, 7 tweets, 2 min read Read on Twitter
Thanks @verbine.
1/ you are right it will be harder in many ways. But it will be easier in other ways
2/ harder in terms of data collection, disambiguation, normalization, etc. The data exists in cpg/retail on private companies. Just hard to get
3/ harder in terms of operational ability to transact. Will need to create a fine tuned operational machine (and we are going for rules-based decisions, not "full" automation). To be fair trading for quant funds is also not literally automated but this will have more friction.
4/ harder in terms of capital raising when some LPs don't like being "the first" to do anything. Don't get fired for investing into KKR [XII]
5/ but much much easier to achieve an investing edge given the barriers to entry. In the public markets, information advantages are quickly commoditized. The X00 data eng and data scientists that work for AQR are constantly trying to replace their lost edge.
6/ in the private market, pricing doesn't react instantaneously to new data, because nobody else has data. Also don't have to deal w/ has much "behaviorial" issues- systematic vc can investment much more on fundamentals
7/ Reminder I'm talking about a) cpg/retail (lots of data, similar biz models, not much comp from 1,000 vc firms like tech), b) companies with $1m-15m in revenue
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