Interesting read, although what I am missing is a more direct linkage to financial theory, in addition to a little more flavor around the study which I believe is more complicated than is portrayed here. This article outlines the empirical findings of running simulations on data from the previous 10 years, but I believe that for it to have better forward-looking ability there should be a link to sound financial theory somehow. I am not a professional investor and so it would certainly help me understand the findings to a greater extent :)