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bilperk: A "free lunch" in investment terms is when you get more return continuously and predictably than the market for the same or less risk.
JWR: This has been demonstrated repeatedly.
The academic studies indicating otherwise are hopelessly flawed. They insist on buying a mutual fund at the peak of returns--buy high--not waiting to buy low.
bilperk: Oh now I get it. ?Its a free lunch as long as you time it correctly, like when Taco Bell gave away a free taco to everyone in the US on a certain day at 3:00 PM because some baseball player stole a base in the World Series or something, or someone else did something in the Olympics.
