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Figgie Strategy: How Jane Street Traders Play
Jane Street · Watch on YouTube · Generated with SnapSummary · 2026-10-26

Figgy Strategy Video Summary

Core Game Mechanics and Objective

  • Figgy has four markets, one for each suit:
  • Bids on the left are offers to buy.
  • Offers on the right are offers to sell.
  • Players aim to make money by collecting a majority in a goal suit or selling cards profitably.
  • A majority generally means:
  • 5 cards in an 8-card goal suit.
  • 6 cards in a 10-card goal suit, which secures the majority.
  • Players cannot know the goal suit for certain. They infer it from their starting hands and other players’ actions.
  • Prices reflect supply and demand: a card’s price can rise sharply when multiple players compete for it, then fall when the competition disappears.

Strategic Lessons

  • Use your starting hand as information. A strong concentration in a suit can signal which suits are more likely to be goals and make it easier to pursue a majority.
  • Watch other players’ trades. Their buying and selling can reveal what they believe and whether they are competing for the same majority.
  • Majorities create value. A card may be worth much more when it helps complete or secure a majority.
  • Do not buy too early or too aggressively. Getting the cards you need matters, but paying less for them can substantially improve your profit.
  • Manage timing. Early in a round, wait for favorable prices when possible. As time runs low, make sure you secure the majority you are pursuing.
  • A majority is not the only route to profit. Selling cards at a good price can be worthwhile even if you finish with no majority.
  • Keep your plans flexible. The value of a suit can change quickly when a competitor gives up or a majority becomes secured.

Games Discussed

Game 1: Clubs and Spades

  • Spades were the most common suit, but two players focused on collecting clubs.
  • Both finished with five clubs, split the 200-chip pot, and received 100 chips each.
  • One player strengthened a promising club position rather than switching to spades, showing that a near-majority can be valuable even when another suit initially looks more likely to be the goal.
  • Another player ended with no black cards but still broke even, illustrating that trading profit can matter as much as collecting a majority.

Game 2: Diamonds

  • Two players competed for diamonds, pushing one sale up to 45 chips.
  • Once one competitor stopped pursuing the majority, the market changed dramatically and diamond offers fell below 10.
  • The eventual diamond majority went to the player who bought the decisive card for 45; the competing player still profited from the sale.
  • The game demonstrates how competition—not just a card’s intrinsic value—drives prices.

Game 3: Diamonds and Hearts

  • One player began with a strong concentration in hearts and a promising diamond position, giving him better information and a head start.
  • He paced his purchases rather than lifting every offer immediately, then bought the needed diamonds as time ran down.
  • He finished with six of ten diamonds, secured the majority, and made a 94-chip profit.
  • Concentrated holdings in one suit can be more valuable than having smaller numbers of cards spread across several suits.

Practical Approach

  1. Review your starting hand for suit concentrations and clues about likely goal suits.
  2. Track which suits other players buy and sell.
  3. Estimate how many cards you need to secure a majority.
  4. Avoid overpaying early, but monitor the remaining time and competing buyers.
  5. Near the end, secure the majority if the expected payout justifies the cost.
  6. Remember that selling at a profit can be a successful strategy even without a majority.
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