Pit.AI

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Pit.AI: Markets are efficient, for the most part. Investment managers exploit transient market inefficiencies as they arise, and in so doing, they make markets more efficient. Traditionally, quantitative investment managers have been relying on PhDs in Maths and Physics to come up with possible ideas of inefficiencies to exploit, that are typically backed by economic narratives. These ideas of inefficiencies are sometimes referred to as 'alphas'. The most promising candidate alphas are then investigated using historical data and statistics, through a process that can take months, sometimes years..The performances of alphas found to be viable tend to decay over time, as they get copied by competitors. Every viable alpha found typically has a lifecycle that starts in the 'pure-alpha' state, in which the investment opportunity is only known to a few market participants and is unrelated to well-known investment styles. The lifecycle of an alpha ends in the 'smart-beta' state, in which the investment opportunity is widely known, and its implementation is offered to investors by passive investment managers for a small management fee..The competitiveness of an absolute-return quantitative investm...

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