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Alternative Data: An Arms Race
The first person to a new data set could potentially find some interesting edge that might eventually get arbitraged away as more people include alternative data in their process. So from our perspective what we're generally looking for is data that's a little bit more raw in form. We don't want the vendor to do all of the work for us and hand us a signal that says from one to 100 hundred hundred's good one is bad invest on this trust us because they can sell that to 20 other asset managers That signal is not going to stay around for very long it's going to very quickly get priced in.