The Parallels Between Academic and Practitioner Worlds

I think Cliff Astness, through his trading and his work, has kind of connected the two. But I think what happens is when you're in both worlds, it finally becomes clear to you that both worlds have blind spots. In academic world, your focus is not really to make money. Your focus is to write research that gets published. And then you go over to the practitioner world where it's only about making money. A lot of times it's onlyAbout selling. So there's incentives are to sell and sometimes try to make money, but oftentimes just trying to sell.

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