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Volatility Lessons

Thu, 27 Sep 2018 14:05:14 GMT

By Eugene F. Fama and Kenneth R. French The high volatility of stock returns is common knowledge, but many investors may not fully appreciate the implications of return volatility. Investors cannot draw strong inferences about expected returns from three, five, or even ten years of realized returns. Those who act on such noisy evidence should reconsider their approach.