The writeup at the Economic Policy Institute noted above says Novy-Marx averages the returns of stocks and bonds when he should assume that higher-yielding stocks will become a larger proportion of the fund over time and increase the expectedreturn, even if fund managers rebalance periodically.
However, the exploratory surgery has ruled out any chance of that happening and Welbeck is now not expected to play again until March, which is roughly the time his team-mate Fraizer Campbell is expected to return after a six-month injury lay-off.
Desperate for cash, Harvard Management went to outside money managers begging for a return of money it had expected to keep parked away for a long time.
In any case, Sam told me, he had told the men that he had expected Judy to return at eleven-thirty or twelve simply because that was the time she normally came home from the stables.
Chandler and Martin are expected to return for the playoffs when the Atlantic Division champions will try to win a series for the first time since 2000.
After dropping points in their two previous matches against MK Dons and Leyton Orient, the Canaries were expected to have to wait longer to secure their return to English football's second tier at the first time of asking.