We have sometimes heard investment managers say, “I followed that (expletive deleted) theory and…

We have sometimes heard investment managers say, “I followed that (expletive deleted) theory and…

We have sometimes heard investment managers say, “I followed that (expletive deleted) theory and bought high-beta stocks last year and they did worse than low-beta stocks. That theory is (expletive deleted).” Is this a valid test, and is this empirical evidence inconsistent with the theory?

 

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