ThreeBears_DallE_Jon_12Apr2026_InsideCropped_Text_200by188_DVR
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final_thoughts
[long_equity_returns] [final_thoughts]

In my view, the best metric to consider is efficiency. Using the equity chart over 15 years, we can see that DVRs were more efficient than MVR (at estimating endpoint MVR) over periods of 15 years starting between 1968 and 1983 and then between 1986 and 2008. The overall mean was 0.66 and the standard deviation was 0.25. Over 10 years, the results were not as good but that doesn't worry me.