Ghost of Igloi wrote:
Perhaps, but how do you explain that any data that has a track record is ignored but wives tales are promoted? The traders have largely never experienced a bear market same for the algo programmers. Why is that? Same deal, experience and grey hair is detrimental to pushing the narrative.
Because institutions are just as clueless as your average retail trader. I went to a "prestigious" school for undergrad with a well known business school. A lot of those kids I knew are working on Wall Street and you know what? They're retards. Complete morons that only got into school from a legacy status, only passed because of rampant cheating and test sharing, and only got the job on Wall Street because daddy works there. Extend that out about 3 generations or so and that's what you're dealing with.
It's like old school baseball when statisticians were begging managers to look at the numbers and instead GMs pass on a great hitter/pitcher because he has an ugly girlfriend and well, he must have self-esteem issues.