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- W2169556653 abstract "Do investors obtain their long-term returns smoothly and steadily over time, or is their long-term performance largely determined by the return of just a few outliers? How likely are investors to successfully predict the best days to be in and out of the market? The evidence from 15 international equity markets and more than 160,000 daily returns indicates that a few outliers have a massive impact on long-term performance. On average across all 15 markets, missing the best 10 days resulted in portfolios 50.8% less valuable than a passive investment; and avoiding the worst 10 days resulted in portfolios 150.4% more valuable than a passive investment. Given that 10 days represent less than 0.1% of the days considered in the average market, the odds against successful market timing are staggering. <b>TOPICS:</b>Performance measurement, risk management, financial crises and financial market history" @default.
- W2169556653 created "2016-06-24" @default.
- W2169556653 creator A5040734431 @default.
- W2169556653 date "2008-08-31" @default.
- W2169556653 modified "2023-09-23" @default.
- W2169556653 title "Black Swans and Market Timing" @default.
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- W2169556653 doi "https://doi.org/10.3905/joi.2008.710917" @default.
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