We have even been able to separate the effects of the sequence of portfolio returns when there are withdrawals from the overall return in the absence of withdrawals. (early-retirement-planning-insights.com)
If bonds can only deliver a 2 % return, then equities must return 12 % in order to produce an overall portfolio return of 8 %. (swanglobalinvestments.com)
In a truly efficient market investment skill does not exist, and any differences in portfolio returns are a consequence of the differences in risk that a given portfolio is exposed to. (thepfengineer.com)