A recent WSJ report says that “Revenues at HFT firms from U.S. equities trading were an estimated $1.1 billion last year, down from $7.2 billion in 2009.” That’s an 85% decline in under a decade! When it comes to business and markets in particular, edges don’t last very long. The brilliant mathematician Benoit Mandelbrot said … Continue reading Will The Rise of Factors Kill Factor Investors?