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The Business Lessons of the Belmont Stakes

Harvard Business Review

A success rate of less that 15% is not encouraging. Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse.

Beyer 16
article thumbnail

The Business Lessons of the Belmont Stakes

Harvard Business Review

A success rate of less that 15% is not encouraging. Well, we can quantify that with something called a Beyer Speed Figure , a measure of a horse's performance adjusted for track conditions. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse.

Beyer 13