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macrocephalopod's profile
macrocephalopod
macrocephalopod
macrocephalopod
@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 12 Mar 2021

      Most trades that "worked" have some combination of risk premium/structural alpha, and genuine alpha. That is, you were getting paid to either take a risk or perform a service, but also you got paid more than you "should" have because others had not noticed how good the trade was

      9 replies 11 retweets 130 likes
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    2. macrocephalopod‏ @macrocephalopod 12 Mar 2021

      Equity stat arb (i.e. cross-sectional price reversion) is an example of this. This provides the service of supplying liquidity to impatient traders and it therefore has positive expected return. But for many years the positive expected return was *way* higher than necessary

      1 reply 0 retweets 28 likes
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    3. macrocephalopod‏ @macrocephalopod 12 Mar 2021

      to induce traders to provide the service, because not many had noticed you could do it (or had the necessary infra). So it had genuine alpha in addition to structural alpha. Now it only has structural alpha and is less well rewarded as a result.

      2 replies 0 retweets 21 likes
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    4. Bong Capital‏ @BongCapital 12 Mar 2021
      Replying to @macrocephalopod

      It’s really sad when you work in a space where the non-structure alpha goes away.

      2 replies 0 retweets 0 likes
      macrocephalopod‏ @macrocephalopod 12 Mar 2021
      Replying to @BongCapital

      Sounds like a flex ;)

      7:16 AM - 12 Mar 2021
      1 reply 0 retweets 0 likes
        1. Bong Capital‏ @BongCapital 12 Mar 2021
          Replying to @macrocephalopod

          Ha not at all, your thread is how I feel about merger arb - there’s a clear service provided (insurance), but customers (long investors) had been overpaying for it for a long time.

          0 replies 0 retweets 1 like
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