Hello! I'm new to this subreddit. I'm in a financial engineering masters program, and I talked to one of my profs the other day about potential stat arb strategies. I brought up pair trading and he said its mostly just an academic problem now because all the alpha's mostly gone (been published and iterated on for decades). He said more recent strategies have evolved well past pair trading.
I noticed a lot of pair trading still being done and explored (sometimes profitably), so I was wondering what the true conclusion may be? Is pair trading dead or no?