|
|
|
|
|
|
by cuspycode
1929 days ago
|
|
|
It's valid for any time period. The crucial point is that the theorem talks about the aggregate returns. It's like if you have 10 cars in a race, and 3 of them run at exactly the same speed which is the average of all ten (i.e. they follow the index), then the average speed of the remaining 7 (the actively managed) must also match that speed, even if their individual speeds can vary a lot. |
|
|