alpha

“We're in the cash burn phase, and we're burning sort of hundreds of millions of dollars, you know, building all this stuff out.”

“Pushing the limit, right? Is where you get all the alpha, right? That's where you get all the benefit. That it's at that extreme where the real truths come out.”

“In trading, so a hundred percent of our returns are alpha, a hundred percent”

“There are drawdowns where you're wrong, a company missed estimates, your hypothesis was invalidated, and you have to take your medicine and you crystallize that loss. And then there are drawdowns or periods of underperformance where you're underperforming beca…”