17. When investment managers present their historical performance records to potential and existing customers, market regulators require
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17. When investment managers present their historical performance records to potential and existing customers, market regulators require the managers to qualify those records with the comment that "past performance is no guarantee of future performance." In a perfectly efficient market, why would such an admonition be particularly appropriate?
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Related Book For 
Investments
ISBN: 9788120321014
6th Edition
Authors: William F. Sharpe, Gordon J. Alexander, Jeffery V. Bailey
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