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.
A story is not like a road to follow...it's more like a house. You go inside and stay there for a while, wandering back and forth and settling where you like and discovering how the room and corridors relate to each other, how the world outside is altered by being viewed from these windows.
