As noted, the sample period is short for reliable measurement of a value premium that varies with some long economic / equity market cycle, and for assessment of calendar month effects. (cxoadvisory.com)
Unfortunately, one does not obtain reliable measurements using a yo - yo. (hussmanfunds.com)
Your discussion in your last letter focused on the fairness of the tests and if they are reliable measurements of student learning. (hechingerreport.org)