Are you angry that another idiot in your life is complaining that Citadel/MLP/P72 is underperforming the S&P again? I wrote this for you - so you can now make the argument by copy pasting THIS article. Most criticism of hedge fund returns is based on a category error. When someone tells you hedge funds “underperform the market,” they are comparing a boat to a car and complaining the boat is slow on highways. True - but that misses the entire point.
sysls, thank you. This is very well laid out. The same challenge impacts retail investors too, however.
Whereas retail investors have no access to market neutral alpha from Citadel/Millennium/P72/..., can a similar effect be accomplished through low capacity strategies that are not accessible to institutional and UHNW investors?
sysls, thank you. This is very well laid out. The same challenge impacts retail investors too, however.
Whereas retail investors have no access to market neutral alpha from Citadel/Millennium/P72/..., can a similar effect be accomplished through low capacity strategies that are not accessible to institutional and UHNW investors?
Is this concept/thesis right?
https://mebfaber.com/wp-content/uploads/2025/07/rethinking-risk-management-and-myth-of-missing-the-best-days-viewright-advisors.pdf
https://cmtassociation.org/wp-content/uploads/2025/07/MissingtheBestDays.pdf
Really appreciate your thoughts!