Streaks, from Jumpin' Joe to Mutual Fund Managers
Harvard Business Review
FEBRUARY 21, 2011
Back in 2008, Steve Strogatz and I were interested in sports, not the world of finance. They argue that long streaks in the mutual fund world — such as when a fund beats the market many years in a row — are simply products of lots of funds performing in a mediocre way for a long time. But is this true?
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