Jim Simons Told the US Senate Under Oath That Medallion’s Signals Are “Profitable Only Slightly More Often Than Not.” The Formula That Explains How — Var(β̂) = σ²(X’X)⁻¹ — Also Explains Why AQR Manages $179 Billion on t-Statistics, Why LTCM’s Nobel Laureates Blew Up $125 Billion, and Why Your True Alpha Was Never the Signal — Navnoor Research
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