He hit the nail on the head but I think the framing of the investor's objective is not complete. The search for alpha is usually not about finding ideas that ev

He hit the nail on the head but I think the framing of the investor's objective is not complete. The search for alpha is usually not about finding ideas that everyone thinks is bad but are actually good, although that does sometimes happen. Instead it's about finding totally undiscovered perspectives that lead to new insights into the market structure, market data or underlying market mechanisms that nobody considered before. There's large numbers of Easter Eggs that need to be unlocked. It's secret knoweledge, an unknown unknown. The world of start-ups is a little different. It's more rare to have a totally novel idea that nobody has thought of. In that space I think his framing is spot on. Regardless, there's enough similarities that I think it's fair to group them together.