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It's perceived to be the most fun / spoken about. Its had a renaissance in the past 5 years with the "industrialisation of alpha" from the large mm risk models churning out hsd/ldd returns regardless of market environment - all whilst the tiger cubs struggled in 21/22 when tech beta took a beating on surprise inflation. On the flipside the l/s fundamental strategy feels like it's at capacity. Aum levered to l/s equities is unlikely to 2x from here. Crowding is an issue. Seems like the large mm platforms are looking to scale though 3rd party allocations and other uncorrolated strategies. I'm in the peak pod camp but arguably the same was said 15 years ago before they had their golden moment.
Def agree on your points on L/S. Feels like everyone is crowding the short term market, from quants to L/S, and there's a ton of long term misprisings due to this.
So I guess it'd be unwise to lean towards global macro or credit as a specialty
Other large fund types(mainly quant) tend to other areas of the internet like reddit or quantnet
This. See places like r/quant.
What do you think of the long-term development of L/S equity, would it be generally replaced by quant? Many thanks!
No. They're 2 different areas. Quant is really overused as a term. Everything will slowly converge to more "quant" just because we're in an era of data, and for that reason I don't recommend getting a finance/econ degree anymore, or at least getting a math/stats/data science/cs minor with it. But quant itself won't replace L/S. Just move it.
Because college kids can understand equities.
Can confirm from firsthand experience
And you missed “.. as opposed to credit” which is so true lol
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