Thursday, August 6, 2009

I would use stronger language than Professor French

From Professor French:

After the fact it is easy to identify periods in which stocks did well and periods in which they did poorly. But if you want to use these "seasons" to build an investment strategy, you have to identify them before they occur - and that is not so easy.

I say that it is impossible to indentify such seasons. But then again, I take radical uncertainty seriously, unlike most mainstream economists.

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