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cover of episode Giuseppe Paleologo on Quant Investing at Multi-Strat Hedge Funds

Giuseppe Paleologo on Quant Investing at Multi-Strat Hedge Funds

2025/6/21
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Giuseppe Paleologo
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Jill Wiesenthal
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Jill Wiesenthal: 我认为现在所有的投资都是量化投资，因为每个投资者都可以使用某种形式的量化工具。大家都在使用数字，所以我觉得现在很难区分什么是非量化投资了。 Giuseppe Paleologo: 量化投资是指进行大量独立或准独立的押注，这意味着需要能够将方法扩展到大量独立押注。我认为别人的因子是我的阿尔法，反之亦然。有些众所周知的因子，如价值、动量或反转，如果你押注这些因子并分散其他一切，你将获得一些有定价的回报。阿尔法是一种没有相关风险的回报，但实际上并不存在，所以你所拥有的是存在于某些频率、宇宙或特征中，但尚未被其他人发现的因子。作为量化研究的负责人，我的工作是负责股票的量化研究，并为公司提供集中化的量化服务，包括开发因子模型、对冲以及投资组合咨询服务。在策略方面，在数据丰富的策略中，你可以使用非常先进的机器学习算法，并且没有数据窥探问题或回溯测试问题。像我们这样的大公司将拥有优势，因为我们拥有规模、大量的投资组合经理、大量的历史数据和没有人拥有的专有数据。

Deep Dive

Chapters
This chapter explores the core definition of quantitative investing, differentiating it from other investment styles like value and discretionary investing. It emphasizes the importance of the number of independent bets and the scalability of the method as key characteristics of quant investing.
  • Quantitative investing involves a large number of independent bets.
  • Scalability to numerous independent bets is crucial.
  • Many investors use some quantitative tools, but the extent varies.

Shownotes Transcript

Quantitative investing is one of those terms that you hear all the time, but there's various explanations of what it actually means, or how quants actually make money. And of course, the term means different things in different contexts. In this live episode, recorded at the Bloomberg Equity Intelligence Summit on June 12, we speak again with Giuseppe Paleologo, the head of quantitative research at Balyasny Asset Management. We talk about his role, what quant investing actually is, and what the future of the space actually entails.Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots)

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