The Entropy Wrangler for Your Money
Wasn't quantopian trying to do the same and had to shut shops?
Very interesting memo, thank you!
A few questions if you don't mind:
A) You mention nobody has really 'won' this space yet, but surely the personal investing market is not a winner-take-all or winner-take-most market? It is plenty big enough for multiple disruptive players to make real money. Just look at the incumbents. There is no 'one place' to invest.
B) I get the value of Composer as you outline it for a B2C play and I also get it for some parts of B2B, i.e. unsophisticated investment firms. But why would this product make its way into hedge funds? Quant hedge funds like Two Sigma etc surely are already doing exactly what Composer is trying to offer consumers/prosumers?
C) Purely prima facie, the $30/mo fee sounds steep. If it can do everything you think it can, then it is surely justified, but the consumer investing market seems to be so price sensitive these days. How do you think the product would justify that fee? Via superior performance, the same way HFs justify 2 and 20?
Thank you very much!
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Curious how they position themselves versus Quantopian or IB (for "power"-retail users)?