Pastor and Stambaugh claim that the uncertainty mulberry outlet in these estimates is of crucial concern. The standard 'stocks for the long run' kind of argument entirely ignores estimation risk and assumes that the average returns to be expected from price gains can be calculated just as well as the average return from dividends. This assumption is incorrect..
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http://chenfeifff.bloggersdelight.dk/2014/10/httpwww-himacsuk-co-uktimberland-aspx-94384402/