HINDSIGHT

Name the Factor

A fund that beat the market. Take it apart into market, size, value and momentum, then decide: was any of it skill?

A simulated fund with a strong record and four simulated factors: market, size, value and momentum. Set the fund's exposure to each so your mix tracks it, decide whether any real skill (alpha) is left over, then see the regression beside the true answer.

About 4 minutes. A new puzzle every day, the same for everyone.

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