@avipat_ I have no moat and I must scream

So here’s an interesting bit I learned from reading @AgustinLebron3 ‘The Laws of Trading’: In his chapter on costs and capacity, he talks about how in the hedge fund industry profitable trades/strategies don’t stay profitable for long as others catch whiff of alpha. It’s not something one can protect with IP - once the idea behind the trade becomes known, others copy it and the edge disappears. Agustin says that the only way to keep the trade profitable is to keep it low-key, though eventually