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We are also concerned with the proliferation of quasi-mathematical investment advice and financial columns in the past few years, which appear to be based on sophisticated mathematics and statistics, but which, upon more rigorous analysis, are at best questionable. We encourage the reader to search the Internet for terms such as "stochastic oscillators," "Fibonacci ratios," "cycles," "Elliot wave," "Golden ratio," "parabolic SAR," "pivot point," "momentum," and others in the context of finance. Although such terms clearly evoke precise mathematical concepts, in fact, in almost all cases, their usage is at best scientifically unsound.

Historically scientists have led the way in exposing those who utilize pseudoscience to extract a commercial benefit. Even in the 18th century, physicists exposed the nonsense of astrologers. Yet mathematicians in the 21st century have remained disappointingly silent with the regards to those in the investment community who, knowingly or not, misuse mathematical techniques such as probability theory, statistics and stochastic calculus. Our silence is consent, making us accomplices in these abuses.

This blog and website were established with these concerns in mind. Nonetheless, our approach here is not one of confrontation, but instead one of research to better understand and mitigate these difficulties, education to assist other professionals in the field, together with unbiased testing and analysis. If you identify with our concerns, let us know and spread the word. Together we can make a difference. Contact us at

Consider also joining our MAFFIA-News email list, to receive notices of articles, blogs and other items of interest to the financial mathematica arena (low frequency -- just one post every week or two). Just send us your Google-registered email address. To register a non-Gmail address with Google, go to the Google account page, then click on "I prefer to use my current email address."

<== This graph shows the trade-off between the number of trials |

- David H. Bailey, Lawrence Berkeley National Laboratory (recently retired); University of California, Davis, Department of Computer Science.
- Jonathan M. Borwein, Laureate Professor and Director, Priority Research Centre for Computer-Assisted Research Mathematics and its Applications (CARMA), University of Newcastle, Newcastle, Australia.
- Marcos Lopez de Prado, Senior Managing Director, Guggenheim Partners, New York City.
- Qiji Jim Zhu, Professor of Mathematics, Western Michigan University.

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