Is It Possible to Replicate a Chesapeake Stock?

i want to ask andrew why he couldn't replicate chesapeake without trading 300 markets, because i'm kind of thinking that we might be surprised. It's true the replicate has out perform, but when you take the volatility into account of the product, there's no difference. And as far as i can tell, regardlessf what's been said about am the er the replication, i don't see any benefit on a risk adjusted basis. I think it's just a linear regression of things. The first one is not really a bone of contention, because, of course, you would think that a firm like andrews should be able to do these strategies cheaper.

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