What the Past Can Witness
History is a reliable witness on costs, a fair one on risk, and a poor one on returns. A plan weighs each kind of evidence by what it can support.
L2Level 2 of 3 · no narrower concepts
What it rests on, and what rests on it
It rests on
Rests on it
Nothing rests on it yet.
Where it is used
No article names it yet.
In the model
- The model's principle “The past prices risk, not return”
Sources
- Elroy Dimson, Paul Marsh and Mike Staunton, Triumph of the Optimists: 101 Years of Global Investment Returns, 2002.