A historic study of financial markets $(1920$ s$-$present$)$ demonstrates that: i$)$ Stocks

whose price is predominantly driven by their cash cow value have produced lower

future returns than stocks whose price is predominantly driven by their NPVGO

value. ii$)$ Although in the very short term stock returns can be negative, there has

never been a $20-$year period where their returns have been negative after accounting

for fees, taxes,and inflation. iii$)$ High Shiller PE ratios today have historically been

associated with above average future stock market returns over a $10-$year period. iv$)$

Using a normal distribution to describe potential stock market outcomes

overestimates the probability of stock market crashes$($a $10\%$ loss in a day$).$

i

ii$,$ iii

iii, iv

None of the above