Press Release
9/1/2024
MOFC Celebrates Successful Conclusion of M6 Competition
and “Future of Forecasting” Conference
The Makridakis Open Forecasting Center at the University of Nicosia’s Institute for the Future (IFF) announces the successful conclusion of both the M6 Financial Forecasting Competition and the “Future of Forecasting and the M6 Competition” Conference.
Conducted from February 2022 to February 2023, this year’s competition marked the sixth edition of the renowned Makridakis (or M) Competitions which have been held since the 1980s aiming to identify optimal methods for forecasting financial prices and explore the correlation between forecast accuracy and investment returns in the stock and ETF markets.
Led by Professor Spyros Makridakis, the M6 Competition provided a valuable platform for forecasting experts, researchers, and practitioners to showcase their skills, exchange knowledge and techniques, and compete for the 300,000USD in prize money generously provided by the M6 sponsors.
The
competition’s success highlights the critical role of accurate forecasting and prediction in our rapidly changing world, and its significance has been recognized by industry leaders such as Google, Meta, J.P. Morgan, International Institute of Forecasters, Kinaxis, Intech, causaLens, SaS, ForecastPro, Rutgers University, Erasmus School of Economics Rotterdam, University of Nicosia, NTUA, and INSEAD, who provided financial or academic support.
“The M6 Competition contributed to the advancement of the field by investigating the connection between forecast accuracy and investment decisions,” commented Professor Spyros Makridakis, head of MOFC and lead organizer. “Our speakers and participants presented innovative methods, providing valuable insights into financial markets and investment strategies related to the efficient market hypotheses.”
Simultaneous with the M6 Competition’s conclusion, MOFC hosted in USA New York the “Future of Forecasting and the M6 Competition” Conference; a platform to explore essenti
al aspects of forecasting, including discussions on AI, large language models, and the evolving role of forecasters. The conference delved into measuring forecast performance and culminated in an in-depth presentation of the M6 Competition’s findings.
Distinguished speakers from major technology companies and eminent academics graced the conference, sharing expertise and insights. The program featured presentations by developers of the top three most accurate methods of the M6 Competition, offering practical implementations for the broader forecasting community.
The “Future of Forecasting and the M6 Competition” Conference also included two panel discussions focusing on organizational aspects of forecasting and the future trajectory of forecasting.
MOFC extends its gratitude to participants, sponsors, and contributors for their dedication to the success of both the M6 Competition and the “Future of Forecasting” Conference. Insights gained from this collective effort promise to shape the future landscape of
forecasting and investment strategies.
For further details about the conference and M6 Financial Forecasting Competition outcomes, visit the M Open Forecasting Center’s website.
Source: Cyprus News Agency