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Which makes it sound sensible, measured, prudent and not the systematically moronic idea it is. | Which makes it sound sensible, measured, prudent and not the systematically moronic idea it is. | ||
Backtesting is one of those cognitive dissonances that has passed, for now, into embarrassed history, but is sure to re-emerge the moment the markets regain their giddily optimistic resting state. Markets are fueled by the self-confident delusions of vain men. | Backtesting is one of those cognitive dissonances that has passed, for now, into embarrassed history, but is sure to re-emerge the moment the markets regain their giddily optimistic resting state. Markets are fueled by the self-confident delusions of vain men. And — if this [https://dms.licdn.com/playback/C4D10AQGwK-68LGNLTg/ea3dceb1d1be46ec9e8a465c308b02d9/ads-mp4_3300_v2/1539653675477-jctfxc FT video] is anything to go by — women. | ||
Once upon a time a resourceful [[salesperson]] with a clever new product (one that, you know, embedded [[leveraged alpha]], or something) had to go through the motions of justifying its “extraordinary potential”<ref>i.e., for [[sales credits]]</ref> when pitching it to {{sex|his}} [[mark]]s<ref>Did I say “[[mark]]s”? I meant “sophisticated [[client]]s properly categorised for [[MiFID]] purposes as [[Professional client - COBS Provision|professionals]] who weren’t carpet-bagging blaggers, had the slightest clue what they were about, effortlessly saw [[charlatan]]s coming a mile off and weren’t remotely influenced by the [[corporate entertainment]] — golf, motor racing, fine dining and [[hookers]] — with which they were lavishly festooned”.</ref>. | Once upon a time a resourceful [[salesperson]] with a clever new product (one that, you know, embedded [[leveraged alpha]], or something) had to go through the motions of justifying its “extraordinary potential”<ref>i.e., for [[sales credits]]</ref> when pitching it to {{sex|his}} [[mark]]s<ref>Did I say “[[mark]]s”? I meant “sophisticated [[client]]s properly categorised for [[MiFID]] purposes as [[Professional client - COBS Provision|professionals]] who weren’t carpet-bagging blaggers, had the slightest clue what they were about, effortlessly saw [[charlatan]]s coming a mile off and weren’t remotely influenced by the [[corporate entertainment]] — golf, motor racing, fine dining and [[hookers]] — with which they were lavishly festooned”.</ref>. |