The Importance of Quantitative Testing

There are some books, some encyclopedias of patterns, if you will, where the authors have in some cases found patterns that have 100% reliability. And I think some of the people who have done this work and written these books have made that mistake. They themselves are deceived because they don't understand that what really matters is what happens every time we see that pattern. It could be that you've identified some market specific pattern, but it's more likely that if you just close your eyes and buy stocks any random day, especially over the past decade, you're going to make money.

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