Oh please... you thought Andrew Lo was a grad student until I explained who he is to you last fall. http://www.elitetrader.com/vb/showthread.php?s=&postid=2066025&#post2066025
More humor: Read the paper in reference. Find out who the other author is. Add 2 and 2. See if you get the answer I provided. If not, sign up for tutoring with a grad student at one of your local Jr Colleges who is writing papers for his prof in "pre cop" or pre "school teacher". Look up Jim Sullivan or Tom Nutt-Powell at Tech and see who is the co author there. Don't let the last name's spelling throw you.
Nice try but everyone knows how grad students co-author papers with professors. However, your pseudointellectual "criticism" of the paper clearly implied you had no idea who Lo is.
P.S. You want some real humor? How about this. You wrote: "This is a grad student doing a paper...The student did not know the nonstationary window required, the landmarking requirement and he did not know when the inflection occurred..." What's the most likely explanation? a) This is more of Jack Hershey's pseudointellectual drivel and gobbledygook. or b) Andrew Lo (Director, MIT Laboratory for Financial Engineering) missed this and put his name on the paper as the only other co-author but Jack Hershey picked it up.
It is important to know who Lo is and who Lo isn't. His financial career studies began at a place where I had a lot of colleagues since my academic ID there was just like that of those from whom he took courses. He graduated and moved on to the usual stuff that people pursue to get faculty credentials at assorted places. Now as stated he does financial engineering at Tech as does Derman at Columbia. For example, Julian Jaynes (of Bicameral mind fame) had a grad assistant at Princeton. She chose to come over to Philly and work for me. (the specialty was psychology) Later, she went to Tech as the Ida Green Scholar. She did papers (meaning co authored) for the guys I mentioned above at Tech, and coincidentily, I had a regional office in the area, too. She had a name change at that time and as you found out she wrote a lot of books as a coauthor with me when we returned to the Philly and Washington areas. Check out the NTIS citations and you will see the names there too. It may be that you have not spent a decade or so in academia and, therefore, you have nevr been in the loop. Academic people go in three directions: more academia; consultingin the private sector; or doing government consulting. Over the course of time I did each of those and for very specific reasons as you research may have taught you. Basically you are a non performer for an assortment of reasons which your peers can explain to you. I am not one of your peers. If you ever do anything right or anything of value, I will fall in line and comment you. then you can use my commendation as a recommendation to others. So far you have failed throughout your residence in ET. What it comes down to is that if anyone happens to agree with you, they have not been able to assess what you don't do well correctly. they get the consequences. It certainly is very helpful to me to have persons like you around. First I correct your mistakes and second I assign you work to do to get it right. You do not ever complete anything in the second category. But others do these things and grow as a consequence. This thread, humorously and convnetionally, goes though explaining how "professionals" can create and manage funds to take and use money from the lesser informed to make personal wealth for themselves. These professionals were classmates of guys like LO and now they are students like those Lo teaches. I admit that I have taught guys like LO and I have seen them pull off shennanigans like the fund used in the example which made the top 50 list in stark as cited by the ezzy references. Do you think you could sketch out a block diagram which weights the block size according to the expense cash flow to provide a visual example for a student? Could you sit in a class and get the homework correct/ Could you pass any exam given by a person like me and get it through the grad student graders? No, you can't, didn't and never will. QED, as they say at Tech. Keep up the humor, it is ,as they say, priceless.
Do you really think you're fooling anyone? Let's get back to the paper. You wrote: "This is a grad student doing a paper...The student did not know the nonstationary window required, the landmarking requirement and he did not know when the inflection occurred..." What's the most likely explanation? a) This is more of Jack Hershey's pseudointellectual drivel and gobbledygook. or b) Andrew Lo (Director, MIT Laboratory for Financial Engineering) missed this and put his name on the paper as the only other co-author but Jack Hershey picked it up. QED
FYI That happened and it is on the record. People do work, write papers and their work is evaluated by others. You have the benefit, as does anyone else who deals with non stationarity. land markerking techniques and the signal generation of inflection points. These items certainly are not important to you and your peers. Obviously they are not a concern of Lo or his students either. that is the way it goes. In this thread you see the consequences of these three topics vis a vis the funds, the management and the expenses incurred. Why not eliminat drawdown by having the correct wigth of the window (the landmarking element that is missing? Why not move the window correctly (corectly means eliminate unneccessary (staticitically speaking) data that clouded the decision making? Finally, why not include inflection points as a manner of eliminating the "adjusting" the stops (to prevent stop outs) during a "low risk" management strategy? See page 108 of the prospectus where twice the stop was adjusted to prevent a temporary loss by stop out until the trailingstops could intersect the price curve well after a price revesal on the YEN example. You are simply a person whose life is simplistic and you seem to not deal in any reasoning processes for some reason. Explaining this shit to you is not a good use of my time except for the humor value of how you always just step up to the line and mention how LO and his student are making the same mistakes as the fund outfits that own and run the funds in the example. You are simply priceless as pointed out before. Do us all a favor and stop turning in anymore homework. Your homework is fucked up.
Really Jack? If you have such a keen intellect then why don't you understand the difference between hindsight and the "hard right edge?" In October of last year you apparently didn't understand it when I caught you doing this hindsight drill: 10-21-08 08:37 PM http://www.elitetrader.com/vb/showthread.php?s=&postid=2136041&#post2136041 But even after I'd explained it to you, you did the same thing almost 2 months later. Note ScottD's wording... that YOU suggested doing the drill. 12-10-08 09:31 AM http://www.elitetrader.com/vb/showthread.php?s=&postid=2214465&#post2214465 So please enlighten us Jack... are you really that ignorant or were you deliberately trying to deceive people?
Hi Jack, I went through my music collection today, and this song totally reminded me of you: http://www.youtube.com/watch?v=JT2dufDmMR4 Behold, here cometh the dreamer. Let us slay him. Then we shall see what becomes of his dreams.
AFTER THE GOON SQUAD'S THREAD HAS BEEN TOTALLY SHIT ON IT HAS BEEN DELETED AND STARTED THREE TIMES OVER. ESPECIALLY AFTER THE LEADER OF THE PACK COMPLETELY BACKED OUT OF A CHALLENGE TO PROVE HIS MERIT IN CRITICIZING OTHERS. THE JACK POLICE WORK 24 HOURS A DAY COLLECTING AND CONTRIVING EVERY INCONSISTENCY THEY CAN FIND ON MR. HERSHEY. BESIDES THEIR INHERANT HATRED TOWARD THIS PERSON WHOM THEY'VE NEVER MET THEY ALSO DESPISE ANYONE THAT DOES NOT AGREE WITH THEM 100%. THESE THREE EXTREMELY DEDICATED INDIVIDUALS ARE SO TIGHT KNIT THEY ARE FAMILY. TWO ARE BROTHERS, T666 AND SUPER. THE FATHER OF THE PACT IS NONE OTHER THAN MANDELBROTSET WHO COACHES THE OTHER TWO THROUGH THEY'RE ENDEAVORS. SUPER IS THE YOUNGEST AND HIS INSULTING SKILLS ARE LACKING YET HE IS JUST A BEGINNER. HIS REPITITIOUS NATURE DRIVES HIM TO POST THE SAME LINKS AND PICTURES THAT HE DOES SO OFTEN OVER AND OVER AND OVER AGAIN. HE HAS MASTERED THE COPY AND PASTE FUNCTIONS YET HAS FAILED TO TAKE THE NEXT STEP. T666 HAS BEEN THE DARK SHADOW OF HERSHEY FOR MANY YEARS. WHILE OTHERS HAVE GONE FROM BLOWING THEIR ACCOUNTS TO BECOMING PROFITABLE TRADERS, T666 HAS NOT WASTED ANYTIME WITH SUCH NONSENSE. HE HAS TAKEN IT UPON HIMSELF TO DEDICATE HIS ENTIRE EXISTENCE TO BEING THE EYE IN THE SKY WHO WATCHES OVER JACK AND MAKES EVERY FLAW AVAILABLE TO EVERYONE ON THIS SITE. HE HAS AMASSED A MOTHERLOAD OF INFORMATION ON HERSHEY THAT DATES BACK TO HIS BIRTH. HIS DATABASE HAS AN ENTIRE BUILDING THAT IS 20 FLOORS OF PURE HARD DRIVE. HE HAS MORE HERSHEY INFORMATION THAN THERE IS FISH IN THE SEA . T666 WAS ONCE CONTACTED TO RESEARCH OSAMA BIN LADEN AND OTHER MOST WANTED INDIVIDUALS BUT DIDN'T EVEN TAKE THE PHONE CALL DUE TO HIS HIGH LEVEL OF CONCENTRATION AND FOCUS ON JACK HERSHEY RELATED MATERIAL. THE GOD FATHER OF THIS TRIO IS NONE OTHER THAN MANDELBROTSET. HIS TWO LOVING SONS CARVED A STATUE OUT OF STONE OF MANDEL THAT RESEMBLES ZEUS. HE HAS SHOWN HIS TWO BOYS THE HERSHEY HIGHWAY MANY A TIME. MANDEL HAS HAD A RECENT CRISIS IN HIS LIFE AND HE IS SLIGHTLY LOSING THE RESPECT HIS SONS ONCE HAD FOR HIM AS WELL AS EVERYONE WHO HAS EVER READ HIS POSTS. WHAT FOLLOWS IS WHAT IS EVER SO KILLING FATHER MANDLEBROTSET INSIDE: A REAL LEGITIMATE TRADER WHO IS RESPECTED BY MANY HAD FINALLY SAID ENOUGH IS ENOUGH. PROFLOGIC AS MANY OTHERS HAD BEEN IRRITATED AND ANNOYED AT THE HARSH CRITICISM TO CERTAIN MEMBERS BY THREE FACELESS HECKLERS WHO LACK ANY MERIT IN TRADING WHAT SO EVER. SO IN RETALIATION AND ALSO VERY APPROPRIATLY INVITED MANDELBROTSET TO A TRADING FACEOFF IN VEGAS. BOTH WOULD SHOW THEIR FACE IN PUBLIC AND NOT NECESSARILY TRADE TO BEAT EACH OTHER BUT MORE OR LESS DEMONSTRATE THEIR TRADING SKILL AND IN DOING SO ALSO DEFEND THEIR RIGHT TO BE A CRITIC OF OTHER TRADERS. MANDELBROTSET HAD TRIED IN EVERY WHICH WAY TO AVOID HAVING TO SHOW HIS FACE AND TWIST THE RULES AROUND BUT WAS UNSUCCESSFUL IN EVERY ATTEMPT. EVERY PERSON ON THIS SITE LOOKS UPON MANDEL AND HIS SONS AS COWARDS NOW. EVERY POST OF THEIRS IS VIEWED AS BITTER CHIT-CHAT WITH ABSOLUTELY ZERO VALUE. ONCE AGAIN, MANDELBROTSET DECLINED TO PROVE THAT HE IS A LEGITIMATE TRADER BY BACKING OUT OF THE CHALLENGE.