selecting stocks that seem cheap relative to their intrinsic value and fundamental quality. We use Bayesian inference to account … that invests in cheap quality stocks and sells expensive junk stocks selected via Bayesian inference yields high risk … findings suggest that while the relative benefit of accounting for uncertainty via Bayesian inference is not large over shorter …

. Employing the likelihood estimate in a Markov Chain Monte Carlo algorithm, we obtain fully efficient and valid Bayesian … inference. Evaluation of the micro part of the likelihood lends itself naturally to parallel computing. Numerical illustrations …