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performance_froth
[long_equity_returns] [original_papers] [investment_analyst] [TIA_Jul_1987] [performance_froth]

When I originally thought of this concept, I was quite excited. Later on, after discussions with Nick Ryan, we decided that maybe, just maybe, trustees and sponsors would be more interested in trying to assess the eventual return. If, that is, one could do that, which is where we started heading with the articles in The Actuary.