这篇论文深入探讨了量化投资系统的基本原理，提出了关于潜在规律、信息预算和系统架构的见解，对于对量化交易感兴趣的读者来说，是一篇值得阅读的论文。
系统交易基于一个信念：过去发现的规律将持续存在。本文将其表述为一种由未观察到的潜在状态驱动的时不变机制，并表明它留给研究人员五个常数来声明——在块长度$b$处的重复界限$\Lambda$，表示的不可变性缺陷$\epsilon_0$，状态的坐标的相干时间$\ell_i$，信号上限$\rho$以及与之相关的比例$kappa$——之后，正确的量化投资系统的架构几乎被强制确定。
Systematic trading rests on one article of faith: that regularities found in the past persist. We state it as a time-invariant mechanism driven by an unobserved latent state, and show that it leaves a researcher five constants to declare --- the recurrence bound $Lambda$ at a block length $b$, the invariance defect $epsilon_0$ of the representation it is declared of, the coherence times $ell_i$ of the state's coordinates, the signal ceiling $rho$ and the fraction $kappa$ of it contingent on the regime --- after which the architecture of a correct quantitative investment system is nearly forced.