The Economist piece is just a summary of Dimson, Marsh, and Staunton (2013).
There’s no such things as “just” a summary. Some summaries are good and some are bad.
I don’t think DMS make this error, which is why I singled out the Economist, but the vast majority of the academic literature on the subject does.
The Economist piece is just a summary of Dimson, Marsh, and Staunton (2013).
There’s no such things as “just” a summary. Some summaries are good and some are bad.
I don’t think DMS make this error, which is why I singled out the Economist, but the vast majority of the academic literature on the subject does.