Retail Trader vs. Hedge Fund Manager: Where Is the Real Alpha?

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Checkout Flux 4.0 here: https://www.flux.live/flux4/index.html Chris Camillo and Tom Costello go head-to-head on Odds on Open's first every debate episode. They answer a question every trader eventually confronts: who is actually better positioned to take risk — a concentrated retail investor with no LPs, mandates, or career risk, or an institutional hedge fund manager with a two-and-twenty product to protect? Chris, who compounded $20K into roughly $80 million over 18 years using his "social arb" strategy, argues that a 50–70% drawdown is rational inside a properly bucketed, levered, long-horizon risk account. Tom, a former Tudor, Moore, and Caxton PM who now runs a market-neutral fund…