It seems to me that anyone who uses statistical analysis to gain an advantage in the market calls themselves statistical arbitragers.I have a general idea on what they do, but I would really appreciate it if someone explained exactly what statistical arbitragers do and what skill sets they need.Would you always be looking at historical data and do statistical analysis on it or do you get to use some stochastic calculus and do some modelling as well.I personally enjoy stochastic calculus but don't care much about stats. I am willing to do some stats but not do stats as my main work but just as a tool when it is needed in the job function. Does this mean that I would not enjoy being in statistical arbitrage?Would a PhD in Physics or Mathematics who has a lot of knowledge on stochastic calculus/processes and not much statistical knowledge handle the work of research in statistical arbitrage?