The second paragraph in the Resampled Efficient Frontier: “To overcome the uncertainty of estimating the inputs, the manager uses historical returns, standard deviations, and correlations, assuming they are the true HISTORICAL values.” Shouldn’t the ture HISTORICAL values be " the true future values" or “the expected values”? Thanks in advance!
true valude should be defined as intrinsic value derived by pricing models such as CAPM, but historical value is historical market value.