Thank you for this comprehensive response! I have often found myself struggling to explain the difference between building a strategy or trading system (which

Thank you for this comprehensive response! I have often found myself struggling to explain the difference between building a strategy or trading system (which reduces to a technical/intellectual challenge) and running a hedge fund (essentially running a complex information-driven business). Your cost breakdown really puts matters into perspective. > it bodes well for the OP that they talk about market regimes I concur. Market regimes (modeling, detecting, reasoning about them) are too delicious of an intellectual puzzle to resist.