Boots on the Ground, Shaken by an Earthquake

Imagine the goofy EM fund manager: boots on the ground, stuck in traffic, calling his analysts for “color,” trying to appease fund-of-funds LPs, buried in meetings.

Goes home to his Thai wife.

He doesn’t even know how to execute - VWAP.

He has no ability to collapse variance - value.

His edge is paperwork.

Meanwhile, I’m walking laps — calling Rise, SPED, SPED 2, SPED 3— and collapsing variance on command.

For me, this is fun.

For them, it’s the slow death of their models.