which of the following is not true? investors on average have overconfidence bias. people tend to expect even small samples to reflect the properties of the parent population. this is called representativeness bias. high idiosyncratic volatility stocks have lower returns. this is related to the risk parity strategy widedly used in industry. the reason of such underperformance maybe due to lottery preference. after observing past growth, investors extrapolate that growth is not going to continue in the long term
