The Business Lessons of the Belmont Stakes
Harvard Business Review
JUNE 8, 2012
Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. And he went on to finish dead last in the Belmont in 2008. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse.
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