Well, I would argue that while being data driven often has a first mover advantage, eventually this is arbitraged away. The first few movers reap a lot of the b

Well, I would argue that while being data driven often has a first mover advantage, eventually this is arbitraged away. The first few movers reap a lot of the benefits, and by the time everyone starts to replicate a similar methodology, it is either too hard to catchup, or there are too many dogs chasing the same car. A good example of this would be banks in 2008. The quants were looking at only the underlying statistics, and not conceptualizing that the historic data didn’t account for housing bubble, low rates, zero down, etc.