spb/wp17_uqo

1% Generated by scripts/r3k_19_figures_v2.py -- do not edit by hand (FIRC-0002 v2.1, Stage E exhibits). Figure file: figures/r3k_v2/fig14_cumulative_both.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig14_cumulative_both} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:cumboth}{\textbf{Cumulative long--short return on the AI composite in the two universes.} Cumulative return of the equal-weighted, annually selected (June) Q5$-$Q1 portfolio on the AI composite, held July--June with monthly rebalancing within the year, in the Russell~3000 universe and among S\&P~500 members (180 months). Mean returns, Sharpe ratios and factor alphas with HAC inference are in Table~\ref{tab:alphaboth}; a cumulative path carries no interval.}{\includegraphics[width=\textwidth]{fig14_cumulative_both.pdf}}4