What is empirical data?

Empirical data refers to information that is derived from observation, experimentation, or experience rather than theory alone. Jim O'Shaughnessy emphasizes the importance of empirically derived data in making informed decisions, particularly in fields like investing. He discusses this topic when mentioning the value of this type of data in discerning accurate information and making effective decisions: "I think that [empirical data] is one of the best ways to kind of figure a lot of stuff out" 1.