Great! Even the greatest trading strategy, once made available to the very general public (FT readers), is worthless, because you can't make abnormal returns by doing what everyone is doing.
It's a good learning tool, though. Strategies like this have been "opensourced" by academia for decades.
It may be personal. I remember reading his analysis of MBIA on valueinvestorsclub.com in 2002, and he was just as down on it then (though at the time he used kilobytes of prose instead of megabytes of numbers).
It's a good learning tool, though. Strategies like this have been "opensourced" by academia for decades.