investment rules that depend on endogenously determined current and past prices. We find that market instability, leading to …, conditioning investment decisions on asset prices implies that dominance of an investment rule on others, as measured by the …. Second, the feedback existing between past realized prices and current investment decisions can lead to a form of …

comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen …, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and …