Quote from harrytrader:
Yeah but what I mean is that to know if something is noise or not is a question of Knowledge and the idiots who think that knowledge comes from Wavelet or Neural Nets and whatever other sophisticated tools are really lacking basic paradigm about scientific approach: tools are like hammers: just tools, knowledge comes from the architect guy or knowledgeable man who has experience of the field. Now without tools and methods this knowledgeable man won't go very far but the contrary is far worst and very widespread due to confusion between technology (tools) and science (knowedge and research paradigm).
Walter Shewart, the father of Statistical Process Control, and his spiritual son, Demings, once again, have always insisted upon that: datas don't bring knowledge by themselve. Knowledge means a theory for interpreting datas. The theory can be false and so the usefulness of a scientific approach which then need tools to investigate but tools alone cannot do this work !
Also fashionable so called data mining techniques doesn't substituate to Intelligence and knowledge. Some people who don't know that descriptive statistics is not inferential statistics will fool themselves and make false conclusion and discovery about datas significance.
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