The Final Frontier: How Crypto Will Eat the Alpha That Wall Street Can’t See
Prologue: The Alpha Apocalypse
From backtests in Midtown to head-fake liquidity games on the NYSE, one may realize something terrifying: the edge is gone.
Sharpe ratios are collapsing across every asset class. Alternative data has been commoditized. Everyone's running the same factor models with slightly tweaked priors. The