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Michael Mauboussin - Pattern Recognition and Public Markets (EP.370)
Capital Allocators – Inside the Institutional Investment Industry
Public Markets Return Statistics
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Research conducted on every public company since the 1920s revealed that almost 60% of these companies failed to earn returns higher than treasury bills on a monthly basis, destroying $9 trillion of wealth. In contrast, the remaining 40% of companies created $64 trillion of wealth, showcasing the stark disparity in wealth creation among public companies over the years.
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