Jason Zweig @jasonzweigwsj · 05 Sep 2026
@jasonzweigwsj @WSJ This comment by Professor Whitelaw isn’t factually correct. It’s not if stocks have positive expected returns… it’s if stocks (after fees) have positive expected returns relative to their borrowing costs (which is approaching ~4%) and if that net return doesn’t decay (given https://t.co/1xcjcjpJVn
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