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Finally, Proof That Managing for the Long Term Pays Off

Harvard Business

After all, “short-termism” does not correspond to any single quantifiable metric. Our belief is that the earnings of long-term companies will rely less on accounting decisions and more on underlying cash flow than other companies. With this metric, the gap between long-term companies and the rest is even bigger.

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Hussman's Open Letter to the Fed; The Problem with Bubbles; Textbook Pre-Crash Bubble; Reflections on Not Chasing Bubbles; Integrity vs. Respect

MishTalk

At this horizon, even “buy-and-hold” strategies in stocks are inappropriate except for a small fraction of assets. Only after the fact does the reputation of risk-managed strategies surge from “chump” to “champ.” 1 Flow of Funds data. Then again, more work is required to demonstrate that such an approach would be misleading.