In episode 75, Alex Proimos speaks with Scott Treloar, chief investment officer at Noviscient. In this episode, we take discuss how the book by Erik Brynjolfsson and Andrew McAfee, Machine, Platform, Crowd: Harnessing Our Digital Future, was the inspiration for a centralised portfolio management approach to an innovative form of hedge fund. We talk about the power of technology and an investment fund platform to source and measure the best investment ideas and reward the idea generators. Serendipitously, we talk about how this approach as analogous to the music label business with diverse and rotating talent. We also cover market efficiency, passive investment flows, a breakdown of alpha and beta, the challenge of determining skill and the ultimate definition of a hedge fund. Finally, we cover whether there is a natural limit to the size of a hedge fund.