Balyasny Asset Management is a study in portfolio management nuance. In the $12.6 billion hedge fund’s most recent letter to investors, first reported by Business Insider, the hedge fund subtly spoke to a particular strategy and mathematical mindset that is becoming increasingly influential. The holy grail is not about a choice between a quantitative strategy or a fundamental value approach; success is found in their integration into a portfolio. One component that is increasingly important in determine market value is passive investing vehicles, which Balyasny Asset Management says should be factored into the importance of earnings release numbers. Dmitry Balyasny is...