Spicy take incoming: classic long/short equity is a melting ice cube. Factor crowding ate the easy alpha, the platforms ate the talent, and beta's been free for a decade. If you're starting out today, why would you pick L/S over credit, macro, or just going to the buyside of private? Convince me I'm wrong.
"Melting ice cube" is doing a lot of work for a strategy that's still managing a trillion-plus dollars. Concentrated still prints. Crowded factor stuff is what's dead.
Half right. The mediocre middle of L/S is dead. The top decile is doing just fine, same as it ever was.
Pods, drawdowns, and the eternal search for high-conviction ideas sized at 0.5%. Risk is always listening.
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