&quot;When it comes to publishing in the Journal of Finance or the Journal of Financial Markets, the editors simply don’t have the mathematical knowledge necessary to vet some of the more complex and nuanced assertions.&quot;<p>Personally, I think everyone should stop reading at this point.  Of course I went through to the paper itself.<p>What is the paper? Mathematicians citing Leontief from 1982 about the woes of economics as a science, running some simulations (no data for me, thanks!) and really getting quite angry, for what, to remind us that backtesting is a flawed methodology? If you invest based on some random back-tested wavelet bullshit you&#x27;re doing it wrong, this is not news to anyone. Harvey, Liu and Zhu made their point already (note - not the Zhu who authored this paper) and nobody cares about your filling in some dull derivations in a mathematical appendix and calling them &quot;proofs.&quot; Everyone complains about economists doing too much of that already.