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The Laws Of Quantitative Investing | Michael Robbins
Forward Guidance
The Importance of a Factor in Arbitrage
A factor is anything that can abstract away from the actual assets, right? So some people even think of asset classes as factors. But if you want to think about even like large cap equities, that could be a factor. It's too complicated to try to predict the actual assets without removing that noise away and treating them as factors. Yes, I just don't know how an arbitrage wears something, a few basis points cheaper on one exchange versus another. I don't really understand how that's a factor.
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