As most investors know, 2013 was a banner year. Leading indices such as the S&P and Russell had stellar returns. But true to historical patterns, a basket of publicly traded “Entrepreneurial” companies did even better. How much better? A US All Cap composite generated more than 45% and a US Large Cap composite of entrepreneurs soared above 55%. Benchmarked against the S&P 500’s 32%, this was a significant out performance by any standard. How could this be? This research paper covers how entrepreneurial companies have outperformed non-entrepreneurial companies historically.
