HFT is the new active manager. - They manage a lot of $ - They don't track an index - They adapt with the market - They're 50% of market volume - They're in the market to make $ - They focus on risk management
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What’s odd is that most of the alpha was generated from January to February before the market really turned
A lot of it was during March, but hidden underneath the chaos was the fact that the discount brokers went to $0 in late 2019, which boosts guys like Virtu considerably (less market friction)pic.twitter.com/VGTy39IE0X
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i don’t think it’s odd. HNS chart shows it was really into March. you own VIRT when things are going to hell in a hand basket. then you rotate out into other stuff since VIRT has done its job. the sell-off in Sept was on a “soft” 3Q guide. hence the trouble holding this name.
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Yeah I did a poor job eyeballing it, y’all are right. Thanks
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