They usually exist because financing is too cheap relative to what financing costs on
average over a full market cycle.
Not exact matches
The only true test of a money manager's ability is if he can obtain above -
average results
over a
full cycle that includes both bull and bear
markets.
If you combine the two, it happens that the
average full market cycle is 5 years in duration, and generates an
average total return of about 10.9 %
over the entire
cycle.
While past returns do not ensure future results, our objective is to substantially outperform a buy - and - hold approach
over the
full market cycle, with smaller periodic losses, on
average.