In episode 109, Alex Proimos speaks with Noel Smith, chief investment officer at Convex Asset Management.  This episode discusses Noel's transition from neuroscience to finance and working in the trading pits of the Chicago Mercantile Exchange. We discuss prop trading and managing risk and how it differs from high-frequency trading. We also talk through the traits that make up a good trader, intuition and how genetic ability plays a role. Finally, we explore the notion that the stock market has become a derivate of the options market.