Pros
The quarterly cash bonus was really good in the golden age of Winton, but reduced performance has pushed these down. The offices are well-maintained and the canteen is free.
Cons
Toxic culture, no trust, limited career opportunities, constant reorganisation. Winton feels like a tired company trying to recover its former glory purely by focusing on PR. For various reasons there has been very little yield from its huge research efforts outside of blog posts and internal powerpoint presentations. As a result, it feels as though Winton’s early advantage in data-driven approach has been eroded. There is a negligible amount of meaningful communication from the clique of managers directly around the CEO to the rest of the organisation. This leads to paralysis in large parts of the company, and high levels of ambiguity and waste. While token efforts have been made recently, no amount of fancy graphics compensate for a coherent strategy. The Founder/CEO is unquestionably intelligent, but allows himself to be influenced by people more adept at flattery than leadership. The inner court spends most of its time working out how to stay on the right side of the CEO, and will never knowingly contradict his presumed views. This structure leads to a significant lack of trust throughout the organisation. Objectives are unclear and huge amounts of ambiguity means that nobody is willing to use initiative or take risks. Few can relate to claims on the website that Winton looks after its people; there are countless examples of well-regarded colleagues randomly disappearing without any warning. Statistically, in any given year, you’re more likely to get fired than receive training. Lots of the brightest people have left over the last couple of years or are actively looking elsewhere. For a long term strategic systematic investor, there is a surprising absence of long term strategy or systematic thinking. The environment is truly toxic. If you have always wondered what it felt like to live through Stalin’s purges, I can honestly recommend a spell at Winton Capital.
