Anyway, back to my two reasons. Firstly, there is far more capital chasing mis-pricings today, making margins harder to come by and secondly, technology has changed dramatically. Algo-based trading now accounts for a large percentage of total volume on all major exchanges, and inefficiencies are harvested in nanoseconds rather than days or weeks, as we saw back in the golden years. However, alpha will not entirely disappear, as long as markets don’t go up and down in straight lines.
