“When you buy a lottery ticket, you don't know how tickets have been sold. But sold they have been. And there is an underlying distribution for the game.”

— Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 3, Estimating Portfolio Risk and Expected Return with Ad Hoc Factor Models, p. 29

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Robert Haugen13

American economist 1942–2013

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