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Friday, 17 July 2026 · LondonENع
Rayan Azhari.Sustainability · Energy · Carbon · Built EnvironmentOccasional detours into philosophy, religion or programming, wherever curiosity leads
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Lead Essay

Your Backtest Is Not Evidence: Why Retail Quant Systems Die Before They Trade

A beautiful equity curve is the default outcome of a backtest, not an achievement. Here is why every retail quant failure mode is biased toward optimism, and the one habit that survives contact with a live market: suspicion over celebration.

By Rayan Azhari · 9 min read · Essays
Latest Essays

Article 02: Why EPCs Do Not Tell You How Much Energy a Building Uses

A series mining the PhD thesis on London and UK office buildings (Azhari, 2025). Key takeaway. A statistical analysis of 2,654 Greater London offices finds no significant relationship between EPC band and measured energy use, which is uncomfortable for MEES, ESOS and due diligence.

· 11 min

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