"The most crucial out-of-sample test is future investment success. If the strategy becomes known to other investors, prices may adjust so that the strategy, however well tested, does not work in the future"
(Level I Volume 1 Ethical and Professional Standards and Quantitative Methods , 6th Edition. Pearson Learning Solutions p. 571)
But people always want a strategy that works best for everyone... The best strategies are kept secret not because of pure selfishness but simply because of common sense. Knowledge transforms reality and that knowledge may then become obsolete. Eventually everything slips away at some moment. That's why we live and work in a constantly developing environment.
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