In 2004 [a big investment bank I worked at] had a high frequency liquidity taking FX strategy where the only signal was order book imbalance, and it made *a lot* of money.https://twitter.com/quantian1/status/1376901887245615110 …
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Where do you think will be the next big source of easy alpha? I've heard a lot of people say crypto, but I'm personally bearish on its ability to scale (too high energy demands).
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Fair. All this reminds me of the early miners in the Gold Rush, who saw nuggets of the stuff just lying on the riverbeds, and earned more alpha more easily with a dream and a pickaxe, than the teams of engineers years later with rail and dynamite and hydraulic mining setups.
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Hint: it is crypto.
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I've seen many assets that had years of insane uncorrelated alpha* (CLO warehousing, CAT bonds, PIPE, SMID index rebalancing, litigation financing, etc) that even in hindsight most institutional investors don't know about. Opportunities aplenty if you're willing to look.
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oh i know an excellent man in cat bonds... i loved working on those things
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German coins when Germany goes back to the Mark system
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