I want to blame on academic - junk financial literature. Anyone could create an analysis using a set of specific data to show how their models work (but rarely why it doesn’t work). In addition, once advisors noticed a trend, they simply throw the idea into the presentation and hope investors would just buy into them.

I believe, a firm claiming compliance with GIPS guidance and showing GIPS performance presentation alone isn’t enough. I do hope you’ll have a discussion about performance presentation that would help better educate investors and provide more usefully information then what is currently available on the web.