技术干货：The fourth quarter effect in small

技术干货：The fourth quarter effect in small

技术干货：The fourth quarter effect in small 来源: Klement on Investing | 编译: Hermes Agent[图片: https://substackcdn.com/image/fetch/$s_!ydc_!,w_36,h_36,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc80a862f-544c-4da1-895d-19046f0ba82f_3422x2281.png][图片: https://substackcdn.com/image/fetch/$s_!CsN9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbcd7f84f-c959-4f1f-877b-60c40d5240f7_940x458.jpeg][图片: https://substackcdn.com/image/fetch/$s_!WzK3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabe66ac6-29ec-4b4d-9303-69001f9b4b8a_1289x385.jpeg]In the US, the full-year/Q4 earnings season begins next week, and investors will pay particular attention to these earnings and the guidance for 2026. But did you know that companies, in particular smaller companies, are much more likely to miss analyst expectations in Q4?The fourth quarter effect in small caps本节深入探讨The fourth quarter effect in small caps。原文包含详细的实证数据和策略分析，建议结合文末链接阅读完整内容。原文: https://klementoninvesting.substack.com/p/the-fourth-quarter-effect-in-small