If we observe the performance of only those funds that remain active, we will tend to find that the average performance of the surviving funds exceed… - Robert Haugen

Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.

In going directly to Investment Heaven, you build your portfolio as you would build a wonderful company through a merger and acquisition program. You specify the way you want your portfolio to look, and then you assemble the profile piece by piece by bringing together companies that make their own individual contributions to the desired character.

Less volatile stocks tend to have negative abnormal profits; more volatile stocks tend to have positive abnormal profits.