4min chapter

Long Story Short cover image

Trend Setters: Crypto, Crowding & Convexity, with Prof. Cam Harvey

Long Story Short

CHAPTER

Is Crowding Really Real?

Investment banks are often talking about crowding. Is this something you think is real? Is it imagined? Do they have it right? Oh, I definitely look at it. Indeed, I have a paper on crowding. Again, it's on SSRN. And it takes a completely different approach. It looks at the difference in performance of funds that have like a single manager versus a team of managers. When funds come in, those ideas get crowded. Whereas with a team, and assuming the team is a diverse team, you've got many more ideas. So I believe crowding is something that is very real.

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