Samuel Elliot, CFA is working as an independent equity advisor for the last 5 years. He has recently developed a spread-sheet model based on historical data of last 5 years to select growth stocks. He back-tested the model by incorporating the data of the last 10 years. The model displayed 70% accuracy in selecting growth stocks which outperformed the S&P 500 index over the last 10 years.
He decides to use the results in his promotional material. The advertisement states that Samuel has consistently outperformed the S&P 500 with the help of self-generated computer software which has high level of accuracy in selecting outperforming growth stocks.
Samuel has most likely: