After 25 years in this business, it has never been easier to enter orders, get reports, and any sort of information (or misinformation) I desire. Cost of execution has never been lower, I have never had more capital at my disposal, and my expectations have never been lower (Thanks to Sir Alan). There is technological overload. I have too many screens in front of me, and too many keyboards at my fingertips. There are more trading and hedging vehicles than I ever dreamed of, and yet from my side of the screen it seems like there are few low - risk strategies with any positive expected value left. My cost of capital is roughly 2% per annum, and I would be willing to do any combination of transactions, that lock in a return in excess of this princely return net of all expenses (for investments of up to say 1 year). Years ago, (on the floor) you could put on forward conversions, trade boxes and butterflies etc. On expirations there were always opportunities. I would consider program trading and basket arbitrage, but I suspect the margins are too small, and the street would always have an advantage over me. Statistical arbitrage, relying on the law of large numbers, may be the way to go. (Timber Hill has had results which are amazing, even adjusting for their size and infrastructure) But here again, I am at a disadvantage. The market has never been truly efficient but seems to be getting much closer. Your thoughts either public or private would be appreciated.