This reminds of the recent book on Renaissance Technologies and Jim Simmons- The Man Who Solved the Market. There’s an interesting passage in the book:
Over time, Simons came to the conclusion that the losers probably weren’t those who trade infrequently, such as buy-and-hold individual investors, or even the “treasurer of a multinational corporation,” who adjusts her portfolio of foreign currencies every once in a while to suit her company’s needs, as Simons told his investors.
Instead, it seemed Renaissance was exploiting the foibles and faults of fellow speculators, both big and small.
The manager of a global hedge fund is guessing on a frequent basis the direction of the French bond market may be a more exploitable participant,” Simons said.
It’s hard to figure who. It could anyone from a newbie to a professional PMS, LIC or even EPFO : )
Will take some time. We just go our in-principle approval, there’s a final approval and our first fund comes after that.