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4. you are less concerned with losing a few million $ on a large number of pods, what worries you is missing a pod that can generate hundreds of millions per year (so as well as aggressively cutting losers, you aggressively scale winners to capacity)
5. Depending on how smart/centralised you are you can try to juice your returns by hedging common risk (eg equity factors) and applying leverage, afaik Citadel does this aggressively, Millennium bit so much
6. You are taking netting risk because you need to pay the winners but can’t claw back from the losers. This requires you to keep drawdowns small, and there are some other ways to mitigate it for example by passing on larger execution and financing fees to the pods
than what you are seeing (eg pod A wants to be long and pod B short, you can charge both of them 25bps in financing and clip the spread). Creates a buffer that partially pays for your netting risk.
Yep. Also, having very tight DD limits means that you can figure out very quickly if a pod as a +EV. I suspect the pod model (and quant funds that effectively employ a similar approach with their trading models) contributes a lot to strategy-level autocorrelation.
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