Deceiving someone in our everyday lives is a moral failing, one that we are adept at detecting and quick to judge in the words and actions of others. In our professional lives as economic scientists we are also quick to judge experimental procedures as deceptive, but we have problems...

The False Strategy theorem tells us that the optimal outcome of an unknown number of historical simulations is right-unbounded — with enough trials, there is no Sharpe ratio sufficiently enough to reject the hypothesis that a strategy is false. Given the ease with which one can use a computer...