Let$$s say a quant in your company have developed a new zero$-$cost investment strategy

in US stock market based on some innovated use of historical accounting$/$stock data $($with a

good story$)$ and would like to claim its potentials to you, head of active investment. Let$$s

suppose you use the Carhart model as an asset pricing model $($benchmark$).$ When do you wish

to invest in this new strategy? Explain your rational precisely using equations$/$regressions