Before revision:  Notwithstanding the mathematics, this interpretation has been vigorously criticized by Samuelson as dangerous on the grounds that most people are not growth-optimizing 2,3 . Here we show that a deeper connection between information and expected returns is in fact true.
After revision:  Notwithstanding the mathematics, this interpretation has been vigorously criticized by Samuelson as dangerous on the grounds that most people are not growth-optimizing  . Here we show that a deeper connection between information and expected returns is in fact true.