Questions prior to the Robot going private

[nickola.pazderic]

Pascal and Billy,

Since the robot will be offered soon on a fee basis (as I understand it), I'd like to venture some questions. Since my search through the VIT archives is not extensive, I may tread on already covered ground. If so, my apologies, and please show me the way.

Here are three clusters of related questions:

1. Why was the robot developed with backtesting only through mid 2007? Are either of you disappointed with the robot's performance in 2011? Can you comment on how the year has gone for the robot?

2. If this device is as effective as its backtesting shows, what do you expect its popularity to become among investors, both retail and institutional? Will its popularity become sufficiently powerful to generate feedback effects? What might these be?

3. Since today programmed trading is evolving everywhere, can other trading programs be devised that specifically "outwit" the robot here? (I may be unclear here. But I'm interested in the arms race of software and the feedback effects of success. And please know I write this as a chess player who could defeat top programs in 1990 but who can now only watch the top programs play intensely complex games with each other tirelessly. This is to say, I know very well the power of machines on games).

If anyone can go further with my questions, please step in.

I thank you both for your daily insights on trading; they are profoundly influencing me everyday.