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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I am sorry. I interpreted that as implying such a notions as persistent investor bias is so antiquated or absurd it could not be held as a sincere intellectual conviction. Perhaps a stretch on my part!
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Yep, totally not my intent.
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