Where Investment Performance Comes From

$25

Author: Robert Ferguson

Where Investment Performance Comes From. Acting on the theory that the source of investment performance is estimation …

Acting on the theory that the source of investment performance is estimation error, the author takes us on a nontraditional path, making some fresh observations along the way: that estimation error leads investors to believe securities are mispriced when they are not; and that estimation error has an additional impact when the analysis takes into account investors' impact on initial prices as they take positions.