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Cognitive error in the measurement of investment returns

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Figure

Table 2.1:  Illustrative Comparison of Strategies as Share Prices Fall
Table 2.2:  Illustrative Comparison of Strategies as Share Prices Rise
Figure 2.1:  Simple Model of DCA Strategy
Figure 1, the outturns for UUUD and DDUU have been switched, and the outturns for UUDD
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