Sexual selection emphasises the development of characteristics that demonstrate in a way that cannot be faked just how fit that characteristic's possessor is to father (or mother) another individual's offspring.

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Although stock or index selection is generally based on volatility characteristics and the size of specific equities, low volatility ETFs, de facto have sector concentrations investors should keep in mind when they are making their selections.

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The selection process puts socially defined characteristics, such as the outsized reputation of an executive like Mr Dimon, ahead of relevant practical skills and experience (Mr Dimon had little knowledge of retail banking or credit-card operations, two of Bank One's biggest and, in the second case, most problematic businesses).

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These strategies are made up of different stock selection criteria, and therefore they select stocks with varying characteristics, but both significantly outperformed their respective benchmarks over the 43 years he analyzed them.

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