Paraphrased (ignoring some of the jargon): QSF (the quantitative techniques for finance) aren't inherently bad, just run into issues when they are tied to the a

Paraphrased (ignoring some of the jargon): QSF (the quantitative techniques for finance) aren't inherently bad, just run into issues when they are tied to the actual markets. In addition, he claims that the results were probably overemphasized (like most new tech, it seems that people thought it could do more, and that it was more rigorous than it was). In short, the defense is this: We were doing it wrong, we should do it better.