4 ms·

The 15 and 20 year returns are stunning.

• secretasiandan 16y ago
  The 15 year ago vintage class does have amazing returns. However, assume for a second we can take different vintage years and say that return(t-20 to t-0) = return(t-20 to t-15)*return(t-15 to t-0). Then all the money was made from t-15 to t-10 since the t-10 vintage class has basically zero returns and the t-20 returns are approximately the t-15 returns annualized over 20 years instead of 15