This is an apparently (?) mainstream econ paper arguing that "value investment" strategies make money because they are contrarian to "naive" strategies, i.e. "dumb money" http://lsvasset.com/pdf/research-papers/Contrarian-Investment-Extrapolation-and-Risk.pdf … .
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How much better? 11% a year better. That's a LOT if you're doing long-term investing.
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