Yeah it’s such a degeneracy……

When I worked in investments, it was all about finding the best statistical model to balance returns against risk. It was fascinating how complex the models could be, and even included currency hedging to reduce the risk of exchange rates. And most importantly to also minimize trades to control costs and tax impact. This was before lightning trading: plenty of the funds were monthly trading. Those were the good old days when a better algorithm could shave points enough to stand out but everyone was on similar footing