M6 Competition, ‘Future of Forecasting’ summit a success

The Makridakis Open Forecasting Center (MOFC) 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 that 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 USD 300,000 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 recognised 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 head of MOFC and lead organiser, Professor Spyros Makridakis. “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 the “Future of Forecasting and the M6 Competition” Conference in New York City, to explore essential aspects of forecasting. The Conference featured discussions on AI, Large Language Models, and forecasters’ evolving role, delved into measuring forecast performance and culminated in an in-depth presentation of the M6 Competition’s findings.

Distinguished speakers from major tech companies and eminent academics graced the Conference, sharing expertise and insights. The programme 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 organisational 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.