Trend-following is not such a good model. It’s simply eroded. Things change and being able to adjust is what made Mr. Simons so successful. “Statistic predictor signals erode over the next several years； it can be five years or 10 years. You have to keep coming up with new things because the market is against us. If you don’t keep getting better， you’re going to do worse.
"To me, fearless is not the absence of fear. It's not being completely unafraid. To me, fearless is having fears. Fearless is having doubts. Lots of them. To me, fearless is living in spite of those things that scare you to death."
