Behavior-Gap
- Why the portfolio is not the product (and confidence is)
Almost anyone can hand you an ETF allocation. The hard part is holding it through a drawdown. The real product is the understanding that lets you stay invested.
- This week in research: the false comfort of a strong track record
New finance research on why a strong track record flatters: Sharpe-ratio selection bias, unknown expected returns, unrealistic simulated paths, and the behavior gap.