Abstract
The increasing role of social media in financial markets has encouraged retail traders to buy the (BTD). We present a simple paradigm describing this strategy in terms of dip size and purchase smoothing. The empirical investigation considers different specifications and testing periods. While BTD does not necessarily maximize investors' terminal wealth and is sensitive to market conditions at the beginning year of investment, it does provide a heuristic approach to improve risk-adjusted performance over a passive investment policy. Overall, BTD provides a simple, intuitive approach in dealing with portfolio selection over time.
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