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You are a portfolio manager. One day your hardworking analyst sends you an urgent memo. She has discovered a pattern in historical stock return data.

You are a portfolio manager. One day your hardworking analyst sends you an urgent memo. She has discovered a pattern in historical stock return data. She claims that on leap year Thursdays, stocks whose ticker symbols start with the letter U tend to earn higher returns than other stocks. The analyst remarks that the return difference associated with this leap-year/Thursday/U anomaly is statistically and economically significant. How do you respond?

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