Daily Archives: 26 January 2013

On Insurance Investing, Part 3

Subtitle: The Value of Momentum and Mean-Reversion In the extreme short-run, mean-reversion dominates.  Over a year, momentum dominates.  Over a four year period mean-reversion returns. The same applies to insurance stocks.  This is perhaps more true of insurance stocks, because the accounting is so opaque.  When accounting is opaque, it takes a longer period of […]

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