Moneyball In Quantland

From The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It by Scott Patterson; pages 287-288 of the TPB:

Renaissance [Technologies] was also free of the theoretical baggage of modern portfolio theory or the efficient-market hypothesis or CAPM. Rather, the fund was run like a machine, a scientific experiment, and the only thing that mattered was whether a strategy worked or not — whether it made money. In the end, the Truth according to Renaissance wasn’t about whether the market was efficient or in equilibrium. The Truth was very simple, and remorseless as the driving force of any cutthroat Wall Street banker: Did you make money, or not? Nothing else mattered.

Boldfaced emphasis added by me.

That reminds me of this scene in Moneyball:

Moneyball Science vs scouts

He gets on base. The strategies aren’t like the other quants — but they make money.

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