Sublime

Identify and don’t tolerate problems.

Deciding is the process of choosing which knowledge should be drawn upon—both

relationship of earnings and stock prices—the correlation’s very low.

One is the neoclassical rational-choice-equilibrium argument that markets automatically come to the Pareto optimal equilibrium for society. This was Ken Arrow and Debreu’s great work. The second is more out of the Hayekian tradition, that markets are efficient at processing distributed information to help coordinate activity in the economy. But bot

She said much of the finance industry has too narrow a view of its strategy and goals. It often becomes a short-term, almost zero-sum game with many investors focused only on small relative gains won against each other.

not vary.

Laufer made an early decision that would prove extraordinarily valuable: Medallion would employ a single trading model rather than maintain various models for different investments and market conditions, a style most quantitative firms would embrace. A collection of trading models was simpler and easier to pull off, Laufer acknowledged. But, he arg