Excess Returns · Thursday, August 6, 2026
Chan Yang of Vaydia Perception emphasizes that in the age of abundant data, the key is not just access but how data is creatively used and, crucially, what is omitted. He believes in focusing on data with first-principles causal reasoning rather than just what backtests well.
“Data is easier to access and more available than ever before. The key now is how creatively you use these inputs and most importantly, what you choose to leave out.”
“I think what we're implicitly trying to say is that you have to think from first principles. What are the causal reasons that data is statistically meaningful?”
“I think from where we are coming from, we think a lot about, is there something causal? Is that like a real world reason that this thing has a relationship and it persists?”