The Rational Reminder Podcast

Prof Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills (EP.224)

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Oct 27, 2022
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ANECDOTE

Czechoslovakia's Stock Market Closure

  • Professor Scott Cederburg discussed Czechoslovakia's stock market closure in 1946 after the Soviet Red Army's arrival.
  • He highlighted the subsequent communist revolution in 1948, where personal property rights were no longer recognized, causing significant investor losses.
INSIGHT

Data Biases in Financial Research

  • Historical data often suffers from survivor bias, excluding countries with poor market performance.
  • An "easy data" bias also exists, where readily available data is favored, neglecting periods with missing information.
ANECDOTE

Archaeological Data Collection

  • Professor Cederburg's team meticulously filled data gaps, translating old German financial books and Argentinian dissertations.
  • This allowed them to reconstruct complete historical return data for their research.
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