Bridge over ocean
1 January 1994 Financial Analysts Journal Volume 50, Issue 1

Predicting Long-Horizon Stock Returns: Evidence and Implications

  1. William Reichenstein, CFA
  2. Steven P. Rich
Recent studies suggest that stock returns may be partially predictable in the long term. This implies that the historical average return is not necessarily the best estimate of future return. It also justifies some market timing.
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