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The Business Lessons of the Belmont Stakes

Harvard Business Review

Since 1950, only 3 of 21 have managed the feat, and none have done so since 1978. 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 14
article thumbnail

The Business Lessons of the Belmont Stakes

Harvard Business Review

Since 1950, only 3 of 21 have managed the feat, and none have done so since 1978. 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 9