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.

The true genius shudders at incompleteness — and usually prefers silence to saying something which is not everything it ought to be.

未来不是沉重的，而是轻盈的。

现代世界的巨大挑战是创建既足够强大以有效治理，又对公民需求负责和响应的制度。