Since the inception of TLT, a little less than 50% of the buy and hold gains have occurred on Fridays and that increases to nearly 100% after 2011. This calendar effect is a significant anomaly and shows that markets are far from efficient. I frame a hypothesis about the possible cause of this anomaly . . .
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Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated performance results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Hypothetical trading results are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
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