FYI: People want to believe the present is different than the past. Markets are now computerized, high-frequency and block traders dominate, the individual investor is gone and, in his place, sit a plethora of huge mutual and hedge funds to which he has given his money. Many have simply given up trying to earn alpha in the market and have given their money to index funds. Some people think these masters of money make decisions differently and believe that looking at how a strategy performed in the 1950′s or 1960′s offers little insight into how it will perform in the future.
Regards,
Ted
http://jimoshaughnessy.tumblr.com/post/173328492169/how-to-arbitrage-human-nature
