Why more data and compute won’t save algorithmic trading

I spent years on Wall Street building the same models that gave big institutions their edge, watching the gaps and building the signals to close them. It became impossible to ignore how the tools that made investors their money stayed locked behind institutional walls, never reaching the individual investors on the other side of the trade. Eventually I’d seen enough of the game from the inside. I left the big institutions to share what I’d learned with the people who never had that access:...