As the Dow Jones Industrial Average races toward 17,000, on its way, no doubt, to 36,000, it seems that everyone and their broker has either forgotten, or never knew, about one of the simplest and most devastating pieces of stock-market analysis ever written.
It was written just 12 years ago, by Rob Arnott, then at First Quadrant and now at Research Affiliates, and the late, great investment legend Peter Bernstein.
Read Full Article »