Signals are small and short-lived

A signal that works is small, decays, and is expensive to find.

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  A signal that works is small, short-lived and expensive to find

  Expect an edge to be small, to fade, and to cost more to find than to run; a large, durable, obvious one is probably not an edge.

  Quant interviews, and any conversation about whether a published strategy can still work.

  From The Man Who Solved the Market · Gregory Zuckerman