"If the calls I am getting from headhunters are any indication, the
hot area now is high frequency trading. And no wonder. There are two
areas that were spared in the 2008 debacle: macro and high frequency
trading. Macro funds on average were up ten percent or so last year
because most of them skirted the edge of the major dislocations; their
strategies focus on liquid instruments and are not oriented toward
credit. High frequency trading did well because it thrives in an
environment of high volatility and demand for liquidity, and 2008 was a
hot house for both. Every year, people pile on to whatever strategy did
well the previous year – this tendency is worth a book or two on its
own – and so this year high frequency is destined to be the darling of
the fund of funds"

Richard Bookstaber's Blog

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