I've seen a variety of posts, as well, along the lines of "Why would anyone ever consider some complicated, beta-neutral algo dealing in large baskets of stocks when one could simply stir together a few ETFs, with perhaps a little spice, and call it a day?" I think it is reasonable to throw up a few baseline examples, as Vlad did. Asset allocation is a valid style of systematic investing, although perhaps not what Q is interested in at this point. Part of the issue, I think, is that Q has not really explained what they are doing, and why, and why the type of algos Vlad and others have posted are not attractive (or maybe they are--who knows). Certainly, if it is true that one can achieve similar long-term returns with the same or less leverage, then it is worth a head-scratch to consider if anything more sophisticated is justified.
As far as Pravin's post, it looks like something that might do o.k. in the contest, so more power to him. If someone can explain what it does in a few clear paragraphs, I'd be interested (no references to papers, no fancy math terms--simple, intuitive talk only). What's that code doing?