No Future! Thinking about Trading Strategy in a Punk Rock World

What’s the Utility of Future Returns to Traders?

Photo by Ruizhe du on Unsplash

My work on trading strategy analysis departed from Mean-Variance Optimization, as studied by Markowitz and developed in most finance theory text books under the name Modern Portfolio Theory, the moment I had to consider three aspects of trading in the real world:




This is a “narrative portfolio.” Data science, done for the pleasure of finding things out. There is much more content like this in my book, Adventures in Financial Data Science, available on amazon at and directly at

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Graham Giller

Graham Giller

Predicting important variables about companies and the economy, I turn data into information. CEO of Giller Investments.

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