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The Business Lessons of the Belmont Stakes

Harvard Business Review

Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse. When views are diverse, prices tend to reflect value reasonably well.

Beyer 15
article thumbnail

The Business Lessons of the Belmont Stakes

Harvard Business Review

Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse. When views are diverse, prices tend to reflect value reasonably well.

Beyer 12