Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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A manager may be able to generate higher returns than
an OE benchmark before costs, yet after costs investors’ returns may
be below the benchmark. If a fund can beat the OE benchmark on
an after cost basis, we say that the fund adds value for investors, to
distinguish this situation from one where the manager has investment
ability, but either extracts the rents from this ability in the form of fees
and expenses, or dissipates it through trading costs. We will say that
a manager has investment ability if the managed portfolio outperforms
the OE portfolio on a before-cost basis.
Formal models of market timing ability were first...
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