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Exploiting Myopia: The Returns to Long-Term Investing

alphaarchitect

4 months ago

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For decades, long-term investing has been treated as a vague virtue rather than a distinct source of returns. Markets are often assumed to be efficient across horizons, with prices reflecting fundamentals regardless of who holds the asset or for how long. Recent research challenges this assumption by showing that the investment horizon of shareholders itself shapes prices and future returns.

Exploiting Myopia: The Returns to Long-Term Investing

Jain and Jiao

Working paper, 2025

A ve...

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