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- W1926130947 abstract "This chapter examines how the most meaningful measure of performance for active portfolios is not total return but the increment in return that results from trading. A view of trading that excludes these costs leads to the conclusion that bad performance is the result of bad research, but this is impossible. The purpose of research is to forecast price movements. Worthless research makes worthless forecasts. A worthless forecast is equally likely to be followed by a price increase or decrease. Worthless research leads to unnecessary risk and unnecessary trading, but in terms of its average contribution to return, gross of trading costs, bad research cannot be worse than no research. Most of the return in a diversified portfolio is the broad impact of economic and market news on the asset categories in the portfolio. This impact is the same whether the assets within these categories are traded or merely held. Information traders, for example, believe they know something other investors do not know. This information is not yet reflected in equilibrium price, but it will be when knowledge spreads to enough other investors." @default.
- W1926130947 created "2016-06-24" @default.
- W1926130947 creator A5070648335 @default.
- W1926130947 date "2012-01-02" @default.
- W1926130947 modified "2023-10-17" @default.
- W1926130947 title "Types and Motivations of Market Participants" @default.
- W1926130947 doi "https://doi.org/10.1002/9781119196679.ch41" @default.
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