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Opinion

The long-horizon advantage defined

A long-term investor has an advantage that lies in the skill to identify divergences between price and value in markets, and the willingness to wait for a convergence to take place.
Liang YinSeptember 15, 2017
Opinion

Locking up capital has pros and cons

In theory, closed-end funds should outperform over long horizons – they can avoid forced sales. But in practice, lack of monitoring and alignment can lead to agency costs and underperformance.
Liang YinJune 1, 2017
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