[rmrfstar]

It is hard to formulate a coherent opinion about the optimal level of activity $W without discussing the concrete details of activity $W.

There is a saying in the Beltway, "those who talk don't know and those who know don't talk." The same is probably true in this line of business.

It is hard to determine whether our financial markets do enough/too-much of whatever it is that tier-one liquid market buyside quants do. They probably do a lot more than you'd expect.