The proposition that benchmarking on a limited universe of 250 assets is sufficient to validate portfolio optimization is only an assertion to be considered with caution.
Such a test, even on a system of 64 qubits, ignores the practical constraints of institutional fund managers, who operate on thousands of active securities on a global scale.
The discipline requires distinguishing laboratory capabilities from operational deployment; transaction costs and liquidity for balance sheet portfolios are critical factors.
For example, the GPIF, with its thousands of billions of yen, cannot rely on experience at this scale for its strategic allocations.
We remain indifferent to demonstrations that do not reflect the realities of complex markets.