arbitrage

“We tend to be more in relative value and arbitrage type strategies. The beta is down around a .3. So it's not a big, heavy equity presence there. We don't do much in macro. The binary bets of up or down are less appealing to us.”

“The great thing about this business, and the hardest thing about this business, is a lot of folks who are in our industry, there are people who got nineties and plus on every single one of their tests. And in investing, fifties, 55, 60 is pretty good. Now in a…”

“The famous value factor, that can kill your world for three years. That's a terrible thing to live through, a wonderful thing if you don't want a factor to be arbitraged away.”

“If there's an error people make on average, and people catch on to it, maybe they invest enough dollars to arbitrage half that error away. But then it gets to be a pretty low-risk-adjusted return to do the last half.”

“You have market-making strategies and market-taking strategies. And you want to balance across those things, because the market-making strategies tend to be reversionish, and the market-taking strategies tend to be momentum-y. You have momentum versus reversio…”