The history of investing shows us that relying solely on a limited 'benchmark' is a precarious method for large-scale portfolio optimization.
Historically, models that failed in real-world conditions often did so after promising laboratory tests, such as the famous quantitative management funds before the 2008 crisis that did not anticipate liquidity shocks.
The old playbook emphasizes rigorous validation of strategies through complete economic cycles and diverse market conditions, including bear markets.
Claiming the viability of quantum optimization based on only 250 assets of an index is insufficient evidence; where are the tests on thousands of assets, exposed to geopolitical risks and various regulatory constraints?