7.(18 pts) Describe the steps in conducting a backtest of a quantitative strategy for a ten-year period with annual rebalancing. Be clear about a) The temporal (time) relationship between factor scores, optimization dates, and return calculations: b) the role of risk models, and c) the role of portfolio construction (e.g. long-only vs. long/short). 7.(18 pts) Describe the steps in conducting a backtest of a quantitative strategy for a ten-year period with annual rebalancing. Be clear about a) The temporal (time) relationship between factor scores, optimization dates, and return calculations: b) the role of risk models, and c) the role of portfolio construction (e.g. long-only vs. long/short)