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.

在科学中最令人兴奋的短语，预示着新发现的，不是“我找到了！”，而是“这很有趣...”

Architecture is about finding the right balance between the specific and the universal.