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Freda Duan highlights the structure of U.S. equity market trading, noting that a significant portion of trading volume is systematic in nature. According to Duan, over half of U.S. equity trading is attributed to systematic strategies, with the majority of this segment being high-frequency trading (HFT), which typically does not take directional positions on the market.
Duan’s analysis provides insight into how automated strategies play a central role in the current U.S. equity landscape.
Duan has commented on other market themes in prior research. She previously shared Stanley Druckenmiller's view that strong conviction in AI-driven deflation and job loss reflects arrogance. That commentary cited past technology cycles as a reference point.