Backtested Returns Don't Guarantee Future Performance, Analysis Warns
• Backtested performance does not reflect actual trading or economic/market factors that affect decision-making
• Backtesting allows tweaking the model until past returns are maximized
• Actual performance may differ significantly from backtested performance
• Presented results are gross-of-fees and exclude transaction costs, management fees, etc.
• Results are based on assumptions that may not be testable or reasonable