The Source of Unprecedented Negative Beta
The source of recent unprecedented levels of negative beta among US large cap stocks can be found in one of Alphacution's case studies - and, likely, nowhere else...
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...
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?
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…
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...
Extended Version: How Jane Street Generates Alpha – Executive Summary
A free downloadable version of this Executive Summary can be accessed here. Premium and Enterprise subscribers can view the full [...]
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,...
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.
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 -...
Guest Post: In the Shadow of Concentrated Pain to Come
Guest contributor and option trading specialist, Don Dale, makes a case that the current historical level of US equity market concentration represents a structurally and economically advantageous time to act with derivatives...