recommendations

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.

Favorite Movies

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
Some Facts
  • Favorite movie is Rounders.
  • "Reflexivity" is one of his favorite concepts in economics.

Timeline

January 31, 2022
Modern Finance: The Potential DeFi Collapse, Bull & Bear Markets, and MobileCoin with Ari Paul (1h14m)
August 27, 2020
Whitelist-only crypto withdrawals coming soon claims Ari Paul
May 25, 1984
Ari Paul was born in United States.

Invested in

Patents

Further reading

Title
Author
Link
Type
Date

"Crypto Will Make It, But Not All Of Us Will", BlockTower Capital CIO Ari Paul Explains Why

Web

October 26, 2021

Documentaries, videos and podcasts

Title
Date
Link

Ari Paul | How Crypto Asset Managers Are Trading and Investing in Cryptocurrency

Ari Paul Examines Recent Bitcoin Highs & Overall Adoption of Crypto | TD Ameritrade Network

Ari Paul on Valuing Bitcoin, Ethereum Killers and Metaverse Bubbles | MHC 93

January 7, 2022

Ari Paul: Betting on Crypto - David Perell

Mike Novogratz & Ari Paul: The Future of Crypto | SALT Talks #144

January 25, 2021

News

Title
Author
Date
Publisher
Description
Omar Faridi
November 25, 2020
Crowdfund Insider
Recent Bitcoin (BTC) consolidation might have helped XRP surge 80%, Ethereum (ETH) also up 25% in 72 hours: report.

References

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