Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Backtested performance is developed with the benefit of hindsight and has inherent limitations. This information is provided for illustrative purposes only. No representations and warranties are made as to the reasonableness of the assumptions. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Changes in these assumptions may have a material impact on the backtested returns presented. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is not an indicator of future actual results.
24.Disclaimer: The TipRanks Smart Score performance is based on backtested results. IBM is due to report fourth-quarter earnings on Jan. He noted that, with Watson Health, IBM completed numerous acquisitions as it sought to disrupt the healthcare field by combining areas like patient records, medical literature, and medical imaging, and applying data analytics to the process. Though the companies didn’t disclose financial terms of the arrangement, Vogt doubted that it would materially impact IBM’s financials “given the likely limited success of this unit the past several years.” IBM sees the deal as a way to become “even more focused on our platform-based hybrid cloud and AI strategy,” Tom Rosamilia, its senior vice president for IBM Software, said in a release. “Moreover, we believe the market has been anticipating ongoing small changes to IBM’s portfolio to divest businesses that do not neatly fit into its three new business segments,” he wrote in a note to clients. The transaction isn’t surprising, according to UBS analyst David Vogt, since key IBM executive and Watson proponent John Kelly retired from the company at the end of 2020. Subscribe: Want intel on all the news moving markets? Sign up for our daily Need to Know newsletter. The Wall Street Journal reported in early 2021 that IBM was considering a sale of the Watson Health business, and a report from Axios earlier this year indicated that the company was still interested in a deal. They have gained 6.5% over the past three months, while the Dow Jones Industrial Average
IBM shares are off 0.2% in Friday trading.
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