Fama and French were quick to point out that, while value beats growth and small beats large, over the long term, investors must be able to ride out the extra short-term volatility and periodic underperformance that could occur in a given short-term time frame. Investors with a long-term time horizon of 15 years or more will be rewarded for any pain they might suffer in the short term. Fama-French conducted studies to test their model, using thousands of random stock portfolios, and found that when size and value factors are combined with the beta factor, they could then explain as much as 95% of the return in a diversified stock portfolio.
While the peace treaty saw France's Indian outposts, and the Caribbean islands of Martinique and Guadeloupe restored to France, the competition for influence in India had been won by the British, and North America was entirely lost – most of New France was taken by Britain (also referred to as British North America ), except Louisiana, which France ceded to Spain as payment for Spain's late entrance into the war (and as compensation for Britain's annexation of Spanish Florida). Also ceded to the British were Grenada and Saint Lucia in the West Indies. Although the loss of Canada would cause much regret in future generations, it excited little unhappiness at the time; colonialism was widely regarded as both unimportant to France, and immoral.