{"id":"https://openalex.org/W4237097574","doi":"https://doi.org/10.1093/oso/9780198824305.003.0013","title":"Beat the Market II","display_name":"Beat the Market II","publication_year":2018,"publication_date":"2018-08-23","ids":{"openalex":"https://openalex.org/W4237097574","doi":"https://doi.org/10.1093/oso/9780198824305.003.0013"},"language":"en","primary_location":{"id":"doi:10.1093/oso/9780198824305.003.0013","doi":"https://doi.org/10.1093/oso/9780198824305.003.0013","is_oa":false,"landing_page_url":"https://doi.org/10.1093/oso/9780198824305.003.0013","pdf_url":null,"source":{"id":"https://openalex.org/S4306463708","display_name":"Oxford University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The AI Delusion","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W2891267783","display_name":"The AI Delusion"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045841558","display_name":"Gary A. Smith","orcid":"https://orcid.org/0000-0001-5838-8982","observed_orcids":["https://orcid.org/0000-0001-5838-8982"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Gary Smith","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5045841558"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.52986217,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"183","last_page":"206"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9721999764442444,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9721999764442444,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.024900000542402267,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/algorithmic-trading","display_name":"algorithmic trading","score":0.7379999756813049},{"id":"https://openalex.org/keywords/quantitative-investing","display_name":"quantitative investing","score":0.4449999928474426},{"id":"https://openalex.org/keywords/momentum-investing","display_name":"momentum strategies","score":0.5849999785423279},{"id":"https://openalex.org/keywords/mean-reversion","display_name":"mean reversion","score":0.9620000123977661},{"id":"https://openalex.org/keywords/pairs-trading","display_name":"pairs trading","score":0.9879999756813049}],"concepts":[{"id":"https://openalex.org/C2776678506","wikidata":"https://www.wikidata.org/wiki/Q2824657","display_name":"Admiration","level":2,"score":0.6460477113723755},{"id":"https://openalex.org/C2778732403","wikidata":"https://www.wikidata.org/wiki/Q815577","display_name":"Ignorance","level":2,"score":0.567253589630127},{"id":"https://openalex.org/C136815107","wikidata":"https://www.wikidata.org/wiki/Q154242","display_name":"Nothing","level":2,"score":0.4853285849094391},{"id":"https://openalex.org/C2778171436","wikidata":"https://www.wikidata.org/wiki/Q131510","display_name":"Mantra","level":2,"score":0.46049216389656067},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.4594690501689911},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.4305295944213867},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.234115868806839},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.21817675232887268},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.18178746104240417},{"id":"https://openalex.org/C142362112","wikidata":"https://www.wikidata.org/wiki/Q735","display_name":"Art","level":0,"score":0.16309469938278198},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.12960666418075562},{"id":"https://openalex.org/C124952713","wikidata":"https://www.wikidata.org/wiki/Q8242","display_name":"Literature","level":1,"score":0.0},{"id":"https://openalex.org/C27206212","wikidata":"https://www.wikidata.org/wiki/Q34178","display_name":"Theology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/oso/9780198824305.003.0013","doi":"https://doi.org/10.1093/oso/9780198824305.003.0013","is_oa":false,"landing_page_url":"https://doi.org/10.1093/oso/9780198824305.003.0013","pdf_url":null,"source":{"id":"https://openalex.org/S4306463708","display_name":"Oxford University Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The AI Delusion","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":60,"referenced_works":["https://openalex.org/W151386227","https://openalex.org/W572012434","https://openalex.org/W616237816","https://openalex.org/W619276058","https://openalex.org/W1590203034","https://openalex.org/W1932198206","https://openalex.org/W1965689506","https://openalex.org/W1968720963","https://openalex.org/W1983071150","https://openalex.org/W1991202814","https://openalex.org/W1999294074","https://openalex.org/W2005814556","https://openalex.org/W2014725748","https://openalex.org/W2019323712","https://openalex.org/W2027644070","https://openalex.org/W2030580084","https://openalex.org/W2035813792","https://openalex.org/W2035932764","https://openalex.org/W2059270771","https://openalex.org/W2060050130","https://openalex.org/W2065925707","https://openalex.org/W2068181924","https://openalex.org/W2072704240","https://openalex.org/W2084522107","https://openalex.org/W2090166800","https://openalex.org/W2105389353","https://openalex.org/W2118699776","https://openalex.org/W2123793338","https://openalex.org/W2126999940","https://openalex.org/W2160121029","https://openalex.org/W2163598528","https://openalex.org/W2171468534","https://openalex.org/W2182051792","https://openalex.org/W2235266583","https://openalex.org/W2265619252","https://openalex.org/W2299251378","https://openalex.org/W2337444689","https://openalex.org/W2337816612","https://openalex.org/W2523579862","https://openalex.org/W2535873859","https://openalex.org/W2552893417","https://openalex.org/W2736054604","https://openalex.org/W2765424254","https://openalex.org/W2783941793","https://openalex.org/W2792265363","https://openalex.org/W2798302089","https://openalex.org/W3105786976","https://openalex.org/W3121409256","https://openalex.org/W3121951811","https://openalex.org/W3122810052","https://openalex.org/W3123536668","https://openalex.org/W3124881446","https://openalex.org/W3192963301","https://openalex.org/W4211134865","https://openalex.org/W4232577791","https://openalex.org/W4234698323","https://openalex.org/W4244894666","https://openalex.org/W4248668153","https://openalex.org/W6727355760","https://openalex.org/W6809680140"],"related_works":["https://openalex.org/W2944808097","https://openalex.org/W2284246192","https://openalex.org/W2562528562","https://openalex.org/W2791926589","https://openalex.org/W1993956660","https://openalex.org/W4318776793","https://openalex.org/W3112713994","https://openalex.org/W3124377952","https://openalex.org/W4313298700","https://openalex.org/W1997818982"],"abstract_inverted_index":{"Abstract":[0],"Nowadays,":[1],"technical":[2,91,107],"analysts":[3,92],"are":[4,13,135,169,175],"called":[5,136],"quants.":[6],"Being":[7],"overly":[8,14],"impressed":[9,15],"by":[10,16,237],"computers,":[11],"we":[12,206],"quants":[17,48,96],"using":[18,93,97,148],"computers":[19,98,142,163,168],"instead":[20],"of":[21,61,88,153,183,193,258,264],"pencils":[22,94],"and":[23,55,125,146,233,274,277,353,364],"graph":[24],"paper.":[25],"Quants":[26],"do":[27,222],"not":[28,67,229,247],"think":[29],"about":[30],"whether":[31],"the":[32,44,57,81,106,116,141,158,162,167,191,231,305,311,332,338,365],"patterns":[33,79],"they":[34],"discover":[35],"make":[36],"sense.":[37],"Their":[38],"mantra":[39],"is,":[40],"\u201cJust":[41],"show":[42],"me":[43],"data.\u201d":[45],"Indeed,":[46],"many":[47],"have":[49,219],"PhDs":[50],"in":[51,80,115,151,186,189,212],"physics":[52],"or":[53,63],"mathematics":[54],"only":[56],"most":[58,82],"rudimentary":[59],"knowledge":[60],"economics":[62],"finance.":[64],"That":[65],"does":[66],"deter":[68],"them.":[69],"If":[70],"anything,":[71],"their":[72,171],"ignorance":[73],"encourages":[74],"them":[75],"to":[76,95,100,110,144,221],"search":[77],"for":[78,127,208,243,254,284,301,328],"unlikely":[83],"places.":[84],"The":[85],"logical":[86],"conclusion":[87],"moving":[89],"from":[90],"is":[99,240,246,307,334],"eliminate":[101],"humans":[102,174],"entirely.":[103],"Just":[104],"turn":[105],"analysis":[108],"over":[109],"computers.":[111,244],"A":[112,286,314,341],"2011":[113],"article":[114],"wonderful":[117],"technology":[118],"magazine":[119],"Wired":[120],"was":[121],"filled":[122],"with":[123,200,223],"awe":[124],"admiration":[126],"computerized":[128],"stock":[129,261,268,295,322,348],"trading":[130],"systems.":[131],"These":[132],"black-box":[133],"systems":[134,266],"algorithmic":[137],"traders":[138],"(algos)":[139],"because":[140],"decide":[143],"buy":[145],"sell":[147],"computer":[149],"algorithms":[150,159,251],"place":[152],"human":[154],"judgment.":[155],"Humans":[156],"write":[157],"that":[160,228,291,319,346],"guide":[161],"but,":[164],"after":[165],"that,":[166,196],"on":[170,310,337],"own.":[172],"Some":[173,263],"dumbstruck.":[176],"After":[177],"Pepperdine":[178],"University":[179],"invested":[180],"10":[181],"percent":[182],"its":[184],"portfolio":[185],"quant":[187,217],"funds":[188],"2016,":[190],"director":[192],"investments":[194],"argued":[195],"\u201cFinding":[197],"a":[198,256,293,298,321,325],"company":[199],"good":[201],"prospects":[202],"makes":[203],"sense,":[204],"since":[205],"look":[207,271,283],"under":[209],"valued":[210],"things":[211],"our":[213,224],"daily":[214],"lives,":[215],"but":[216],"strategies":[218],"nothing":[220],"lives.\u201d":[225],"He":[226,245],"thinks":[227],"having":[230],"wisdom":[232],"common":[234],"sense":[235],"acquired":[236],"being":[238],"alive":[239],"an":[241,357],"argument":[242],"alone.":[248],"Black-box":[249],"investment":[250],"now":[252],"account":[253],"nearly":[255],"third":[257],"all":[259,282],"U.S.":[260],"trades.":[262],"these":[265],"track":[267],"prices;":[269],"others":[270],"at":[272,297,324],"economic":[273],"noneconomic":[275],"data":[276],"dissect":[278],"news":[279],"stories.":[280],"They":[281],"patterns.":[285],"momentum":[287],"algorithm":[288,316,343],"might":[289,317,344],"notice":[290,318,345],"when":[292,320,359],"particular":[294],"trades":[296,323],"higher":[299,309,326],"price":[300,306,327,333,361],"five":[302],"straight":[303,330],"days,":[304,331],"usually":[308,335,350],"sixth":[312],"day.":[313,340],"mean-reversion":[315],"eight":[329],"lower":[336],"ninth":[339],"pairs-trading":[342],"two":[347],"prices":[349],"move":[351],"up":[352,363],"down":[354],"together,":[355],"suggesting":[356],"opportunity":[358],"one":[360],"moves":[362],"other":[366],"doesn\u2019t.":[367]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2022-05-12T00:00:00"}