Pogi decides whether a long-only portfolio should run full risk, half risk, or sit out. Then the dumb benchmark walked in and basically said:
“Have you tried just using less risk?”
Annoyingly, that was hard to beat. 
So I wrote the result up instead of pretending the controller won. If you build systematic strategies, I want the hostile read. What would you attack first: the controller, the benchmarks, or the inference?