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Strategies and Structures: Why Jane Street is Not a Hedge Fund

Perhaps because they want to be part of one of the biggest market stories of the year - but don't really know what to say - an "argument" has been floated that Jane Street is actually a hedge fund instead of a market maker. Though Alphacution would rather not bring more attention to this shallowness, it's important for us to make the distinction for why Jane Street is not a hedge fund...
By Paul Rowady | August 30, 2026 | Open
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The Manchurian Hedge Fund Manager

Why is so much attention being showered on less-than-novice hedge fund manager, Leopold Aschenbrenner, and his now-paradoxically-named fund, Situational Awareness? Along with an analysis of Leo's strategy and holdings, Alphacution asks the question that no one wants to ask too loudly in this "kayfabe" market: Cui bono?
By Paul Rowady | August 11, 2026 | Open
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The Quant 100 List

Based on Alphacution's proprietary assembly of the 13F dataset, the following represents an alphabetical list of the top "100" players in quantitative trading as of the end of Q1 2026. For those who are new to Alphacution or for those who may benefit from a reminder, this list – along with a cast of stakeholders, like exchanges, solution providers, banks, and others – is where we draw inspiration for our ongoing research roadmap…
By Paul Rowady | June 25, 2026 | Open
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SpaceX and US Equity Market Topology

Concentration of holdings around a short list of stocks has become a common critique of the level of risk in the US equity market. Beginning with the unprecedented IPO of SpaceX (SPCX), a wave of gargantuan AI-related IPOs is likely to exacerbate concentration in US equities further. But, how much further? In this Feed post, Alphacution presents a view of this concentration from the perspective of the "holders" - institutional asset managers - to answer the question: What concentration of...
By Paul Rowady | June 15, 2026 | Open
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Case Study Introduction: D. E. Shaw’s Strategy Frame

Access the Introduction to Alphacution's latest groundbreaking case study... In this 84-page, 103-exhibit case study - "D. E. Shaw & Co., Inc. - Strategy Frame" - Alphacution presents a new, next-level analysis on one of the most legendary quantitative hedge fund managers of them all: D. E. Shaw & Co. Based on a proprietary version of 13F data that has been jointly developed over years with a stealth-mode data partner, this case study leverages a data sample spanning 50 quarters,...
By Paul Rowady | February 9, 2026 | Open
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The OJ Renick / OCA Reunion Interview

This invitation - to be back in the room where it all started and to be interviewed by the guy, O J Renick, who was the first to invite me in front of a live camera under the Alphacution banner - could not be passed up. What follows is about 18 minutes of discussion around excerpts of Alphacution's case study, "US Equity Market Macrostructure Evolution," roughly translated for a more retail-oriented audience.
By Paul Rowady | December 19, 2025 | Open
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Raising the Gates: New Subscription Pricing, Status Report 2026

Alphacution has launched a new website in preparation for implementing a new subscription pricing strategy for 2026. As a key part of that, Basic and Silver subscriptions will be discontinued and incentivized to upgrade by year-end 2025. With a brief review of more than a decade of notable achievement as backdrop, this Open Feed post outlines Alphacution's development plans for the immediate future, including details about incentives for existing subscribers to upgrade to - and new subscribers to consider -...
By Paul Rowady | November 24, 2025 | Open
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