Information content measures the relationship between year accounting earnings and yearly stock returns.

信息含量表示年度会计盈余与年度股票收益之间的关系。

youdao

The yearly returns quoted by Morningstar are snapshots at the end of each year and don't change even as some laggards disappear.

WSJ: Survivorship Bias: Effect on Fund Performance Data

If no investor had any clear advantage over another, would there be a range of yearly returns in the mutual fund industry from significant losses to 50% profits, or more?

FORBES: by Jason Van Bergen

As Peter recently explained, this deduction of 15% of gross income from oil, gas, silver and gold extraction, can be applied creatively and cumulatively on the yearly gross returns from a mine or well.

FORBES: Connect