Investment firms have turned to so-called alternative data companies in recent years, transforming opaque data sets into tradeable information to gain a competitive advantage. A home industry of technology companies has sprung up to process information on everything from the weather to web search, and to hedge funds and others.
Some say there may be a bubble in the industry.
Take the Thasos group. Thasos, a player in the $ 7 billion booming alternative data industry, was worth $ 42 million, relationships with MIT, and a blue-chip CEO, whose predecessor Sense Networks of Newsweek once called "The Next Google ". Thasos was also part of Bloomberg's new alternative data marketplace, which meant it was approved by the data magazine.
However, Thasos struggled to earn money selling its key financial services to customers, and was forced to lay off two thirds of its employees in August, sources told Business Insider. His CEO and co-founder Greg Skibiski also resigned.
The problems that Thasos faced are not clear, report Bradley Saacks and Dan DeFrancesco. While there is no shortage of hedge funds interested in buying data, the market is both overcrowded and unionized.
"We may have an alternative data bubble," said Mike Chen, Portfolio Manager at PanAgora Asset Management, to Business Insider. "I believe that many of the more advanced users of alternative data ̵
Shannen and Joe were recently added to our BI Prime team. You should also look at coverage of recently added topics such as Melia Russell, which covers venture capital and technology, and reports a technical director of Google who is black and states that he is less attracted to work if he is like a janitor.
And Patrick Coffee who joined us to cover the advertising business, this week informed McDonald's new advertising agency in an internal memo about why the world's largest fast-food Chain ran counter to industry trends to reshape the marketing strategy.
I look forward to presenting more great stories from newcomers to our team in the coming weeks! Enjoy your Sunday!
Finance and Investments
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