“If we observe the performance of only those funds that remain active, we will tend to find that the average performance of the surviving funds exceeds that of the market.”

—  Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 6, Counterattack-The First Wave, p. 63 (See also: Survival bias)

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Robert Haugen 13
American economist 1942–2013

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