I just assign very low prior probability that "this hobbyist investor I've just met on the internet can beat the market" is true. Not zero, but low. And I think it's a pretty well justified prior.
As a corollary to that, I don't think it's good advice to tell the average retail investor to try their hand at trading because most of the time it will not work out.
If you have managed to do it, more power to you.
The advantages I mentioned was what I saw at a not particularly large hedge fund with short to medium term trading strategies. They didn't do just market making, hedge funds do vol trading too.
I just assign very low prior probability that "this hobbyist investor I've just met on the internet can beat the market" is true. Not zero, but low. And I think it's a pretty well justified prior.
As a corollary to that, I don't think it's good advice to tell the average retail investor to try their hand at trading because most of the time it will not work out.
If you have managed to do it, more power to you.
The advantages I mentioned was what I saw at a not particularly large hedge fund with short to medium term trading strategies. They didn't do just market making, hedge funds do vol trading too.