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They are not, that is expectation of future performance based upon past. Reality is too complex and dynamic for that.


Reality is complex and dynamic, and through all of that Harvard's endurance pre-dates the US, therefore I would expect it to endure a 4 year term of Government. Not to say with a 100% certainty, but I would expect it to with a greater degree of confidence than many other things, based on its history.

However I wouldn't extend that line of thinking to stock markets, superannuation etc.





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