Today, we had the privilege of welcoming Prof. Dr. Carole Bernard to the University of St. Gallen, where she presented her insightful research on «Does the Sequencing of Past Financial Returns Matter in Portfolio Decisions?» Alongside co-author Philippe Dupuy, Prof. Dr. Bernard introduced an innovative preference indicator that ranks investment strategies with similar probability distributions—such as mean, variance, Sharpe ratio, and Omega ratio—but different historical returns.