By Burton G. Malkiel
Okay, so i am not performed with the ebook but, yet i am already irked that i learn the 1st a hundred pages while it could possibly simply were condensed into twenty or thirty pages. Soo boring... Get to the beef already!
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Indeed, in the early to mid 1990s, when the Dogs were doing well, the media heaped praise on them, and investors flocked to the strategy. 73% Arithmetic Average Geometric Average Median Return Standard Deviation of Return Downside Risk—lower is better Correlation with S&P 500 T-Statistic1 Sharpe Ratio Number of Positive Periods Number of Negative Periods Maximum Peak-to-Trough Decline Beta $10,0000 becomes: T-Statistic measures the likelihood that results are due to chance. 95 indicate results are not random at the 95 percent level of confidence.
S. data show that certain factors are consistently associated with superior returns, but that the same is true in Europe and Japan as well. Yet, all this research is valuable precisely because it covers returns over decades—not days. Many investors believe a five-year track record is sufficient to judge a manager’s abilities. But, like Alexander Pope’s maxim that a little learning is a dangerous thing, too little time gives investors extremely misleading information. , to assume it was 95 percent likely to be statistically relevant), you would need more than 25 years of data.
Remember to consider risk (the standard deviation of return) and choose a level that is acceptable. Then stay on the path. To succeed, let history guide you. Successful investors look at history. They understand and react to the present in terms of the past. Yesterday and tomorrow, as well as today, make up their now. Something as simple as looking at a strategy’s best and worst years is a good example. Knowing the potential parameters of a strategy gives investors a tremendous advantage over the uninformed.