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One thing, though:
The HOF monitor a junky toy stat...typical for James.
It looks like one at first glance, but don't forget the concept of predictive validity. If I can predict human behavior better than your Math 523 prof can, then he loses his right to condescend, wouldn't you say?
Math majors are used to black-and-white. In social sciences, many times the metrics are more creative. That's what is necessary to capture human behavior.
And many times, such as with James' tool for predicting UP and DWN years, these types of 'fuzzy' metrics do a better job of addressing very complex systems such as economics.
Do you have a formula that predicts UP and DWN seasons more accurately than James'? Until you do, his is the preferred tool.