How Quant Evolves

[00:01:15] – (First Question) – His background in the Air Force

[00:01:23] – Boyd: The Fighter Pilot Who Changed the Art of War

[00:03:18] – Training people on high performance machines

[00:04:47] – Traits that made for better pilots

[00:05:51] – The evolution of quantitative equity research and its stages

[00:07:56] – How his research led to becoming a practitioner

[00:09:10] – The early feature sets in his research

[00:10:44] – Tradeoffs in the spectrum of interpretability

[00:12:08] – Early days of his practitioner career

[00:13:24] – Risk Premia and the 5 C’s

[00:14:28] – Quantitative Equity Portfolio Management: Modern Techniques and Applications

[00:17:13] – Applying the 5 C’s to value investing

[00:18:38] – Knowing when a strategy/signal is broken

[00:21:24] – What does this strategy plan mean for his firm today

[00:24:56] – Mixing expert systems and portfolio construction

[00:30:07] – Natural language processing

[00:32:00] – Cultivating the power and creativity to ask good questions

[00:35:13] – The concept of a research graveyard

[00:37:45] – State of risk premia today

[00:40:04] – Active equity process

[00:46:37] – Frontiers of research that he’s excited about

[00:48:53] – Safe havens for non-quantitative investors

[00:52:16] – Advice for young quants

[00:54:36] – Quants on the buy-side that he admires

[00:55:41] – Kindest thing anyone has done for him