Where to find edge?

I sketched importance of edge in my previous post. Where will I find that edge? This is now one million dollar question.

These are two older posts from macrotactics blog about getting edge in trading which are worth to take a look:
Getting edge 1
Getting edge 2

I have opinion that there is not needed to reinvent wheel. Microsoft did not invented operating system, Facebook wasn't first social network and Apple did not invented cell phone. Each of them just took idea and shaped it to better fit their business model. Idea was there before and it was tested, they just improved it.

So lets look what we have here for investors:
momentum, value, size premium, equity premium, corporate bonds (credit risk premium), goverment bonds (yield curve risk premium), commodities, stamps, real estate, art etc. etc.

Something for traders:
pair trading, merger arbitrage, volatility arbitrage, convertible arbitrage, trend following etc. etc.

Each one investment / trading strategy is well documented and academically tested. You could get very high confidence that strategy is working (at long-term horizon). There is plenty of strategies and so it is not so hard to find edge - to find strategy which has positive expectation (we will get to it in later posts). Harder task is how to divide your capital between all of those strategies and how big leverage you should use. So at the end our question converges and it becomes: "How to correcty apply money management and risk management?"