Your LLM’s alpha might be mere memorization
A new benchmark, Look-Ahead-Bench, shows that LLM-based investment strategies can generate spectacular in-sample alpha that collapses once the test window…
Quant Data
Why alternative data trials fail
The reality of selling alt data to quant funds Almost every data provider’s pitch includes a chart that looks like…
Why quants pay more for point-in-time data
When quant investors encounter a new dataset, one of the first questions they ask is whether the data is “point-in-time”…
Whose data is worth more?
A tale of two data vendors Imagine two companies go into business selling data to hedge funds. Both analyze satellite…
4 reasons people don’t trust your backtest
Systematic traders, asset allocators, and other asset managers often use backtesting, in the form of models and screens, to build…
Why great returns don’t attract investors
It’s common for talented traders and aspiring investment managers to build impressive performance track records, only to find that few…