1. Randy and Len use the same set of historical data to simulate the performance of various trading strategies. Randy constructs a value strategy using the P/E ratio to determine which stocks to buy and sell. Len constructs a profitability strategy using ROE to determine which stocks to buy and sell. Both simulated strategies have the same mean and standard deviation of monthly returns. It is later determined that the historical data included delayed prices instead of real-time prices. Whose strategy is more likely to perform worse than expected and why?