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Peter Muller
Founder & CEO, PDT Partners

Episode 44 (Pete Muller)

🎥 Dec 01, 2025 📺 Guess That Record ⏱ 29m 👁 22 views
Guess That Record returns with Jackson interviewing Pete Muller! After achieving success in quantitative finance, he found himself yearning to fulfill his creative urges. Balancing fatherhood, marriage, and running a company, he continued to write and perform – eventually releasing a series of albums that would lead to dates with the likes of John Oates, Lisa Loeb, Jimmy Webb, Livingston Taylor, and Paul Thorn, along with festival slots everywhere from Telluride to Montreux. In this interview, Jackson and Pete talk about how he started recording his own music, how he saved the famous Power Sta...
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About Peter Muller

Peter Muller, founder and CEO of PDT Partners, has been discussing his career and philosophy in a series of recent interviews. He described his path from studying mathematics at Princeton to working at BARRA, and then convincing Morgan Stanley in 1993 to let him start a quantitative trading desk called Process-Driven Trading (PDT). According to Muller, PDT averaged 20% annual returns for nearly two decades and was Morgan Stanley's most profitable group before spinning out in 2012. He stated that the firm's flagship fund has never had a down year since 1993. Muller attributed the firm's success to a culture of trust and collaboration, saying "we want our people to be having a great time" and that they aim to be "the best place to work in quantitative finance." He noted that the firm charges 3 and 50 (likely referring to a 3% management fee and 50% performance fee) and has a 3.5% turnover rate. Beyond finance, Muller has spoken extensively about his creative pursuits. He said he took a seven-year sabbatical from finance in 1999 after burning out, during which he traveled and eventually returned to music. He has released seven studio albums, creates crossword puzzles for the New York Times and a monthly music-based puzzle for the Washington Post, and has made the final table at the World Series of Poker. Muller described his motivation as following joy and passion, stating "the things that motivate me are joy — I like doing what I'm excited about." He advised that "if you listen to your heart, if you listen to your gut even if it's telling you something that's contrary... that's just how it's always worked for me."

Source: AI-verified profile updated from Peter Muller's recent appearances. Browse all interviews →

Transcript (75 segments)
✨ AI-enhanced transcript with speaker attribution
J
Jackson Reed0:06
Hello and welcome to another episode of Guess That Record. I am your host, Jackson Reed. This is the show where we talk about music and try to figure out which album I pulled from my collection. Thanks again to you, the listeners, for tuning in to another episode. Our guest has had an amazing career journey going from the world of finance and business to music, writing and performing his own songs. His new album, One Last Dance, is available now. I'm super excited to welcome Pete Mueller to Guess That Record. How are you doing, Pete?
P
Peter Muller0:45
Great, Jackson. You know, it's been a fun long week. So, yeah, I'm good.
J
Jackson Reed0:51
Awesome. How are you?
P
Peter Muller0:53
I'm doing well. And where are we talking to you from today?
I'm actually in New York City today.
J
Jackson Reed0:59
Awesome. Awesome. And I, you know, one way that I usually like to start out with these interviews is I like to ask, what was the first song or the first album that you remember hearing that made you take music seriously?
P
Peter Muller1:16
Wow. Okay, that's a great question. I think it was when I took jazz piano lessons and I was turned on to Les McCann and Eddie Harris live at Montreux.
J
Jackson Reed1:34
Okay.
P
Peter Muller1:34
It's a record that has a song 'Trying to Make It Real Compared to What' on it and I just played that thing to death. It was awesome.
J
Jackson Reed1:42
Yeah. And so, you know, I think like you obviously have a very interesting career path. And from the sounds of it, you started out with music pretty early then.
P
Peter Muller1:58
Yeah, I took classical lessons at 10. I quit when I was 15. I was bored. And it was that jazz teacher that saved me. He taught me how to improvise. And that began my love of music because for me, music is about creating and kind of figuring out what's inside you and getting that out.
J
Jackson Reed2:18
For sure.
P
Peter Muller2:18
So yeah.
J
Jackson Reed2:19
Yeah. And then, for those who maybe aren't familiar with you and your background, of course you have been very successful in finance. Is that correct?
P
Peter Muller2:30
Yeah, I never was interested in finance, curiously. I was always really good at math and music. Those were my two passions. And I wanted to live in California. I had moved out there to play piano for a gymnastics team and realized it was a tough way to make a living. So I looked for a job programming and I was lucky enough to find a really kind-hearted company run by a Zen Buddhist econometrics professor called Barra. And I realized that finance was all math. And I jumped in. And long story short, eventually I went to Wall Street to try to use those models and techniques to try to beat the markets. And I built a group that's very successful and we spun out of a bank in 2012 and we're going strong. We have 280 people. I'm kind of more of an executive chairman these days. But I managed to balance my passion for music and math.
J
Jackson Reed3:27
For sure. Yeah. And so, you know, I think it's great how you had a lot of success in finance which kind of allowed you to then pursue music. When did you kind of take the plunge from playing music for fun to starting to make records?
P
Peter Muller3:48
Yeah, that's a great question. So I never, until early the 2000s, I never sang. I always played piano, improvised, had jazz bands and things like that. And then, when I built my group, requiring a level of obsession that I'm capable of, I kind of abandoned everything, including music. I had a grand piano in my apartment that I hardly touched. And once I achieved the level of success with the group that I wanted, I realized that I wasn't having fun anymore. And when you're not having fun, it's hard to keep a relationship. And my relationship blew up. And the way I processed the tough emotions around that was to write a song. And I realized I liked that and I wanted to pursue it. So I took a break from the group and dove into music. I ended up going to graduate school at Tisch for about six weeks before 9/11 happened, but I learned songwriting and critiquing and threw myself into building a songwriting circle that met at my apartment for five years in a row. Once a week, people would bring new songs, I would cook dinner, and we would critique each other's songs. That just helped me become a better songwriter. I started recording and I put a couple records out and got excited about doing it. Then I kind of took a little break because I met the woman who became my wife and had a couple kids and moved to California. But somehow I managed to keep the group I built and keep the music. Then starting in about 2014, I decided that if I was really going to be serious about music, I better dive in. That's when I met Rick Depathy, a wonderful producer who's no longer with us. We made my third album together. That led to some fortuitous events. Meeting Rob Matthysse produced my next two, and then I've made a couple more records since then and been touring around the country with my band. It's just a lot of fun. I'm doing it for love and passion. And when people see me on stage, that's what they say. It's a really happy place for me.
J
Jackson Reed6:07
For sure. And just to clarify, how many records have you made at this point now?
P
Peter Muller6:14
So, I have seven original albums. I just released the last one last month, November 14th. It features a duet with my friend Allison Russell, who's an amazing Americana artist. That was really fun. We've gotten a bunch of radio play. NPR picked us as one of the top 10 Americana albums that week, which was a great honor. So seven of those. I've made two cover records with my band as well. And we have a live recording album out as well.
J
Jackson Reed6:46
So I guess that would make 10, right?
P
Peter Muller6:47
Yeah. And of course this new album is called One Last Dance, which you just alluded to. And it was interesting reading about the story of it because a good chunk of it was made in England and the other half was made in America. So what was the process like of putting it together?
Yeah, almost all of it was actually made in England. My wife was in a graduate program with the LSE and she was graduating in London and I was flying out there. I thought, okay, if I'm going to London all the way from California where we live, maybe there's something else I can do. It turns out that Peter Gabriel's studio Real World in the south of England was available that week. So I checked with the band and they were free. We thought we would all go out there and just workshop songs and see what we had. But we ran into this wonderful engineer, a woman named Katie May, who just won a Grammy actually, who's a head engineer at Real World. We worked with her and basically laid down 10 songs and by the end of that week, we had something that was close enough to being able to release. We were really thrilled with what we came up with. And then we ended up working with Rob Matthysse and Katie came over to the Power Station in New York to put down some strings, some horns, a little mandolin, a little accordion. We had some other friends join us for the record as well. But most of it was done in England. It was a great week at Real World. Such a fun experience.
J
Jackson Reed8:27
For sure. And I think it would also be good for the listeners if you could highlight the members of your band and what they all do for you.
P
Peter Muller8:39
Oh, I'd love to. First is Skip Ward on bass. I've been playing with him forever. Back when I was living in New York City, we would have a monthly gig down at Cafe Vivaldi and Skip would always play with me. He's a wonderful bass player. He's played with tons of people. When Steve Martin pulls out his banjo, he'll play with Skip. So Skip's on bass. On drums, for the last two years, I've been working with a fellow named Andy Mack who also plays some acoustic guitar with us. When we do a trio, Andy's with us. He's an amazing drummer and a singer-songwriter in his own right. He plays in New York City all the time. He does our harmony arranging. He's really fun and quirky and a crazed Buffalo Bills fan. So his mood really depends on how the Bills do on any given Sunday. That's the bass and the drums. On guitar is Eric Donnelly, who I've known for a long time. He's in my songwriting group. He's an amazing songwriter. He plays for a band called The Alternate Roots. But we have him with us whenever we tour and he's an amazing guitar player. In England, he laid down 10 different guitar parts on every song. He would stay up late with Katie. We would all be done by 8:30 or 9 after an 8- or 9-hour day and he would stay another two or three hours and keep adding things. He's a wonderful man with great songwriting sensibilities. That's Eric. And then rounding out the band on fiddle is Martha McDonald, who is an amazing fiddle player and an amazing singer-songwriter herself. She's been on Broadway in the Bob Dylan 'Girl from the North Country' musical. She's just an incredible presence on stage. When we tour as a smaller band, it's a trio. It's Martha, Andy, and myself. Our three-part harmony is kind of the core of what makes the band.
J
Jackson Reed10:48
Awesome.
P
Peter Muller10:49
Yeah. There you go.
N
Narrator10:52
This episode of Guess That Record is sponsored by Marvel Marketing. Marvel Marketing is an award-winning digital marketing company headquartered in Calgary, Alberta, Canada, working with clients in different industries from all over North America, including Canada, the United States, and Mexico. Marvel Marketing services include website design and development, website maintenance, search engine optimization, public relations services, and social media management amongst others. To find out more, visit marvelmarketing.ca. This episode of Guess That Record is sponsored by Guitar Works, one of Canada's top independent music stores for over 30 years. Guitar Works carries a huge selection of musical instruments from the biggest brands in music, including Gibson, Fender, Martin, Yamaha, and Paul Reed Smith. Visit any of their two Calgary locations or shop online at guitarworks.ca and join the Guitar Perks program to earn money back with every purchase. Guitar Works, your total guitar store. This episode of Guess That Record is also sponsored by Recordland, home to the largest selection of music in Canada. Buy, sell, and trade tapes, CDs, and vinyl. Located in Calgary's Englewood neighborhood on 9th Avenue Southeast. Visit them in person or on Instagram at Recordland Calgary.
J
Jackson Reed12:26
And how long have you had all of these guys together?
P
Peter Muller12:30
All of them together probably has been just a couple years. Skip forever. Andy's been two years. Martha probably six years, something like that. Six or seven. Eric I've known for a long time. We've played on and off for many years. So this collection of five that really works is the last couple years.
J
Jackson Reed12:50
Cool. And then, going back to the album's creation, you mentioned that the New York overdubs were done at Power Station. It was interesting when I was reading your bio, there was a little tidbit that you helped save Power Station. I was like, what was up with that?
P
Peter Muller13:11
Yeah. So, for people that don't know, Power Station was a legendary recording studio. It was probably one of the top 10 in the world, kind of in the same place as Capitol Records or Abbey Road Studios or RCA in Nashville. I made my third record with my friend Rick Depoffee, who I mentioned before. We made it at Power Station. I had such a great experience and I realized that I really wanted to keep doing music seriously and throw myself into it. So I asked Rick to see if he could find me a studio apartment in New York that we could build out. He came to me one day and said, 'Pete, you know, remember Power Station where we recorded?' I said, 'Yeah.' He goes, 'They're going to sell it and make it condos.' I had this dream that maybe you could buy it and save it and maybe make it the Berklee School of Music in New York. Because I was on the board of the Berklee School at the time. I said, 'Rick, you're absolutely crazy. I don't want to do that. That's just an amazingly messy, crazy project.' Well, I went to sleep that night and I realized somebody has to do something crazy like this and give back to the world. Why not me? So I did it. I found my friend Steven Weber, who was also very friendly with the president of Berklee, Roger Brown. We both trusted Stephen and Stephen took on the project and we saved Power Station. It's thriving now as a master's program at Berklee and I have a studio on the fifth floor. I'm actually heading there right after this interview to do some recording. So it worked out great. It was quite a few years of pain, but we got New York City to cooperate and participate. They were thrilled to both save the studio and bring Berklee to New York. It was a win-win story.
J
Jackson Reed15:16
Cool. Yeah, for people who may not know, that was the studio where Born in the USA was recorded and so many hit records were made there. So that's cool that you helped preserve it.
P
Peter Muller15:35
I was thrilled to be able to do that. They just filmed the Bruce Springsteen biopic there.
J
Jackson Reed15:41
Yeah, it was fun. And going back to your record and recording it there, you were doing string overdubs and some of these bigger overdubs. What's it like to arrange those and get them recorded?
P
Peter Muller16:00
Ah, well, I don't do the arranging. My friend Rob Matthysse, who's probably the best string or horn arranger on the planet, does them. He actually produced my next two records. It was funny. I met him because we threw a party after we saved Power Station and he tracked me down. I knew who he was but I had never met him. He said, 'Do you realize what you've done? Do you realize what you've done? Do you realize what you've helped save?' I said, 'Yeah, cool.' He goes, 'Whatever you need, Pete. I'm so grateful to you.' I'm like, 'Well, unfortunately, my producer Rick Depuffy had a brain tumor and is not going to be able to make my next record. I need a producer.' And he said, 'Sure.' So I ended up working with Rob on my next two records. I still work with him whenever I write songs. He's a great sounding board. He did the arranging of the strings and the horns. He's really good at it. It was super fun to watch him do that. When he's doing it and playing in the studio, I'm there watching and listening and going, 'I like this, I don't like that.' Then we argue back and forth. Sometimes I win, sometimes he wins. But he's really good at that.
J
Jackson Reed17:18
Yeah. And you mentioned it earlier, but the record has had a lot of success on radio and it seems to be getting good reception. But what is next for you after you get through this release?
P
Peter Muller17:34
Oh man, there's always that question. What's next? I've been writing some. I probably have half of a new record written. I might do a solo cover record. I've been having a lot of fun doing some covers as well. Right now December is a pretty heavy time for the business. So I'm going to think about it more in January. But I'm excited to travel around. We're playing in Florida in January and looking at booking dates later in the year. So, playing music, writing music, having fun. My kids are also in high school, so I want to be home a lot because they'll be leaving for college. My son has one more year and my daughter too. So it's a crazy transition time.
J
Jackson Reed18:26
Yeah, for sure. All right, Pete. We are now entering into the guessing segment of this podcast.
P
Peter Muller18:36
Indeed. Okay.
J
Jackson Reed18:37
Yeah. So, I'm going to explain the rules to you and any new listeners we may have. In this bag here is a record from my collection. I'm going to give you three clues about this album and then we play a game of 20 questions to try and figure out what the album is. So, three clues. Okay, Pete Mueller, are you ready to guess that record?
P
Peter Muller19:02
I am ready.
J
Jackson Reed19:03
All right, here are your three clues. This album came out in the 1970s.
P
Peter Muller19:11
Okay.
J
Jackson Reed19:11
It is the breakthrough album for this artist and it features arguably this artist's defining song.
Question one.
P
Peter Muller19:29
I actually have a guess actually, but I'm going to start with: is the defining song the title of the album?
J
Jackson Reed19:37
It is. Question two. When you open up the album, is the lead guitar playing singer smiling at his saxophone player with a like a big grin on his face, and is the album white?
P
Peter Muller19:56
It is white, yep.
Oh, it's got to be Born to Run.
J
Jackson Reed20:01
It is.
P
Peter Muller20:03
Yeah. So.
J
Jackson Reed20:05
Oh man, that was easier than I thought it was going to be.
Well, you know, I found out you like Bruce Springsteen, so it made it easy to choose which record to go with. But what can you tell the listeners about Born to Run?
P
Peter Muller20:20
Oh man, that album is fantastic. My favorite. I love Springsteen. I love his writing. I love his passion. I love the two records before Born to Run, which I discovered. I was raised in New Jersey and it took me a little while longer to get into Bruce than I'd like to admit. When I was young, I could have seen him in very small venues and I had some friends going and I was like, I don't know, I'm not sure. But Born to Run changed my mind. Thunder Road at the beginning of that record is such a beautiful song. The piano on that is awesome. The lyrics are so evocative. When Bruce writes and sings, he puts his full heart into everything. It's amazing. I saw his show on Broadway, which was amazing. It's also available on streaming. Jungleland is on there too with an incredible solo from Clarence Clemons. It goes on really long. I remember listening to that song in the car with my kids. I was on this station I listen to called Eclectic Rock that pulls random stuff out of the air and Jungleland came on. I'm playing it while driving my kids to school and I'm completely getting into it. Then there's a minute and a half sax solo and my kids are like, 'Dad, when is this song going to be over?' Oh my god. Back in the days when it was okay to get away with a seven or eight minute song, but that sax solo, I know every note. It's amazing. Meeting Across the River is on there as well. The title cut Born to Run is just a beautiful album. I think a lot of it was made at Power Station. There's a great picture of Bruce on the walls there from those days when he was making the record.
J
Jackson Reed22:21
Yeah.
P
Peter Muller22:22
No, it um, I'm there with you for sure. It was like for me, Born in the USA and Darkness on the Edge of Town were the first two that really got me into Bruce. But like you mentioned Jungleland, that was the one that made me go, 'Oh man, this guy is for real.' Because it's such an epic song and that saxophone solo you can't beat it. It's also an interesting record. I personally think if I am introducing someone to Bruce Springsteen, I think this is the album you start with. Because it was really where he figured out his style and his musical persona. It was his breakthrough album and it needed to be his breakthrough album because his first two records didn't sell well and it was sort of a last chance for him. That's why it's such a grandiose album because there was a lot of pressure for it to be a hit.
Yeah. No, it's amazing. In those days, you could actually put out three albums before they gave up on you.
J
Jackson Reed23:40
The record companies do not invest in the same way now. There's just no profit in selling albums. It's a very different world. But yeah, that was his last chance. And all those first two records are amazing too. Like the song 'I Came for You,' 'So Hard to Be a Saint in the City.' There are a lot of amazing songs on those records. They're a little less polished, a little less produced, but I love that.
P
Peter Muller24:08
Yeah.
J
Jackson Reed24:09
You know, that passion is still there. When he went through the very polished phase, Born in USA, Darkness on the Edge of Town, they're really great records, but they're not as visceral to me as those early ones.
P
Peter Muller24:23
Yeah.
J
Jackson Reed24:25
I like the departures. I like it when you really get to see into his soul.
For sure. Yeah, it is interesting. The diehard fans definitely speak highly of those first two records, even though they are very different than what came after. There are jazzy elements and different stuff on those records. I also wanted to talk about this copy of Born to Run because it's different than a usual copy. This is a radio press preview copy of Born to Run. It would have been sent out to a radio station before the record came out. I found it in a record store in Seattle. I thought, 'I got to get that.' It's also different because on the vinyl, the Columbia Records imprint is white instead of red. So that's unique.
P
Peter Muller26:01
That picture on the cover when you open it up and see him looking at Clarence.
J
Jackson Reed26:07
Well, I think it's just him in the middle.
P
Peter Muller26:09
No, no, the other side, the front cover.
J
Jackson Reed26:11
The front cover. Yeah.
P
Peter Muller26:12
Yeah, that cover.
J
Jackson Reed26:13
Yeah.
P
Peter Muller26:14
That is such an iconic image.
J
Jackson Reed26:18
Yeah. No, for sure. And I guess just to quickly wrap up, you mentioned you got to see him on Broadway. I finally got to see him for the first two times on this most recent tour. But do you have any other memorable experiences seeing him live since that's such a huge part of the Bruce Springsteen experience?
P
Peter Muller26:44
Yeah, you know, I have not seen him enough times. The earliest time I saw him was at the Meadowlands, which was a little too late. I would have liked to see him in a small club. I did hear him play some songs at a Music Cares event, which was really great. The quiet room with Bruce is amazing. But I think seeing him on Broadway, nothing beats that.
J
Jackson Reed27:18
All right, Pete. We have reached the end of the interview. I want to thank you for taking the time to be on the show today. It was great to speak with you. And where can the listeners check out yourself and your music?
P
Peter Muller27:31
Thanks, Jackson. It's petemuller.com on the web, a link to all things Pete. You can also find me on Spotify, Pandora, Apple Music, wherever you go. I regularly post on Instagram at PeteMullerMusic. So all those choices are there. And if you like what you hear, I love hearing from people that enjoy the music. So feel free to ping me. Sounds good. Yeah.
J
Jackson Reed28:01
Thanks for tuning in to another episode of Guess That Record. Make sure to leave a five-star review wherever you listen and tell your friends to check us out. I want to shout out our radio partners currently airing Guess That Record as a syndicated show: CKMS in Kitchener, Ontario; CKXU in Lethbridge, Alberta; and South Devon Sound in Kingsbridge, UK. So if you're in those markets, be sure to check those stations out to hear the show. If you're with a radio station and you'd be interested in adding Guess That Record to your programming, send us an email to [email protected]. We'd also appreciate it if you follow us on Instagram and TikTok, where our username on both platforms is guess_that. And lastly, subscribe to our YouTube channel to see the video versions of these amazing interviews. Remember to keep rocking and we'll see you on the next episode of Guess That Record.