If you do fundamental trading, one morning you wake up and feel the world is going to go to hell, and you're going to sell all your stocks. If you're a quant, you don't do that.

Be fearful when others are greedy and greedy when others are fearful. The stock market is a device for transferring money from the impatient to the patient.

Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.

Pain plus reflection equals progress. Embrace reality and deal with it. The more you can learn how to deal with not knowing, the better off you'll be.

Markets tend to overreact in the short run and underreact in the long run. Successful investing is about recognizing these inefficiencies and capitalizing on them through rigorous analysis and disciplined execution.

We build models that make predictions, but we don't claim to understand the underlying economics behind every pattern. The key is to remain humble and continuously test and refine our approaches.

Every day I assume every position I have is wrong. The most important rule of trading is to play great defense, not great offense.

In investing, the secret is survival. You have to survive first, and then you can make money. The best way to do that is to have a systematic approach based on sound mathematical principles.

We do no macro. We don't make predictions. We just follow the data.