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Abstract
Fortune magazine publishes an annual list of America’s most-admired companies. These companies’ virtues are well known and presumably already factored into stock prices, yet Anderson and Smith found that a portfolio of the 10 most admired stocks outperformed the overall market by a substantial and statistically significant margin over the first 22 years that the list was compiled. This article uses 10 additional years of data to see whether this finding is replicated or refuted.
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