In another thread, you wrote that most prop firms were engaged in pair trading but that Bright focused on it exclusively. In the same thread you wrote that "most prop firms do it exclusively". One of my friends, who is well versed, in Chicago proprietary shops (among others) reported to me that most traders traded directionally. I also have a quantitative friend and he claims that he doubts there is much money in pairs given that it is the oldest report of statistical arbitrage. I wanted to know what you exactly you meant and as much as you can tell me the general types of things that people who are making a living today are doing.