There has Recently Been Some Gossip, from Victor Niederhoffer
There has recently been some gossip about treasury bills outperforming stocks. It is normal if you take the top x % of stocks away to come up with lack luster returns. It’s a property of random ensembles perhaps a pareto cross section. It is a worthless meaningful conjecture to take a 1% a year return and show how its higher than a 10% a year return compounded. Other worthless demonstrations for 1 being higher than 10 could be made.