ANDREW W. LO is the Harris & Harris Group Professor ofFinance at MIT Sloan School of Management and the director ofMIT s Laboratory for Financial Engineering. He has publishednumerous papers in leading academic and practitioner journals, andhis books include The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: AnAnalytic Perspective. His awards include the Alfred P. SloanFoundation Fellowship, the Paul A. Samuelson Award, the Graham andDodd Award, the James R. Vertin Award, and the American Associationof Individual Investors Award. He is also Chairman and ChiefInvestment Strategist of AlphaSimplex Group, LLC. Jasmina Hasanhodzic is a research scientist atAlpha-Simplex Group, LLC, where she develops quantitativeinvestment strategies and benchmarks. She received her PhD fromMIT s Department of Electrical Engineering and ComputerScience. Her works on alternative market betas and technicalanalysis have appeared in leading publications, such as theJournal of Investment Management, and she is the coauthorwith Andrew Lo of the book The Heretics of Finance. She alsoserves on the Board of Directors of the Market TechniciansAssociation Educational Foundation.