Jun
7
Regression Toward the Mean, from Victor Niederhoffer
June 7, 2010 |
The reference to regression towards the mean contains a beautiful discussion of this useful market effect and could only have been written by Stigler himself.
Rocky Humbert writes:
This is particularly relevant to those who bought a beach house on the shores of Lake Wobegon during the real estate boom, because prices only go up, and "you gotta own land, because they ain't making any more of it." See the Lake Wobegon Effect. And, eventually will be relevant to gold — but from $1250 or $2500 or $5000/oz only Didier Sornette and I know. And I ain't tellin' …
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