I caught up with Antti Petajisto, author of The Underperformance of Concentrated Stock Positions (2023) recently for an upcoming episode of The Albatross.
By the way, the first episode, with Paul Bouchey, the Editor of the Journal of Wealth Management, lands tomorrow. Here is the trailer again just in case...
Many people are familiar with Bessembinder's popular 2018 finding that "The majority of common stocks that have appeared in the Center for Research in Security Prices (CRSP) database since 1926 have lifetime buy-and-hold returns less than one-month Treasuries," but many people are unaware that Petajisto's work expands on Bessembinder's in compelling ways...