This is a good question! Some possible answers - 1. Infrastructure that is too expensive or too hard to build yourself (eg colocation, low latency data feeds, compute clusters, fpgas) 2. Data that is too expensive or simply impossible to buy (eg historical tick data)https://twitter.com/mobile_mm/status/1373427747901542402 …
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A salary is really the best "carry" available
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Would say IP under discussed here. Working @ quant fund is getting paid carry selling call options on your future net worth (no offense - just my thought process)
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