Fig. 1From: Value investing or investing in illiquidity? The profitability of contrarian investment strategies, revisitedPlot of cumulative returns and average normalized illiquidity for 10 book to market groups. Portfolios are formed using book-to-market data at the end of April for each year in the 33-year period between 1968 through 2000 for all AMEX and NYSE stocks identified on CRSPBack to article page