Portfolio construction is not about backtesting.

I'm going to blow out your portfolio in the long run. While you probably blow out your account on leverage. All right. So, that's the big idea for today. I don't need a backtest to tell you whether or not things are unrelated. Physically independent. That is the purpose of portfolio construction, portfolio engineering. And that is exactly what we're trying to do as professional allocators, quant hedge fund managers, any sort of quantitative researcher, trader, whatever. That is what we're doing.