Commentary
To have a consistent edge in the market a participant has to be able to effectively take advantage of an opportunity or perceived inefficiency that others either are unaware of or potentially unable to see or exploit. This can be information, technology, superior knowledge of the fundamentals or technicals, and a variety of other factors. Many decry the fact that certain funds and institutions have better access to certain edges which put the smaller or retail type trader/investor at a disadvantage. It is my belief that while this may in fact be true to some degree there are also inherent advantages that smaller players have over bigger competitors and one of the most misunderstood is the use and understanding of the value of cash.
