Quality should never be compromised for short-term gains.

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.

《盐铁论·轻重》茂密的树林下面没有旺盛的青草；在没有平整的地里，长不出好的禾苗。比喻在强大的势力下，弱者会受到压制和侵害。

我不怕被误解，因为时间会证明一切。