OI07: The Evolution of Short-Term Trading ft. Tony Kaiser
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In this episode, Moritz Seibert is joined by Tony Kaiser, the CEO and founder of Kaiser Trading, a short-term systematic fund based in Melbourne, Australia. 

Tony speaks about his start in the late 1990s, leaving a bank prop trading role to set up his own shop, and then comments on how the short-term trading space has changed and evolved over the years. Today, the models they use are shorter-term than the ones they used to trade decades ago, and the entire business is much more tech dependent. Tony mentions that short-term trading is difficult and that the space has a higher barrier to entry, which is why there are relatively few short-term managers for investors to choose from, but that one really attractive feature is the low correlation of their returns not only to traditional asset classes, but also to their own sector, i.e., other short-term managers.

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**Episode TimeStamps: **

**02:16 - **Introduction to Tony Kaiser

**04:07 - **An interesting journey

**16:50 - **A difficult space for alpha

**20:55 - **Why did Kaiser move into the short term space?

**28:17 - **How has trading frequency and systems evolved?

**33:15 - **Do Kaiser's original models still work today?

**45:28 - **A shock to the system

**49:43 - **Where does the low correlation come from?

**57:00 - **Thanks for listening

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