Atharva Monetary
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This argument is logically wrong. Alpha sums to zero over all investors. The managers may possibly be the optimistic alpha investors, and individual investors the negative alpha investors. Existing empirical evidence suggests they are not for mutual funds, but it really is not impossible. You might have heard the sad truth that a new vehicle loses 20 – 25% of its worth the moment you drive it off the dealer’s lot. But it may possibly take you two years just before you paid down 20% of your principal loan …
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