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 expected return, even if fund managers rebalance periodically.

FORBES: Want To Make That Public Pension Look Healthier? Burn The Cash

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.

FORBES: Magazine Article

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.

BBC: Sport - Football - Charlton Athletic 0-1 Norwich City