Mark Patchett

But the more and better access everyone has to tools, the clearer it becomes that the final bottleneck to great work is not knowledge or information. Heck it’s not even intelligence—it’s that elusive, intangible, sublime quality—call it taste, imagination, creativity, courage, judgment, intuition, agency.

Because if you strip LLMs to their essence, they are just a much better way of using statistics to aggregate human intelligence and connect everything we’ve all done together to get more use out of it.

"I know now that I'm onto something good when everyone else thinks it’s a bad idea,” he said. “I just didn't figure that out until later."

Said differently, we try to measure what we value.

But we inevitably end up valuing what we measure.

A new era of quant experimentation

In trading, the objective is to place a series of trades to increase the value of a portfolio. This starts with market research. We use indicators—such as company fundamentals, volatility, and momentum—to deepen our understanding. As we learn about the market, we start to identify patterns and develop hypotheses... See more