Help me get my head around this please. Why would the strategies not be worth trading in isolation? Does it mean that they have low win ratio but very high avg win/ avg loss ratio? Kind of like trend following strategies - they chop you up but once you catch one ... In this case, I understand that something somewhere is likely to trend so you want to be everywhere and make sure draw downs are uncorrelated and under control. Another possibility is there are so few signals generated, that you can trade thousands of strategies because they collectively result in only a few trades a month. Another possibility is that they are not scalable, so you must run many with small size. But any strategy that trades frequently enough ( once a week or more ) must stand on its own or you just going to churn your account to zero, imho. What am I missing? Am I too short-term oriented to see the bigger picture? Again, talking active trading, not investing or smart beta kind of stuff. Thanks