Hello Rosanne,

Thank you for taking the time to comment on the article, and I am pleased that you found it excellent. I am in agreement with you about the importance of time horizon. By the way, time horizon is also something that people do well, and better than do machines. So, in addition to being a bulwark for active managers vis-a-vis passive strategies, it is also a bulwark against machine learning algos/quants. Some of that future 'performance' is obviously reversion to the mean, but don't forget that in the case of equities the mean line has a positive slope to it...meaning that there is both earnings growth and economic growth, too.

Yours, in service,

Jason