[jklein11]

Equities and "delta 1 assets" are very liquid, meaning there are a lot of buyers and sellers. This helps to make price discover more efficient. Anything outside of that means that there is much less liquidity and therefore inefficiencies in price.

Think about it this way. You are trying to sell an apple. In one room, there are 100 people trying to sell an apples and 100 people trying to buy them. In the other room there is 1 person trying to buy apples and no one selling. In the first room you don't have much leverage. The buyers can go to the other 99 sellers if they don't like your price. In the second room you have a ton of leverage. If the person wants to buy an apple they are either going to have to buy it from you or wait for another seller to enter the room.

When it comes to non equity or delta 1 assets, there tends to be more complexity in understanding the assets, which acts as a barrier to entry. If you have been in investment banking for 6+ years, you likely understand these complexities and can find pricing inefficiencies.