In the “real” world, Hedge Funds pay their staff. In the fake world of “Outsourcing” they don’t. Rather like hiring an indian from Bangladesh living on the floodplains to do your telephone sales – but at least they get paid SOMETHING. I agree that technically Q have come up with some good research and a good back testing engine (if you have the infinite time and patience to look through the more than voluminous source code).
I very much fear that no statistical test and no amount of live trading verifies anything very much. How many fund managers let alone hedge fund managers have we seen come and go after stratospheric periods during which they appeared to be omniscient. JW Henry and Bill Dunn are classic examples. Maybe their time will come again, maybe not. There are periods where a strategy fits the markets and rather more periods where it does not. But this is not a diatribe about the foolhardiness of prediction…so lest I get carried away I’m just saying that people on the end of the outsourcing chain, the mugs hoping for some tiny allocation, are about as likely to achieve their dream as the average lottery ticket punter.
The financial world in particular is overly populated by FWOT: systems, participants, the works. A giant “Bonfire of the Vanities”
My distaste and extreme scepticism result from years of disappointment following contacts on the internet. Magazines who pay nothing for articles they have published, conference and seminar promoters who expect you to perform for nothing when they are charging punters a couple of thousand quid for entry, an endless stream of people who want to talk about ideas or proposals which inevitably lead nowhere. Life is too precious to waste on such nonsense.