If Crowdfunding is the New Day Trading, Look Out
Harvard Business Review
SEPTEMBER 27, 2013
Paul Volcker famously said the only financial innovation to improve society in recent memory was the ATM. After a reasonable accounting for the fact that the average high-turnover household tilts its common stock investments toward small value stocks with high market risk, the underperformance averages 86 basis points per month (or 10.3
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