摩根士丹利：2025年概率与收益：预期价值在投资决策中的实践性与心理学报告（英文版）

Finding securities with gaps between price and value is the foundation of generating excess returns in active investment management. 1 The difference between price and value, commonly called “variant perception” or “edge,” comes from having a substantiated view that diverges from what the market reflects.2 In theory, the size of an investment within a portfolio maximizes the benefit of edge while considering risk. This is all simple in principle but difficult in practice. One of the main