What level of opponents are short-term traders facing now?

Just looking at one leading quantitative private equity firm, its assets under management are already close to the hundred-billion level. What about the entire quant circle combined? That number might far exceed what most people can imagine.

Assuming these institutions all maintain similar returns—where does the money come from? The overall market size is fixed; the more institutions earn, the less room there is for retail investors.

The more crucial point is the long-term effect: if retail investors consistently remain at a disadvantage in this game, fewer newcomers will be willing to enter the market. After all, nobody is foolish—after losing several times in a row, many people will simply choose to quit the game altogether.

If this trend continues, the entire market’s liquidity structure could fundamentally change. With retail participants shrinking and institutions competing among themselves, the market ecosystem may eventually evolve into something completely different.