Big Data Is a Big Mess for Hedge Funds Hunting Signals
- Citadel, Winton Capital move to exploit new data sources
- Humans created huge amount of ‘low-grade data,’ says one quant
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It was big data’s big moment.
The most unfathomable U.S. presidential race in memory gave Predata, a startup firm backed by hedge fund manager Kyle Bass, a chance to cut through the vitriol and coolly calculate the winner by monitoring chat data. Turns out that Predata, which anointed Hillary Clinton the likely victor days before the Nov. 8 vote, was no smarter than the cable news pundits.