Flirting with Models

Aneet Chachra - Surfing Flow for Fun and Profit (S5E4)

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Jun 20, 2022
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ANECDOTE

Aneet's Unconventional Career Path

  • Aneet Chachra started his career as a programmer at a big bank and then transitioned to quant and portfolio management roles.
  • His unconventional path involved learning various market insights through diverse roles in technology, hedge funds, and equity analysis.
INSIGHT

Model Behavior Over Reality

  • Mapping market participants exactly is less useful than modeling how their behavior might change over time.
  • Marginal flow, or what participants do at the edge, drives price impact more than a static snapshot of holdings.
INSIGHT

Four Market Profit Strategies

  • There are four key ways to make money in markets: buy and hold, high-frequency trading, fundamental analysis, and flow effects.
  • Flow effects occupy a one-day to one-month horizon and arise from inflexible market participants needing to transact.
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