We have always been chasing several times or even dozens of times annualized returns. I remember in 2021, when I first came into contact with position arbitrage, quantitative trading, and institutional portfolio allocation, I would always listen quietly, taking the perspective of an audience member during conversations with them. The annualized return they expected was only 5-20%. When I heard that, I actually wanted to mock them in my heart—damn, with such low returns, are there really any clients willing to give you their money? Even a pig would do better just buying and playing on their own; it couldn’t possibly be this little.