Backtesting

“When you're running a back test through the better part of the last decade, ChatGPT knows that Nvidia became a multi-trillion dollar company. ChatGPT knows what the mega trends were in the economy and the market over those timeframes. It's not realistic to tru…”

“Literally, since our Goldman Sachs days, this is more than 25 years ago, we've generally used half a backtest out of sample as a bogey. And life has worked out fairly close to that.”