David Rosenthal: belief

Transcript context

…Super fair. I think the argument against that, though, is that Medallions sold after a day-and-a-half to somebody else who bought at that lower price. Somewhere along the chain, that loss is getting offloaded to somebody. The direct counterparty of Medallion and the quant industry writ large might not take the loss, but somebody is going to take the loss along the way. It is, as you say, a zero sum game. But I think the important thing is can you and your adversary both benefit, and I think in this case, you and your counterparty, the person you’re trading against, yes. You have two different objective outcomes. Can I get a penny over on Warren Buffet by managing to take him on this one trade? Sure. But his strategy is such that that is irrelevant.…

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