Hi, this is Dave Schwartz. This is Learning from the Masters, Part 2. This chapter is about Modeling Metrics. It is all about what to do after you have built a model.
Now, when I say Model, do not automatically think pace handicapping. Of course, this podcast could apply to pace handicapping, but it does not have to.
I have been a Big Data guy for a long time, but were up against the whales now. They are the kings of big data. Simply put, most of us just cannot compete with them at their own game. We have to find a better way.
My opinion is that we need small, vertical models. They need to be models that provide good information but not be in direct correlation with the tote board and the whales.
Are they statistically sound? Possibly not, but that does not mean they won't work. It just means you cannot STATISTICALLY PROVE that they are valid.
Listen to the podcast for some ideas on how to do this.