The Bitter Lesson Is The Final Competitive Moat (opens in new tab)

Up until not too long ago, the modal way of preserving a moat in quantitative finance was to operate in absolute secrecy. This was in part because the traditional quant edge was a secret, a signal you found, that little to no one knew about, and was now yours to guard. I strongly believe that the importance of "absolute secrecy" will rapidly drop in the coming times. In the long tail of AI commoditising intelligence, the final frontier of competitive advantage is some form of distribution and...