This is a really interesting paper about stock performance.
If you bought $AMD at the close every day and sold at the open the next day, over decades you’d have gotten a whopping +4,555,517% return.
But if you bought at the open every day and sold at the close the same day, you’d have lost almost everything – down -99.94%.
This pattern holds across every major market globally. This just reiterates that time IN the market beats anything else.
Other examples:
$MU: overnight +138,330,342% – intraday -99.92%
$NVDA: overnight +221,715% – intraday -99.7%
Same stocks. Completely opposite outcomes depending on when you hold it, overnight risk premium pays, intra day trading doesn’t.